What Is Vehicle Insurance?
Popularly known as motor insurance, this type of insurance provides cover for loss or damage to any vehicle such as a car, two wheeler or commercial vehicle, etc. Description: This insurance helps in reducing the economic loss caused due to accidents involving damage to vehicles.
Vehicle insurance not only protects you from financial and physical problems in case of an accident, but also protects you from all kinds of emotional problems and legal action. In India, if you own a car or two-wheeler or any type of motor vehicle, it is mandatory to insure it. In this article, we will share all such important information related to car insurance, which you should know before insuring your car. About Vehicle Insurance in Hindi For easy understanding of the information, we have presented the information in question and answer format.
Types of Insurance by Vehicle Category
According to the category of vehicle, there are three types of vehicle insurance.
1) Car Insurance
2) Two Wheeler Insurance
3) Commercial Vehicle Insurance
According to the insurance cover you get, there are three types of vehicle insurance-
i) Third Party Insurance Policy
The damage caused by your vehicle to any other vehicle, person or property is compensated through third-party insurance policy. In the aftermath of such incidents, it is also the responsibility of the insurance company to deal with the legal procedures that will take place for the determination of compensation.
ii) Comprehensive Motor Insurance Policy
It is also known as complete insurance policy. In this, the insurance company not only pays compensation for the damage caused to any other vehicle, person and property from your vehicle, the insurance company also compensates for the damage caused to your own vehicle. That is, you get the benefit of both ‘Third party insurance’ and ‘Own Damage Cover’ from a comprehensive motor insurance policy.
iii) Add on Insurance
By taking a comprehensive insurance, you also get the facility of getting many types of Add On Covers (subsidiary insurance policies). The kind of add-on insurance that you add to your main insurance policy, you get the benefit of additional insurance cover separately. However, keep in mind that the premium for each add-on policy is also added separately, making your insurance policy equally expensive.
