What are the coverages under motor insurance policy?
The damages to the vehicle due to the following perils are usually covered under OD section of the Motor Insurance policy: Fire, Explosion, Self- Ignition, Lightning. Burglary/Housebreaking / Theft. Riot & Strike.
What is motor insurance and types?
Motor Insurance deals with the insurance covers for the loss or damage caused to the automobile or its parts due to natural and man-made calamities. … It provides accident cover for individual owners of the vehicles while driving and also for passengers and third-party legal liability.
What is the use of motor insurance?
Motor Insurance protects the owner of the vehicle against damages to the vehicle and also pays for any liabilities owed by the vehicle owner as per law. The owner of the vehicle is legally liable for any injury or damage to life or property caused by used of the insured vehicle.
What are the 4 types of insurance?
Different types of general insurance include motor insurance, health insurance, travel insurance, and home insurance.
What are the 3 types of motor insurance?
There are three main types of car insurance:
- Third-party, fire and theft.
What are the 3 types of insurance?
Then we examine in greater detail the three most important types of insurance: property, liability, and life.
How many types of motor policy are there?
Amount of insurance coverage – Motor insurance plans can be divided into three types based on the amount of insurance protection offered: Third-party liability insurance – This is the most basic form of car insurance and hence, it is also the cheapest.
Why is motor insurance compulsory?
Car insurance is mandatory to help the family of the deceased who might lose their life in a car accident. The compensation under the Motor Tribunals Act was introduced to ease the burden on the families.