Vehicle insurance or motor insurance refers to an insurance policy that provides coverage for four-wheelers, commercial vehicles like trucks, buses, etc., and two-wheelers. Vehicle insurance offers coverage against third-party liabilities and accidental damages suffered by the insured vehicle due to accidents, fire, natural calamities and thefts.
Types of Motor/Vehicle Insurance in India
Car Insurance
Bike/Two-Wheeler Insurance
Commercial Vehicle Insurance
Do you know, that around 4 Lakh people meet with road accidents every month? A survey was conducted by the World Health Organization Report, which stated that in 2012, India had recorded the highest number of road deaths in the world.
Considering the high number and poor conditions of the road, motor insurance has become a necessity to drive on the Indian roads. Motor insurance gives financial protection not only to you but also covers third party damages.
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Here are the top reasons to buy motor vehicle insurance.
Third-Party Liability Coverage
Buying motor vehicle insurance provides you with third-party liability coverage. It is the coverage that covers you against damages to third-party property or injury or death of a third party caused due to your vehicle. The coverage saves you from legal hassles and financial losses.
Provides Financial Backup
If you opt for an own-damage or Comprehensive Vehicle Insurance, you will get financial backup if your vehicle suffers damages due to accidents, natural disasters, vehicle theft and total loss. Hence, vehicle insurance can be your saviour if your vehicle is stolen or damaged significantly due to the reasons mentioned above.
Provides Personal Accident Cover
Buying a Personal Accident (PA) cover is mandatory when purchasing vehicle insurance. It provides coverage to the vehicle owner against accidental injuries/death. The PA cover provides coverage of up to Rs. 15 lakhs, and it can be your financial backup in case of accidental injury/disability.
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FAQs: Motor Insurance Questions and Answers
The three types of motor insurance are car insurance, bike insurance and commercial vehicle insurance.
Motor insurance is an insurance plan that provides insurance coverage for your vehicle. The main benefits of motor insurance are backup against financial losses and legal liabilities.
There are mainly three types of motor insurance products: Third-party Liability Policy, Comprehensive Insurance Plan and Personal Accident (PA) cover.
Motor insurance refers to an insurance plan that provides coverage for motor vehicles like cars, bikes, commercial vehicles, etc.
As per law, purchasing a Third-Party Vehicle Insurance Plan is mandatory. It safeguards you against third-party liabilities.
As long as you own a vehicle legally, you can purchase a motor insurance policy for it.
The vehicle insurance segment is primarily divided into private and commercial (or) heavy vehicle insurance. The next layer involves selecting either a Third-party Liability policy or a Comprehensive Motor Vehicle Insurance Plan.
