Motor Insurance is a vehicle insurance policy for vehicles like Cars, Bikes, Scooters, Trucks, Taxis, Buses, etc. As per Motor Vehicles Act, 1988, Motor insurance is mandatory. This policy provides financial protection against physical damage or theft or third-party liabilities or other kinds of damages that could arise from an accident or incident.
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..
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.
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.
Called as Liability Only Policy or earlier called as Act Only Liability Policy. This type of insurance policy is mandated by law for all motor vehicles plying on the roads. This insurance provides cover to third-party liability for damages to property of third party as well as for bodily injuries or death of persons.Third-party liability insurance only covers minimal risks as required and is compulsory as per law and it does not protect the policyholder from damage or theft of the insured vehicle.
It is often referred to as a package policy, as it includes third-party liability cover and the expenses incurred by the policyholder in the event of damage or theft of the insured vehicle. The comprehensive insurance policy can be enhanced through add-on covers that offer extended benefits
It provides protection in the event of damage, accident or theft of the insured vehicle. It does not provide cover to third-party liability for damages to property of third party as well as for bodily injuries. The insurance policy can be enhanced through add-on covers that offer extended benefits.
The damages to the vehicle due to the following perils are usually covered under Own
Damage (OD) section of the Motor Insurance policy:
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