Is Motor Insurance really necessary in everyday life?

With the increasing use of vehicles in today's urban areas, traffic accidents are a common sight. 

Whether due to one's own fault while driving or someone else's mistake, both parties can suffer damage. 

Motor Insurance serves as a shield against such losses. The question here is, "Car accident is not something that can happen all the time, so is Motor Insurance really necessary in everyday life?"

To illustrate, consider how homes and factories keep fire extinguishers ready—not in anticipation of a fire, but as "a precautionary measure". 

Similarly, Motor Insurance provides financial protection against accidents that can occur anytime, anywhere. 

It ensures compensation for the hefty expenses that may arise in the event of an accident.