Motor Insurance
Motor Insurance a mandatory by the government for the safety of the car in case of an accident. The safety of the car is commonly known to everyone but liability insurance is another key statutory insurance required as per the Motor Vehicle Act. The comprehensive insurance as called for any insurance of the vehicle has two components- Own Damage and Liability Insurance. Own Damage Insurance refers to the damage to the vehicle and the repair or total loss compensation it gives to the owner of the car, however, Liability Insurance refers to the Liability arising out of third party bodily injury to anyone due to accident. Liability insurance is the minimum requirement for any vehicle to be on the road as stipulated in the Act. The motor insurance is available mainly for 3 categories of vehicles-
>> Private Vehicles
>> Two Wheelers
>> Commercial Vehicles
>> Private Vehicles >> Two Wheelers >> Commercial Vehicles
Private Vehicle
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 any injury to the owner. It also covers any damages and injuries caused to the third party.
Two Wheeler
This insurance policy covers two-wheeler 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
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.
