My car definitely insured. I believe your concern is what will happen if an accident occur.

As the driver you have a choice either to settle privately or go by the book, that is report to IDAC and claim thru insurance. However, in the event the accident is cause by you, you will be liable for the cost of damage done to both the cars. External settlement can be in a form of cash (sufficient to cover the damage) or sending the car to the workshop for repair (recommended cos can know how much the repair will cost). Repair cost will be paid by the party that is on fault. Explaination made is for accident that does not involve human injury. Otherwise, that will be a Police Case. Both ways, I need to be notified.

WORD of ADVICE: Nobody wants to be involve in an accident. As road users, we have a responsibility towards ourselves and others . Never be reckless or drink drive. It will be better to be safe then sorry. Never take life for granted. It's priceless.
