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What is Motor Insurance?
Motor insurance is the insurance policy for vehicles. It could include Car Insurance and Two-Wheeler Insurance. Vehicles that are used for commercial purposes, like buses and trucks, are covered by Commercial Vehicle Insurance Every person who used a vehicle on the road should have at least third party personal injury insurance. It is compulsory to have vehicle insurance before using or keeping a motor vehicle on public roads. Therefore motorist cannot drive the vehicle until it is insured. Auto Insurance deals with the insurance covers for the damage caused to the automobile or its parts due to natural and man-made calamities.
Types Of Motor Insurance Policies:-
Motor insurance is one of the primary financial protection tools that you should have in your possession. With ever-increasing number of accidents in the country and the strict regulations laid out by the government, it is must that you buy insurance protection for your vehicle. When you take the insurance from the company and then if you get into an accident which damages to you, another person or another person’s property, the insurance company will pay for the expenses incurred. Type of expenses covered by the insurance company will depend on the type of policy you have taken:-
Car insurance is mandatory while buying a new car. It protects you from the burden of financial emergencies that can be caused due to any kind of car accident. With this, you can be relieved from the burden of being liable for the damage you might unintentionally cause to someone else’s car or cause an injury to someone.Car insurance covers loss or damage by accident, fire, lightning, riots, earth quake, hurricane, terrorist attacks, explosion, theft, third party’s claims and damages. Car insurance also protects the policyholder from the damage caused to their own car due to weather, or any kind of malicious act such as theft, vandalism and bad weather. Car insurance is paid for with a monthly or annual premium, in return for which the policyholder can receive coverage for the sub components like liability insurance, personal injury protection, and collision insurance.
It is protection against liability. In addition, the Indian Motor Vehicle Act obliges all bike owners to take out a Bike Insurance, at least a liability insurance, without which a motorcycle ride is not possible.In view of the growing number of accidents, a Bike Insurance is essential to ensure optimal financial protection. In addition to liability insurance, 2-wheeler insurance is useful to cover: Two wheeler insurance is another type of popular auto insurance in India. It is governed by the Indian Motor Tariff. This insurance provides protection against natural and man made calamities like: fire, rockslide, landslide, storm, hurricane, flood, earthquake, burglary, theft, riots or any damage caused to the vehicle in transit by road, air, inland waterway or rail.Two wheeler insurance provides mandatory personal accident cover of Rs. 1 lakh to the insurer. This accident cover can also be opted for passengers. It also protects against legal liabilities arising due to third party’s injury/death or damage caused to its property.
A commercial vehicle insurance policy will protect you and your business from any losses and damages against accident or theft. Commercial vehicle will help you financially from any third-party damages, injury or death.This 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, ambulances etc., are covered under this insurance. The premium is calculated on the basis of the make and model of the commercial vehicle, place of registration, year of manufacture, current showroom price and whether the insurer is individual or corporate.Insurance Companies in collaboration with the automobile manufacturing companies chalk out different kind of easy and less complicated plans for safe and easy insurance policy.
It is required by law, and you may very well be on your way to trouble if you cannot comply with it. What are the benefits of having your car insured? The answer is simple. It provides financial security, responsibility in case of accidents and payment along with total peace of mind.