A vehicle policy may be a compulsory requirement for your vehicle if you own one. The automobiles Act, 1988 mandates that every vehicle on Indian road should carry a legitimate policy thereon to run legally. If your vehicle doesn’t have an insurance cover and you’re caught without it, you’d face penalties within the sort of fines and even imprisonment in extreme cases. Having a vehicle policy , therefore, is important if you would like to drive your vehicle in India legally.
When it involves vehicle insurance, there are differing types of policies available within the market. These policies cater to the various coverage needs of various vehicle owners. the various sorts of motor insurance policies are categorized supported the vehicle that they insure, the coverage offered and therefore the duration of the coverage. So, let’s understand the various sorts of motor insurance policies supported the various categories which you’ll find within the Indian motor insurance market
Private Car Motor policy
This is motor insurance that has got to be taken for any private car owned by a personal and is remitted by the govt. of India. this sort insurance covers the vehicle for damages against fire, accidents, natural disasters, theft among others and also covers for any injury to the owner. It also covers any damages and injuries caused to the third party.
This policy covers two-wheelers sort of a scooter or a motorcycle and is remitted by the govt of India. The two-wheeler is roofed against damages from accidents, disasters, fire, theft, etc. also as any damages and injuries to the third-party. It also offers a compulsory personal accident protect the owner rider and may be taken for passengers too.
Commercial Vehicle policy
This insurance covers all vehicles that aren’t used for private use. his sort of insurance covers all those vehicles which aren’t used for private purpose. Truck, buses, heavy and light commercial vehicles, multi-utility vehicles, agricultural vehicles, taxi, auto-rickshaw,ambulances, etc. This Are Other Vehicles Are covered Under This insurance