Motor
Insurance
Motor insurance is an insurance policy that covers the policyholder in case of financial losses – resulting from an accident or other damages – sustained by the insured vehicle. A comprehensive motor insurance policy covers damages to third-party and third-party property along with compensating for own losses as well.
Types of
Motor Insurance
Vehicles are used for private purposes or commercial purposes.
Note that you cannot purchase private vehicle insurance for a commercial vehicle or vice versa.
Third-party Vehicle Insurance Policy
The Third-party Liability Policy is also referred to as Third-party Plan, Liability-only Policy, and Third-party Cover. The Third-party Vehicle Insurance Policy is a basic plan and is mandatory as per The Motor Vehicles Act. Not owning this basic vehicle insurance plan while driving/riding in India can lead to heavy monetary penalties. The Third-party Policy covers the vehicle owner’s liabilities in case the insured vehicle injures a third party or damages their property. The price of such policies is regulated by IRDAI and is based on the cubic capacity of the vehicle's engine. It is noteworthy that the third-party plan does not offer motor insurance coverage for damages to the insured vehicle.
Comprehensive Vehicle Insurance Policy
The Comprehensive Vehicle Insurance Policy includes the benefits of a Third-party Vehicle Insurance Policy as well as covers damages to your vehicle in case of an accident, fire, riots, mand-made and natural calamities. The policy also covers vehicle theft. Buying a Comprehensive policy also opens up avenues to purchase add-ons for extra coverage. Since the Comprehensive policy offers enhanced coverage, it costs more than the Third-party policy. Also, if you choose any of the add-ons, it will lead to a proportionate increase in the payable premium. Thus, you must choose only suitable add-ons. Motor insurance companies decide the price of the Comprehensive Vehicle Insurance Policy in India. Hence, prices can vary from insurer to insurer.
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Motor insurance a policy categories in India
Here are the different types of vehicle insurance policies in India.
Private car insurance policy
The Comprehensive private policy insures your personal or private cars against damages or losses arising from accidents or other mishaps.
The cost of private car insurance depends on the make and model of the car. The private car insurance policy is classified into a Third-party Liability Plan only or a
Third-party Liability Plan and Own Damage cover package. With this type of motor insurance policy, you get benefits such as.-
Cashless claims
Damage or loss protection (accidents, fire/explosion, theft, natural and man-made disasters)
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Unlimited liability cover for third-party injuries and death claims
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Liability cover for third-party property damage
Pickup and drop facilities for repairs at select cities
A bike or two-wheeler insurance policy covers motorcycles and scooters. The cost of the bike insurance plan is based on the make and model of the two-wheeler. It can be further classified into a Third-party Liability Plan only or a Third-party Liability Plan and Own Damage cover package.
The bike insurance plan protects two-wheelers against damages or losses caused due to an accident or other mishaps. With this type of wide-ranging motor insurance, you get benefits such as.
Cashless claims (instant claim settlement for minor damages)
Damage or loss protection (accidents, fire/explosion, theft, natural and man-made disasters)
Unlimited liability cover for third-party injuries and death claims
There is no inspection involved while insuring your two-wheeler
Liability cover for third-party property damage
Commercial vehicle insurance
Vehicles used for commercial purposes and not for personal or private use are classified under commercial vehicle insurance. Buses, trucks, taxis/cabs, light and heavy commercial vehicles, multi-utility vehicles, ambulances, agricultural vehicles, auto-rickshaws, rental cars and bikes, etc., are some of the vehicles covered under commercial motor insurance.
Here are the benefits of Comprehensive commercial motor insurance.
Damage or loss protection (accidents, fire/explosion, theft, natural and man-made disasters)
Unlimited liability cover for third-party injuries and death claims
Liability cover for third-party property damage
The cost of commercial vehicle insurance might be slightly higher than private vehicle insurance since they are considered higher risk than personal vehicles.
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