Motor Insurance is insurance purchased for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from vehicle accidents. This Insurance covers both the damage of the vehicles and the Third Party Liability under Comprehensive Vehicle Policy. It covers the loss or damage to the motor vehicles and/or its accessories while they are on land or in transit. This insurance additionally offers financial protection against theft of the vehicle.
The types of Motor vehicle insurance policy:
Car Insurance: Car Insurance gives coverage against accidental loss or damages to own car or to a third party. The amount of premium would depend on the make & value of the car, state from where it is registered and manufacturing year.
Two Wheeler Insurance: It provides protection to bikes and scooters. The features of the two-wheeler policy are similar to car insurance.
Commercial Vehicle Insurance: Commercial vehicle insurance helps all commercial vehicle drivers to reduce losses they might incur due to damage to their vehicle. Commercial vehicles include those which are not used for personal purposes, like goods carrying vehicles.
Third Party Insurance Policy: It covers the third person who has been injured in an accident. The policy doesn’t provide any direct benefit to the insured.
Comprehensive Insurance Cover: This cover is an add on to the third party insurance plan and protects the owner from financial losses caused by damage or theft of the insured vehicle. Besides ensuring vehicles, it also provides third-party coverage.
Liability only Policy: It provides third-party liability cover for bodily injuries and property damage. It also includes personal accident cover for the driver.