Auto insurance is mandatory in the form of third-party insurance. Which is effectively saying maybe you don't care about what happens to your vehicle, but you will damn well care about the injury/damage you cause to the third party. This would be the poor guy/vehicle you knocked down/damaged when trying to break the record for covering the distance between Dadar and Chembur during rush hour.
And if you are the smart type, it can also cover any personal injury, to you or to your passengers, that is due because of the almost certain mishap that is bound to happen, given your exploits. Cue, comprehensive auto insurance. Especially if the vehicle is being driven by multiple drivers.
It being mandatory, it is only natural that all insurers have auto insurance products. Which in turn means a whole bunch of them. And that is our cue to provide them all at one place.