Benefits/:
1) An insurance company covers almost all of your expenses after an accident, so you do not need to worry much.
2)If you face a sudden, major financial loss, you are protected by the insurance company
3)If your car is stolen or damaged due to a natural disaster, you receive compensation for that loss.
4)If your car is completely damaged, the insurance company covers your entire loss.
Drawbacks (Losses) :
1)If you file insurance claims repeatedly, you will not get a discount on your next premium. In a way, you lose your No-Claim Bonus (NCB) in next premium.
2)Whenever you pay your next premium, the cost may increase accordingly.
3) Filing an insurance claim can be difficult due to paperwork and companies formalities, which can be very time-consuming.
4)You still have to pay a small fixed amount (compulsory deductible) out of your own pocket.
