Motor insurance

The Motor Insurance is insurance policy for vehicles. According to Motor Vehicle Act, 1939, It is mandated to provide relief to Third Parties who meet with road-accidents caused by a negligent vehicle driver.

Motor insurance

The Motor Insurance is insurance policy for vehicles. According to Motor Vehicle Act, 1939, It is mandated to provide relief to Third Parties who meet with road-accidents caused by a negligent vehicle driver.

For the injury so caused, the victim or the family in case of death could file a claim before specially formed courts called Motor Accident Claims Tribunals (MACT).this policy also protects the owner of vehicle against any financial loss arising out of damage or theft of vehicle. Motor vehicle coverage also includes damage caused to third party or property, Owing to low value of two wheeler vehicles, their premium is very nominal.

It could include Car Insurance and Two-Wheeler Insurance. Vehicles that are used for commercial purposes, like buses and trucks, are Commercial Vehicle Insurance.

This insurance is mandatory in India. It is compulsory to buy motor insurance when you purchase a vehicle.

OWN DAMAGE INCLUDES THE FOLLOWING: -

Own damage cover is an extensive policy which offers the insured against loss or damage to the vehicle insured along with a third-party cover for the Below given perils:

Covers available under a motor insurance policy:

The following things are covered under a policy:

  • Accidental damages caused by external means
  • Fire, explosion, implosions, self-ignition, lightning
  • Natural calamities: flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost.
  • Whilst in transit by road, rail, inland waterway, air, lift or elevator.
  • Act of terrorism
  • Riot and strike, malicious damage
  • Burglary, theft, housebreaking
  • Earthquakes (fire & shock damage)
  • Landslide & rockslide