why is tht compulsory and not optional to have insurance for vehicles in the law, why is it mandatory ??

Question

and why not this applicable for medical and life..??

Answer 1

Compulsory auto liability insurance is there to protect others from injury or damage that you may cause.

Answer 2

Health insurance and life insurance are purchased to protect you.

Liability insurance in purchased to protect others from injuries/damages they incur as a result of your negligence.

Actually -insurance is not required. Financial Responsibility is required. Many states will let you pay a fee and self insure if you can show that you have assets to pay claims up to the minimum limits required by the state.

Most people do not have those kinds of assets - and the ones that do - want to protect those assets. Therefore, you can purchase an insurance policy and be in compliance with the Financial Responsibility law of your state.

Answer 3

Medical and life insurance is there to compensate YOU, whilst motor insurance is there for the compensation of others.

In the UK, only Third Party insurance is mandatory so that, in the event of an accident causing injury or damage to another person or their property, they are not the losers.

Answer 4

The Vehicles Insurance is must .Because they give Security

to your life

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