What Is Motor Insurance?Motor insurance broadly covers the insurance policies purchased for all kinds of motor vehicles including two-wheelers, three-wheelers, cars, commercial trucks, etc. The main use of motor insurance is to protect a vehicle against various possible eventualities such as accidental damages, thefts, and third-party liability. In India, it is mandatory for all vehicles to have third-party liability motor insurance. Though not mandatory, a comprehensive motor insurance cover will provide complete protection against own vehicle damages, personal injuries, and death.
Types Of Motor Insurance
Motor insurance available in India can be broadly classified into two-wheeler insurance, car insurance, and commercial vehicle insurance. These two types of insurance policies are likely to vary in terms of cost and extent of coverage. Insurance policies provided to personal vehicles such as cars and two-wheelers form a large chunk of the motor insurance market. In addition to this, insurance policies are also available for commercial vehicles such as large trucks and heavy motor vehicles (HMV).
Third Party Insurance