What is the Motor Insurance: It is a mandatory that every can owner in India must have. Be it two wheeler or four wheeler, every vehicle should be secured under an insurance policy of its own.The primary use of this insurance is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that may also arise from a vehicle incident.
What is the Motor Insurance & Why Should You Buy It?
A car insurance or motor insurance is a type of insurance policy that protects the motor owner from financial loss cover due to loss/theft of the insured vehicle. As per law it is mandatory for a car owner to have a vehicle insurance in India. Without vehicle or motor insurance you can not drive a car on road.
Types of Motor Insurance in India
There are different types of motor insurance policies which a car owner can choose. Basically, in India there are two types of car insurance policy i.e. Private Car Insurance Policy & Two-Wheeler Insurance Policy. There is also another policy (Commercial Vehicle Insurance) which is optional.
1. Private Car Insurance Policy
It is a motor insurance that is required to be taken for any private vehicle owned by an individual and is mandated by the Government of India. It covers the motor for damage against natural calamities, fire, accident and theft and also covers for any injury to the owner. It also covers third party damages and injuries. If you drive illegally on the road without car insurance, you will be fined or fined.
2. Two-Wheeler Insurance Policy
This insurance policy scheme covers two wheelers like a bike or a scooter and is mandated by the Government of India. It covers the two-wheelers for damage from accidents, disasters, fire, theft, etc. It also covers any damage and injury to third parties. It also offers a mandatory personal accident cover for the owner and can be taken for passengers as well.
3. Third-Party Insurance Policy
It is one of the most common type of motor insurance policy that cover bodily injuries, damages & losses caused to a third-party person, vehicle or property by the insured vehicle.
