Motor Insurance is important for every vehicle owner because it reduces your financial liability in case of any damage/loss to the motor-vehicle. Moreover, when the driver-owner or persons in the car are injured in an accident, the motor insurance comes in handy when personal accident cover is opted.
Types of Motor Insurance:
- Private Car Insurance:
This type of insurance is important for all the car-owners to protect their cars from the financial liabilities due to any type of damage incurred by the car. The insurance premium is calculated on the basis of the make and value of the car, the year of its manufacture, the state where it is registered, among other factors.
- Two-Wheeler Insurance:
It covers financial liabilities arising due to damages to the two-wheelers as a result of some unforeseen event like accident, theft, natural disasters etc. The third-party liabilities are also covered, which involve any liabilities arising due to damage/injury caused to any third party/property by the insured two-wheeler.
- Commercial Vehicle Insurance:
It covers all the vehicles that are not used for private purposes. These include trucks, buses, etc. The premium amount depends on the value of the vehicle at the time of commencement of the insurance, the make of the vehicle, the place of registration, among others.