Motor Insurance Motor insurance, also known as vehicle insurance, is purchased for cars, trucks, bikes, etc. It provides coverage against losses caused due to artificial or natural calamities and theft of the vehicle, etc.
People work hard to buy vehicles to meet business or personal needs. However, an unfortunate event can occur anytime and cause heavy damage to your vehicle. The cost of repairing or replacing the vehicle will be high; therefore, it is important to get vehicle insurance to take complete care of your vehicle.
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Motor Insurance Plan Documents Motor insurance plan documents are one of the most important documents for your vehicle, as motor insurance is mandatory under the Motor Vehicles Act. In India, if you have any vehicle, it is obvious that you have to take a motor insurance policy, mostly third party insurance coverage which is mandatory. If you have any vehicle, you must know something about vehicle insurance. You must have heard about deductible or premium. However, do you really know about the different classes of auto insurance policies and do you know how to choose the best insurance plan?
Types of Motor Insurance Plans
We have two types of vehicle insurance products – third-party cover and a comprehensive insurance plan. Here you may get confused in choosing the best vehicle insurance plan, but if you know the features and benefits of the insurance plan then you can easily choose the best policy.
Private Car Insurance Policy
This is the motor insurance that every private car owner has to take. It is made mandatory by the Government of India. It covers damages to the car due to accidents such as collision, fire, natural calamities and theft as well as injuries caused to the owner. It also covers injuries or damages caused to third parties.
Two Wheeler Insurance Policy
This insurance policy covers two-wheelers like scooters or bikes and is mandated by the Government of India. Damage to the two-wheeler due to accident, disaster, fire, theft and other causes as well as damage and injury to the third party are covered. It includes mandatory personal accident cover for the vehicle as well as optional coverage for passengers.
Commercial Vehicle Insurance
This insurance covers all vehicles that are not used for personal purposes. Trucks, buses, heavy commercial vehicles, light commercial vehicles, multi-utility vehicles, agricultural vehicles, taxis/cabs, ambulances, auto-rickshaws are some of the vehicles covered under this insurance.
