Types of Motor Insurance
Private Car Insurance : It is compulsory for all the new cars to have a motor-car insurance. It is insurance for vehicles not used for commercial purposes. The amount of premium depends on the make and value of the car, state where the car is registered and the year of manufacture.
Two Wheeler Insurance: It covers accidental insurance for the drivers of the Two wheeler vehicle.
Commercial Vehicle Insurance : It provides cover for all the vehicles which are not used for personal purposes, goods carrying vehicles like the Trucks, Tempos and HMVs.
Third Party Insurance Policy : This type of policy only covers the third person who has been damaged or injured in an accident where the owner is accountable. It covers the insured person's liability to third parties' loss caused by an accident involving the auto vehicle of the insured. This refers to the minimum risks that are to be covered under the Auto Vehicles Act 1938 (Act Liability). It doesn't cover the expenses, damage, theft or injuries of the owner. This type of plan is made compulsory by the law of India.
Comprehensive Insurance Policy : This type of plan has a wider scope and covers all the above mentioned liability along with the insured person's damage, theft, expenses and injuries in result of an accident of the auto vehicle. This type of policy can be extended to increase benefits as an additional feature.
Liability Only Policy :It covers third party liability for bodily injuries and/or death and property damage. Personal accident cover for owner driver is also included.