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Auto Insurance Primers
Monday 26 November 2007
What is motor insurance? Is it mandatory for a vehicle to be insured?
Monday 26 November 2007
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Motor or car insurance is a contract between a vehicle owner and the insurance company where the insurance company agrees to pay a sum of money to compensate loss arising from accidents etc. There are two types of motor insurance - comprehensive insurance and third party insurance. Comprehensive insurance covers risk arising out of the following:
Third- party insurance covers only damage caused by the vehicle to other people or property. The India Motor Vehicles Act, 1938 has made it mandatory for every owner of a vehicle to obtain a motor insurance policy, either a comprehensive or a third party insurance. As evidence, a Certificate of Insurance must be carried at all times in the vehicle. See also: What motor insurance covers vs. What it excludes How long should I cover my vehicle? What is the amount I need to insure my vehicle? / What is IDV? What are the different kinds of vehicles insured by the motor insurance companies? Is there an age limit for vehicles being insured? Is there an age limit for vehicles being insured? Motor Insurance FAQs on Claims Motor Insurance FAQs on Coverage Motor Insurance FAQs on Cost, Premiums, Bonus, Discounts, Renewals |
