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Motor Insurance

So you have a car or a two wheeler huh? A thing which will keep you on the wheels needs to be protected by via motor insurance cover. Motor insurance covers are primarily classified under the following three categories:

Third Party Insurance

This insurance is primarily geared to protect against legal liability arising out of an accident which results in damages caused to the surrounding property or results in permanent injury or death of a person. Every owner of a vehicle is required to have mandatory third party insurance as required by law.

Fire & Theft Insurance

This insurance aims at reinstating the motor vehicle in case of a theft or fire. The re-instatement can be to the extent of a cash benefit equivalent to the depreciated value of the vehicle or providing a replacement equivalent vehicle. The terms and conditions vary across different insurance providers.

Comprehensive Insurance

This type of includes third party, fire & theft insurance and also includes a cover against the damages caused to the vehicle in case of an accident. Normal wear and tear of the vehicle, damages to certain parts of the vehicle, damages caused while under influence of drugs or alcohol is generally not covered under comprehensive insurance.
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