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How many types of Vehicle insurance, let’s know

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Car Insurance Policy: Planning to take car insurance? These 8 tips will tell which insurance policy will be better

People try to buy the best car, but they are careless in getting the car insured. However, auto insurance not only covers you financial loss but also saves you from many types of legal troubles. In this article, we will know why auto insurance is necessary and what are its benefits. First of all, we will know that how many types of vehicle insurance are vehicle insurance?

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Comprehensive Motor Insurance Policy: It is also known as complete insurance policy. In this, the insurance company not only pays the compensation for the damage caused by your vehicle to any other vehicle, person and property, the insurance company also compensates for the damage caused to your own vehicle. That is, you get the benefit of both Third Party Insurance and Own Damage Cover from a comprehensive motor insurance policy . By taking comprehensive insurance , you also get the facility to add several types of Add On Covers (subsidiary insurance policies).

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Know About Types of Insurance by Vehicle Category

Depending on the category of vehicle, there are three types of vehicle insurance.

  • Car Insurance
  • Two Wheeler Insurance
  • Commercial Vehicle Insurance

Know all about in Detail

Car Insurance

By taking car insurance, in the event of an accident, there is a facility to compensate for the damage caused to the vehicle. In the event of natural calamities or man-made calamities, the compensation for the damage caused to the vehicle is also covered under this insurance. Many companies have now started providing medical insurance as a part of the same, along with car insurance.

Car insurance is also responsible for settling legal liability on damage caused to another person or property (third party) in the event of an accident caused by your vehicle. The driver of the vehicle is also entitled to get the benefit of this third party liability. Not only this, there is an option to take coverage for the passengers / co-passengers also. However, the more the coverage increases, the higher the premium of the policy.

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Two wheeler insurance

Under two wheeler insurance also, the facility of compensation for damage caused to own vehicle along with third party liability is provided. Apart from road accidents, this type of insurance also provides protection against natural and man made calamity. Generally this insurance is for one year.

Long-term two wheeler insurance (LTTW) facility has also been started by the Insurance Regulatory and Development Authority of India (IRDAI insurance regulatory and development authority). Can get vehicle insurance for

It is mandatory for insurance companies to give personal accident cover of Rs 1 lakh along with two wheeler insurance. You can also take insurance for the riders by increasing the premium.

Commercial Vehicle Insurance

All vehicles that are used for commercial purposes, such as buses, trucks, ambulances, loaders, canters, multi-utility vehicles, agricultural vehicles, etc. They are insured under commercial vehicle insurance. Commercial vehicle insurance also provides protection against damage caused in the event of an accident or disaster.

In the event of a road accident, apart from indemnification for damage to any other person or property (third party), the facility of claims for death or bodily damage is also a part of this type of insurance policy.

While determining the premium for an insurance policy, the make and model of the commercial vehicle, place of registration, year of manufacture, immediate showroom price, etc., are taken into consideration. and also whether the insurer is a person or a company.

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