Discussed Topics: What is Motor Insurance Policy?, मोटर बीमा पॉलिसी क्या है?, what is motor insurance in India?
Friends, whenever we buy a vehicle, whether it is a two wheeler or a car or a commercial vehicle, then we need that vehicle has to be insured which is also mentioned in the Indian Motor Act, To do this, we go to the office of a motor insurance company and insure our vehicle, and whatever policy premium comes we pay to that company and they provide us a bond which is called “motor insurance policy in India“.
Vehicle insurance (also known as car insurance, motor insurance, or auto insurance) is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. Vehicle insurance may additionally offer financial protection against theft of the vehicle, and against damage to the vehicle sustained from events other than traffic collisions, such as keying, weather or natural disasters, and damage sustained by colliding with stationary objects. The specific terms of vehicle insurance vary with legal regulations in each region.
Let us know what are the types of motor insurance: –
There are mainly 2 types of motor insurance.
- Package policy or comprehensive policy or we can also call it first party policy.
- It is also known as Liability Only Policy or Third Party Policy.
What is Motor Insurance? Benefits of Motor Insurance Policy
As we all have known that there are 2 types of motor policy – package and liability only and in this order the benefits of both are also different. So let’s first talk about the benefits of the package policy or comprehensive policy, then we will know about the liability only policy or the third party policy.
Package Policy or Comprehensive Policy: In this type of policy, our vehicle is also insured, which means that our vehicle has value. Suppose the value of our vehicle is one lakh, then it means that we can get up to one lakh rupees of that vehicle from the insurance company if there is an accidental claim of the vehicle. And this includes all the benefits of a policy with Liberty only.
Liability only policy or third party policy: In this type of policy the value of the vehicle is not applied while the third party is completed. That is to say, in case of any kind of loss to someone else from your car, the insurance company is fully compensated for the loss of the front.
So guys, i hope now you can understand What is Motor Insurance Policy in India. Keep visiting to get knowledge about other aspects of motor policy to upcoming posts. 1 Thanks to visit www.latestforyouth.com