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.

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) Unlimited liability cover for third-party injuries and death claims Liability cover for third-party property damage Pickup and drop facilities for repairs at select cities Personal accident cover
Commercial vehicle insurance Jump Tag Icon 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. Cashless claims 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 Personal accident cover The cost of commercial vehicle insurance might be slightly higher than private vehicle insurance since they are considered higher risk than personal vehicles.

Motor Insurance As per Section 146 of Motor Vehicles Act 1988 No person can drive a vehicle without proper insurance, which reads as under: Necessity for insurance against third party risk. — (1) No person shall use, except as a passenger, or cause or allow any other person to use, a motor vehicle in a public place, unless there is in force in relation to the use of the vehicle by that person or that other person a policy of insurance complying with the requirements of this Chapter: [1][Provided that in the case of a vehicle carrying, or meant to carry, dangerous or hazardous goods, there shall also be a policy of insurance under the Public Liability Insurance Act, 1991 (6 of 1991).]