Vehicle Insurance

• Third Party Motor insurance policies are the mandatory legal requirement in India for every vehicle owner under the Motor Vehicle Act.
• Motor insurances are types of insurance that offer financial assistance in case your bike or car get involved in an accident.
•  It also covers third-party liability where you have to pay damages to other vehicle owners.
• Various types of Motor insurance policies are :

1. Car Insurance
2. Bike Insurance
3. Commercial Vehicle Insurance

• Different types of car insurance are as follows:

1. Third Party Liability Insurance

•  It is the minimum mandatory requirement for all motorised vehicle owners, as per the Motor Vehcile Act  1988.
• These insurance plans only pay the financial liability to the third-party.

2. Comprehensive Insurance:

• Comprehensive insurance plans offer better protection and security.
• Apart from covering third party liabilities, these plans also cover the expenses incurred for repairing the damages to the policyholder’s own vehicle due to an accident.

3. Own Damage Cover:

• This is a specialized form of motor insurance, which insurance companies offer to consumers. Further, you are eligible to avail such a plan only if you purchased the two-wheeler or car after September 2018.
• You should also remember that you can avail this standalone own damage cover only if you already have a third party liability motor insurance policy in place.