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Motor Insurance
Your vehicle is one of the most important possessions of your life. Thus, you need to give it the love and care it deserves. Therefore, it’s your duty to protect your vehicle from unforeseen situations like accident or theft that can harm your vehicle. It costs an exorbitant amount of repair cost even for a slight damage these days. Hence, it is important to buy a motor insurance policy that protects your vehicle just the way you would. In India, motor insurance is mandatory for a vehicle to drive on roads. The main objective of this insurance is to provide protection against loss or damage caused due to natural or man-made calamities.
Also known as vehicle insurance or auto insurance, motor insurance is bought for private or commercial vehicles to provide financial protection against any loss or damage. Vehicles such as bike, scooter, car, trucks, tractors, and other road vehicles are covered under this insurance policy. Apart from this, here are a few things you need to know about motor insurance policy:
Types of Motor Insurance in India
Private Car Insurance
This is motor insurance that needs to be taken for any >private car owned by an individual and is mandated by the Government of India. It covers the vehicle for damages against accidents, fire, natural disasters, theft among others and also covers for any injury to the owner. It also covers any damages and injuries caused to the third party.
Two-Wheeler Insurance
This insurance policy covers two-wheelers like a scooter or a bike and is mandated by the Government of India. The two-wheeler is covered against damages from accidents, disasters, fire, theft, etc. as well as any damages and injuries to the third-party. It also offers a mandatory personal accident cover for the owner rider and can be taken for passengers too.
Commercial Vehicle Insurance
This insurance covers all vehicles that are not used for personal use. his type of insurance covers all those vehicles which are not used for personal purpose. Trucks, buses, heavy commercial vehicles, light commercial vehicles, multi-utility vehicles, agricultural vehicles, taxi/cab, ambulances, auto-rickshaw, etc. are some vehicles that are covered under this insurance.
Types of Motor Insurance Policies in India
Be it a private car, two wheeler or a commercial vehicle, there are basically two types of motor insurance policies –
- Third-party insurance policy: Third-party insurance policy offers liability cover. It uniformly applies to all vehicles, including motorbikes, scooters, private cars, commercial vehicles, etc.
- Comprehensive motor insurance policy: This type of motor insurance policy covers both own damage of insured vehicle as well as third party cover. This policy applies to all the motor bikes, scooters, private cars, and commercial vehicles.
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