Motor Insurance

You probably know that in order to drive a vehicle on road in India, you should have a liability only motor insurance or comprehensive insurance; it is imposed by Law. There are basically two types of motor insurance or vehicle insurance exist in India; Liability only Policy and Package or Comprehensive Policy. Liability insurance policy covers your legal liability towards third parties for injury, death or property damage; and also provides accidental coverage to driver against death or injury. On the other hand, a package policy or comprehensive policy provides a high level of protection for example; it also pays for the damages to insured vehicle due to an accident.Continue Reading

Motor Insurance or Vehicle Insurance covers an individual and his vehicle against theft, damage, injury, third party liabilities etc. Traveling is a part of our life; we use certain types of vehicles to travel here and there; and probabilities of collisions are high, because thousands of vehicles run on road at a same time. If your vehicle hits an individual or his/her property; then that person may seek compensation, in such scenario, you have to pay for the loss caused by your vehicle. Here motor insurance comes into play; a motor insurance policy pays for the damages you cause to another person/property in an accident. Some motor insurance policies (Comprehensive or Package motor insurance policies) also pay for the damages to insured vehicle due an accident.Continue Reading

Insurance is a fastest growing marketplace around the world; it offers coverage against insured event for example; life insurance covers an insured person against death, health insurance provides reimbursement for medical expenses incurred in a hospital. In the same way, auto insurance or motor insurance covers vehicle and third parties against accidental damages. Motor insurance is a part of general insurance. In our daily life, we use certain types of vehicle to travel here and there. Though, no one wants to be hospitalized; but in reality, everyone is exposed to danger while traveling on road. Motor insurance or auto insurance helps us to bear the financial loss in case of an accident. As per law, it’s mandatory to have liability insurance if you own a vehicle for example; car, motor cycle, commercial vehicle and the like. If your vehicle hits a person or an object then you’re liable to pay for the loss (as per law).Continue Reading