What is Motor Insurance? An Overview
What is the Meaning of motor insurance is insurance that provides insurance cover to all types of motor vehicles such as bikes, scooters, buses, cars, jeeps, and other commercial vehicles. When you buy a motor vehicle, it becomes mandatory to buy motor insurance. Having motor insurance provides safety to you as well as to others. To get the benefits of motor insurance, you will be required to pay a yearly premium. In this article, we are going to learn what is vehicle insurance, understand the types of motor insurance, how motor insurance works and the what are the benefits of vehicle insurance. 카지노사이트
Meaning of Motor Insurance
A car accident isn’t just an inconvenience, it can be a financial nightmare if you do not have motor insurance. Motor insurance provides insurance cover to the cost of damages and injuries caused to the policyholder’s car due to theft, natural causes, or accidents. Having motor insurance also helps protect your savings because comprehensive insurance covers the losses. Under the Motor Vehicles Act of 1998, buying motor insurance is compulsory while buying a vehicle. Various motor insurance plans fulfill the needs of different individuals. So, choose the right motor vehicle insurance type plan that fulfills your needs.
- Motor insurance provides insurance coverage for the cost of damage that is caused to the vehicle due to theft or accident.
- Motor insurance meaning is an insurance policy that protects the owner of the vehicle from financial losses caused because of the damage to the vehicle
- Having motor insurance protects your savings in case of damage caused to your vehicle because the insurance company covers the losses. 안전한카지노사이트
Types of Vehicle Insurance
Types of vehicle insurance in India are:
- Two-wheeler insurance policy: The two-wheeler insurance covers two-wheeled vehicles such as motorcycles, scooters, bikes, etc against any damage caused to the vehicle due to accidents, theft, fire, and disaster. This insurance policy covers not only two-wheeler vehicles but also the injury or damage caused to the third party. Also, the policy covers the owner of the vehicle and the passengers.
- Private car insurance policy: According to the government of India, having a private car insurance policy is mandatory for individuals who own a private car in India. This insurance policy covers not only private cars but also the injury or damage caused to the third party. Also, the policy covers the owner of the vehicle and the passengers.
- Commercial vehicle insurance: Commercial vehicle insurance covers all those vehicles that are used for commercial purposes such as trucks, buses, vans, heavy commercial vehicles, multi-utility vehicles, light commercial vehicles, agricultural vehicles, auto rickshaws, taxis, cabs, and ambulances.
Types of Motor Insurance Policies
Motor insurance policy types in India are:
- Comprehensive motor insurance policy: Comprehensive motor insurance policies provide insurance that covers the damage caused to the vehicle due to theft, accident, or fire, owner of the vehicle, and third-party liabilities. The premiums are generally higher for this insurance than the third-party insurance policies. So, if it meets your requirements and budget, you can buy this insurance to cover both your vehicle and the owner of the vehicle. The policy also covers the damage caused due to any man-made disaster or act of God. However, the policy does not cover the damage caused to the passenger of the vehicle. Individuals who own luxury cars like SUVs, sedans, and Mercedes should buy this insurance plan.
- Third-party insurance policy: Third-party insurance policy is mandatory insurance that you must have when you buy a vehicle. It provides coverage for the damage caused to third parties and vehicles due to accidents, theft, and fire.
Add-On Covers in Motor Insurance
- Zero depreciation: Your vehicle appreciates by value with time. The older your vehicle gets, the more it depreciates by value. So, there is zero depreciation add-on cover which you can add to your motor insurance policy to ensure that the value of your vehicle does not deprecate.
- Roadside assistance: Roadside assistance will ensure that you get all the services like repairing a vehicle in case your vehicle breaks down in the middle of a lonely road. All you need to do is give them a call and they will repair your vehicle.
- Tyre protect cover: Tyre protect cover will cover damage caused due to cuts, tyre bursts, damage, or bulges on the tyre.
- Engine protection cover: The engine protection cover covers the cost of damage caused to the engine due to leakage of oil, water entering the engine, and other engine damages.
- Return to invoice cover: Return to invoice cover offers to cover the total invoice amount of your vehicle along with road tax and registering a new vehicle cost.
- Consumable cover: It offers to cover the service charges of your vehicle. 카지노사이트 추천
To conclude, Having vehicle/motor insurance provides you protection against financial loss. It will cover all the financial loss that has occurred due to theft, natural causes, or accidents. You can buy motor insurance online. However, you must do proper research on the motor insurance policy before making any decision. Understand the types of motor vehicle insurance, range of the cover, add-on covers, portability of policy, claim settlement ratio, policy terminology, geographical location, and safety features before buying any vehicle insurance. Now that you know the types of motor vehicle insurance available in India, it will be easy for you to choose the right type of insurance that suits your needs.\