2. What is Motor Insurance?
• Motor Insurance is a combination of two words
i.e. ‘MOTOR + INSURANCE’.
• Motor under the motor vehicle act is a self
propelled vehicle.
• Insurance we already know is protection against
any ‘UNFORESEEN RISK’.
3. Motor Insurance Covers
• Accident caused by external means
• Natural calamities like Earthquakes, Fire,
Floods, Typhoons etc.
• While in Transit by rail or road, air or
waterway
• Third party legal liability
• Cover for an owner
driver in case of death
4. Motor Insurance doesn’t Covers
• Normal wear and tear of the vehicle due to
usage
• Wear and tear of consumables like tires and
tubes
• Loss or damages due to depreciation of vehicle
• Loss or damage caused to the vehicle by an
unauthorized person without valid driving
license
• Loss or damage due to nuclear risks
5. Private Car Insurance
• It is compulsory for all the
Private/Personal car owners
to have a motor insurance
policy. It is insurance for
vehicles not used for
commercial purposes. The
amount of premium depends
on the make and value of the
car, state where the car is
registered and the year of
manufacture.
6. Commercial Vehicle Insurance
• A Commercial Vehicle Insurance Policy
provides cover for all vehicles which are not
used for personal purposes, rather for
commercial purposes like good carrying
vehicles like the Trucks, Tempos etc.
7. Two Wheeler Insurance
• A Two Wheeler Vehicle
Insurance Policy offers a
comprehensive insurance
cover, which not only
covers you for the liability
arising out of the Third
party but covers you
against the loss or damage
to your own two wheeler.
8. Second Hand Insurance
• Insurance for your
Second Hand Car is as
good as insurance for
your private vehicle.
However if you buy a
second hand car, you
need to renew its
insurance policy.
9. Liability Insurance
• Liability Insurance cover third party liability for
bodily injuries and/or death and property
damage. Personal accident cover for owner
driver is also included.
