Motor Insurance is a type of insurance policy which covers your vehicles from potential risks financially. Policyholder’s car or two wheelers is provided financial security against damages arising out of accidents and other threats. In India, motor insurance is mandatory.
Motor Insurance for Specific Vehicles
Private Car Insurance
Private Car Insurance is one of the most important purchases to make. Whether it is a natural disaster such as an earthquake or flood; or somebody damages or steals the car, a Car Insurance takes care of it all. With compulsory factors such as third-party liability, one can ensure that any damage occurred to another person’s life or property by his vehicle will be covered in a claim. You can also opt for the Vehicle Insurance Add-on plans, such as zero depreciation, engine & gear box protector, emergency assistance, cost of consumables etc. which enhances your coverage for better protection, in addition to your standard motor insurance policy.
Commercial Car Insurance
Insurance is available on commercial vehicles like trucks, Private as well as Public Carriers, Trailers, Taxis, 3-wheeler Autos, Buses, Miscellaneous and Special Types of vehicles – Agricultural Mobile Rig, Tractor, and Excavator etc. Basic Motor Insurance coverage include: Loss or damage by accident, fire, lightning, self-ignition, external explosion, burglary, housebreaking or theft, malicious act. Liability for third party injury/death, third party property and liability to paid driver. On payment of appropriate additional premium, loss/damage to electrical/electronic accessories can be covered.
Two Wheelers Insurance
It provides coverage for from any financial loss to the vehicle due to accidental loss or damage, the legal liability towards third-parties in event of bodily injury, death or property damage. It also offers coverage in event of damage due to natural calamities or manmade events.
Importance of Motor Insurance in India
Now a days a car has become very much important than a luxury. Going or planning for long-distance travelling ,most of the people prefer to travel in the ease and comfort of their cars instead of using other forms of transport. Whenever you buy a car, motor insurance policy is equally valuable & important.
Because of the high premium rates today, many buyers believe that it’s a waste of money. However, motor insurance policy, over the long run, in future, becomes a very important & valuable investment. Motor insurance is becoming necessary for everyone who owns a car no matter how perfect they drive a car or how super driver they are.
Accidents may be caused by anyone, and motor insurance policy helps to ensure that you as well as your car to stay safe . Lots of insurance providers not merely buy insurance policy for destroys & damages to the car but in addition also go for a medical insurance as a part of the policy. In this way, if anything at all happen to you in your vehicle, your insurance policy will take care of all the expenses for that as well. Nowadays an additional advantage to motor insurance is third party liability. Because of this benefit, anyone that gets injured due to any sort of accident he is involved in, it could also be covered under your insurance policy.
A motor insurance policy, have to match the size of your pocket without being a strain on your expenses. With the ideal amount of insurance coverage and exclusions, your insurance policy is going to be effective for your vehicle and situation.
