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LM Insurance
  • Home
  • INSURANCE
    • HEALTH INSURANCE
    • MOTOR INSURANCE
    • MARINE INSURANCE
    • GROUP HEALTH INSURANCE
    • FIRE & BURGLARY INSURANCE
    • WORKMEN COMPENSATION
  • CLAIM

MOTOR INSURANCE

  


MOTOR INSURANCE

  

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.

TYPES OF MOTOR INSURANCE:

TWO-WHEELER INSURANCE POLICY

  

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..

Private Car Insurance Policy

  

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.

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.

Third-party liability 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.

Comprehensive motor insurance

  

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

Standalone Own Damage insurance

  

  

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 benefits of purchasing a motor insurance policy :

  

The damages to the vehicle due to the following perils are usually covered under Own 

Damage (OD) section of the Motor Insurance policy:

  • Fire, Explosion, Self- Ignition, Lightning
  • Burglary/Housebreaking/Theft
  • Riot & Strike
  • Earthquake
  • Flood, storm, cyclone, hurricane, tempest, inundation, hailstorm, frost
  • Accidental external means

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 Srinivasa Badavane 16th main 2nd cross  Mico Layout Hongasandra  Bangalore – 560068  

  • Home
  • HEALTH INSURANCE
  • MOTOR INSURANCE
  • MARINE INSURANCE
  • GROUP HEALTH INSURANCE
  • FIRE & BURGLARY INSURANCE
  • WORKMEN COMPENSATION
  • CLAIM

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