Originally Posted by vijay79
...But i want to ask why is insurance made compulsory?
. After all its our personal decision to insure our things( vehicles or any thing) or not to. who are these autorities to make it compulsary.
Comprehensive Insurance is up to the Individual; if you have an old car
and a trustworthy mechanic you can settle for just the 3rd party stuff. For a new car, the Comp Ins provides a guarantee of compensation.
Generally, the holder of a 3rd party insurance policy ends up paying the 3rd party as well (as the 3rd party does not have money for the emergency treatment or cannot spare from their monthly budget). Sometimes even well off people take cash from the driver as it makes them feel smart
. Let's say on an average a driver pays such people once in 10-15 years. Then why the heck should anybody pay a premium for this 3rd party policy thingy ? Vijay, you've got a brilliant point there. Have you ? But wait...
Real truth IS bitter than you have imagined. Believe me I've come across really honest, humble, fragile and soooo gentle poor people, who just sit by the side of the road after something has happened to them. Those people are at par with the most honest Indian. Life has been so cruel, they fear to argue, even when THEY are RIGHT. They simply sit there, staring at nothing and thinking about their fate. It's heart-wrenching to even catch a glimpse of that sight. This 3rd party insurance is to PROTECT these genuine human beings
. Lets pay.