Motor Insurance (Third Party) is compulsory on purchasing new vehicles, whether procured for commercial or private usage as per Motor Vehicle Act in India. An accident can happen to anyone even if the car driver is not at fault, resulting in many damages caused in person and the car. Motor Insurance becomes to be very beneficial under such circumstances. If the driver is liable for an accident that results in bodily injuries to third parties, then the expenses have to be borne by the car owner. In such a case, third-party motor Insurance saves from a destructive financial blow.
Cars are an expensive investment for an individual. An accident can turn this investment into a huge loss as well. Hence it is essential to have motor Insurance. It also aids in covering for damages caused other than an accident like fire, theft, etc.
All the cars plying on the road must have motor-car Insurance. It is Insurance for vehicles not used for commercial purposes. The amount of Insurance premium depends on the make and value of the car, state where the car is registered and the year of manufacture.
Coverage under two-wheeler Insurance plans depends on the type of policy that you buy. There are essentially two types of policies, third-party liability-only Insurance and comprehensive Insurance. Moreover, there are also additional add-ons, which are available with comprehensive policies.
Commercial vehicle Insurance provides coverage against liabilities arising out of third parties when involved in an accident, loss, or damage to the insured vehicle against various artificial and natural calamities and personal accident coverage the owner and paid driver.
