MOTOR INSURANCE
Vehicle insurance is insurance for car, truck, motorcycle or 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. There are different types of Motor Insurance in India:
Third Party Insurance
As per the Motor Vehicles Act, 1988, Third Party Insurance is a statutory requirement. Under this policy, the prime beneficiary of the policy is neither the original insured nor the insurance company, but a pretentious third party. As per the rules, the Insurance Regulatory and Development Authority (IRDA) of India compute the damages. Third-party insurance also referred to as liability insurance essentially provides financial coverage to an insured person against any liability incurred in case of any loss/damage caused to third-party property or the person. Under the Motor Vehicles Act, 1988, possessing third-party insurance is a legal mandate.
Important Note: - The contents available on this site is for General awareness/Knowledge only. The actual canvases depend upon the cover opted for and subject to terms and condition of the policy issued by respective Insurance Companies.