What is Motor Insurance ?
According to the Motor Vehicles Act of 1988, vehicles operating on Indian highways must be insured. Automobile, two-wheeler, and commercial vehicle insurance are all available. Motor insurance covers physical damage, natural disasters, and any losses incurred by the insured in the event of an unforeseeable catastrophe.
In India, there are several different types of car insurance:
- Private Car Insurance Policy
- Two-Wheeler Insurance Policy
- Commercial Vehicle Insurance
Two-Wheeler Insurance Policy
According to the governing statute of 1988, insurance plans for two-wheelers such as a scooter or a bike are also required. Accidents, fire, theft, natural calamities, personal accidents, and third-party liabilities are all covered under this policy.
Commercial Vehicle Insurance
This insurance covers commercial vehicles such as trucks, buses, large commercial vehicles, light commercial vehicles, agricultural vehicles, taxis, cabs, ambulances, and auto rickshaws.
In India, there are several different types of motor insurance policies:
- Coverage for third-party liability and
- Comprehensive motor insurance policy
Third-party liability insurance protects you if your car is involved in an accident that causes damage or loss to a third party. The company’s automobile insurance policy protects you.
Comprehensive motor insurance policy: Under this insurance, damage and loss caused to the third party and your vehicle are both covered.
Features of motor insurance
- Loss or damage to the insured vehicle
- Personal accident insurance
- A large garage network
- Third-party liabilities
- Bonus for no claims
Damage to or loss to the insured vehicle : The insurance company will cover any damage to the insured vehicle caused by an accident, fire, spontaneous combustion, or a loss caused by theft, strikes, or terrorism. The extra benefit is that it also covers loss due to transit damage or loss.
Personal accident cover : Personal accidents are covered for a predetermined amount under motor insurance, as well as permanent disability caused by an accident.
A large garage network : Some insurance firms also have garage networks where they supply repair services if they are needed, making it more convenient for policyholders.
Third-party Liabilities: If your car is involved in a collision with a third party, your insurer will pay for the damage done to that person. Your insurance also aids legal accountability in cases of significant injury or death.
Bonus for no claims : If no claims are filed during the policy’s term, the firm will give you a discount on the following year’s premium, making the insurance even more reasonable.