what is motor insurance?
Your vehicle is one of the most important possessions of your life. Thus, you need to give it the love and care it deserves. Therefore, it’s your duty to protect your vehicle from unforeseen situations like accident or theft that can harm your vehicle. It costs an exorbitant amount of repair cost even for a slight damage these days. Hence, it is important to buy a motor insurance policy that protects your vehicle just the way you would. In India, motor insurance is mandatory for a vehicle to drive on roads. The main objective of this insurance is to provide protection against loss or damage caused due to natural or man-made calamities.
Also known as vehicle insurance or auto insurance, motor insurance is bought for private or commercial vehicles to provide financial protection against any loss or damage. Vehicles such as bike, scooter, car, trucks, tractors, and other road vehicles are covered under this insurance policy. Apart from this, here are a few things you need to know about motor insurance policy:
A motor insurance policy offers coverage to the insured vehicle against financial losses due to an accident or one resulting from other damages.
Motor insurance is an insurance policy that covers the policyholder in case of financial losses – resulting from an accident or other damages – sustained by the insured vehicle. A comprehensive motor insurance policy covers damages to third-party and third-party property along with compensating for own losses as well.
Vehicle insurance is insurance for cars, trucks, motorcycles, and 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.
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