Vehicle Insurance Types In India
Types of motor insurance policies in india know more about what is motor insurance and different types of motor insurance policies you can buy in india.
Vehicle insurance types in india. Car insurance is a mandate in india as per the indian motor act. Fire rockslide landslide storm hurricane flood earthquake burglary theft riots or any damage caused to the vehicle in transit by road air inland waterway or rail. It is governed by the indian motor tariff. Vehicle insurance policies are valid for only one year and need to be renewed annually.
This insurance provides protection against natural and man made calamities like. However it needs to be noted that only third party insurance is compulsory. New products are discovered and existing products are enhanced as per the guidelines of the irdai. This is also the reason car insurance is the most popular form of motor insurance in the country.
When it comes to vehicle insurance there are different types of policies available in the market. Importance of car insurance. Defence vehicles belong to armed forces and the attached equipment used by the indian army. To choose the most suitable motor insurance based on your requirements it s important to first know the types of car insurance provided by insurance companies.
The mine protected vehicle artillery tractor and heavy utility trucks can be seen sometime. Most common and different types of construction heavy duty vehicles available in india are bulldozers backhoes excavators and loaders. Comprehensive insurance is one of the most valuable types of vehicle insurance that covers both third party liabilities and damages to your own vehicle as well. In india third party vehicle insurance is mandatory and a legal requirement under the motor vehicles act 1988.
These policies cater to the different coverage needs of different vehicle owners. Apart from the mandatory third party cover insuring your car with the comprehensive insurance will provide financial cover in the event of your car being damaged. Having a vehicle insurance policy therefore is necessary if you wish to drive your vehicle in india legally. In india three types of car insurance policies are offered by all the general insurance companies.
Auto insurance offers financial protection to car owners from various risks to their vehicles. Here are the different types of motor insurances available in india to protect your vehicles also learn about add ons for insurances anti theft device cover no claim bonus protection etc. Two wheeler insurance is another type of popular auto insurance in india. With india being the sixth largest manufacturer of cars in the india the number of cars on the roads ought to be massive.
By the type of vehicle on the roads there are three types of motor insurance popular in india.
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