What is Motor Insurance?
Motor Insurance : It is Mandatory to Take Motor Insurance Policy Plans for All Type Vehicle Owners as Per Motor Vehicle Act 1988. It Safeguard Against Accidental Damage and Theft of the Vehicle or Also Safeguard Against Third Party Legal Liability for Bodily Injury and Property Damage. It Also Provides Personal Accident Cover for Owner Driver/ Occupants of the Best Vehicle Insurance Companies in India.
Vehicle Insurance Definition
Motor Insurance Definition : A Motor Insurance Policy Plan is a Mandatory Policy Issued by an Motor Insurance Company as Part of Prevention of Public Liability to Protect the General Public Insurance From Any Accident That Might Take Place on the Road. The Law Mandates That Every Owner of a Motor Vehicle Must Have One Motor Insurance Policy In India.
☛ Read More ▻ How to Buy Health Insurance Policy?
Types of Motor Insurance
There Are Three Different Types of Motor Insurance - Your Private Car Insurance, Two-Wheeler Insurance, or Commercial Vehicle Insurance. Let Us Take a Look Into What Each Types of Motor Insurance Covers.
1- Car Insurance
2- Two Wheeler Insurance
3- Commercial Vehicle Insurance
4- Comprehensive Car Insurance
5- Own Damage Car Insurance
5- Third Party Car Insurance
6- Comprehensive Two Wheeler Insurance
7- Own Damage Two Wheeler Insurance
Private Car Insurance
The 1st Thing That Your Car Vendor Will Suggest After You Have Finalist Your Car Booking is to Get an Car Insurance Policy, That Will Not Just Protect You or Your Vehicle, but Also Your All Family Members. Car Insurance Acts as a Protective Armour That Shields You From Any Kind of Personal and Property Damage. Further to This, Car Insurance Policies Have an Exhaustive Cover That Provides Overall Protection for Your Car / Vehicle Including Natural Calamities Like Earthquakes and Floods, Damage and Theft, and an Accident, Etc.
Two-Wheeler Insurance
Two-Wheeler Insurance : Similar to Private Two-Wheeler Insurance Policy, Getting Two-wheeler Insurance Plan With Personal Accident Cover or the Third-party Cover is Mandatory Under the Motor Vehicle Amendment Act of 2019. TheTwo-Wheeler Insurance Provides an Exhaustive Cover Which Protects the Owner From Any Personal and Property Damage or Liabilities of Any Type. However, Two-Wheeler Insurance Policies Have Certain Exclusions Which Include Regular Wear or Tear of the Vehicle, Etc.
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Commercial Vehicle Insurance
Commercial Vehicle Insurance Policy, as the Name Suggests, is for Commercial Vehicle Owners Who Operate for Commercial Use Purposes. It is Mandatory for Them to Have Commercial Vehicle Insurance in Place That Will Help Their Business Going Without Any Problem. Commercial Vehicle Insurance Protects Your Businesses or Business Owners From Any Liabilities and Losses That Occurred Due to Accidents and Property Damage Where Their Vehicles Are Involved, Which Includes Loss of Life, Physical Injury, and Property Damage. This Type of Insurance is Available for Commercial Vehicle Insurance Like : Trucks, Cars, Private and Public Carriers, Taxis, Etc.
Vehicle Insurance Calculator
A Vehicle Insurance Calculator is an Online Tool That Allows You to Calculate a Customized Premium Costs for Your Vehicle Insurance Policy. All You Need to Do is Enter Details Like Your Vehicle’s Make, Model, Variant, RTO Location, Purchase Year, Etc. The Premium Amount Will Get Calculated. A Vehicle Insurance Premium Calculator Helps You Know the Actual Premium Which You Should Paid for Getting a Vehicle Insurance Policy From Different Vehicle Insurance Companies. This Helps You in Comparing the Available Vehicle Insurance Quotes Easily or Make the Right Decision.
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How to Buy Motor Insurance Policy
Benefits of Buying Car Insurance?
A Car Insurance Offers a Host of Profit to Its Policyholders. The Key Car Insurance Benefits Are as Follows -
Helps You Stay Legally Compliant - Car Insurance
A Car Insurance Helps You Stay Legally Compliant as According to Indian Vehicle Tariff, Every Car Owner is Mandatory Need to Have at Least a Third-Party Car Insurance Policy. The Absence of Which is Punishable With a Fine of Rs. 2K and Imprisonment of Up to 3 Months.
Protection Against Third-Party Liabilities
A Car Insurance Policy Plans Helps You Mitigate Third-Party Liabilities Such as Bodily Injuries, Temporary/Permanent Disability, Death as Well as Property Damage. While, Financial Compensation of Third-Party Property Damage is Limited to Rs. 7.5 Lakh, There is No Smart Money Cap in Case Third Party Bodily Injuries, Disability or Death.
Protection Against Own-Damages - Car Insurance Policy
The Car Insurance Policy Helps You Keep Yourself Financially Secured Against the Own-Damage Expenses of Your Car. Damages Incurred in Road Accidents, Natural Calamities, Man-Made Disasters, Fire, Explosion, Vandalism, Etc Are Covered Under Standalone Own-Damage as Well as Comprehensive Best Car Insurance Plans In India.
Coverage Against Stolen
A Car Insurance Policy Also Provides Coverage in Case of Theft of Your Car, In Case Your Car Gets Purloin. Your Insurance Company Provides You With Your Car’s Insured Declared Value, Which Corresponds to the Market Price of Your Car Insurance Plan.
Personal Accident Cover Policy
A Car Insurance Policy, You Can Also Get a Personal Accident Cover Plan's of Up to Rs 15 Lakh Which Offers a Coverage in Case of Death, Bodily Damage as Well as Disability of the Policyholder in a Car Accident.
☛ Questions Asked for Motor /Vehicle Insurance?
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