Motor Insurance — Types
🔸 Third-Party Liability Insurance
Covers damages or injuries caused to a third person, vehicle, or property.
- Legal protection for third-party claims
- Compulsory by law for all vehicles
- Does NOT cover your own vehicle’s repair/repair costs
🔹 Comprehensive Insurance
Covers both third-party liability and own vehicle damage.
- Includes theft, fire, accidents, and natural disasters
- Best for full protection of vehicle + liability
- Usually higher premium than only third-party
🔺 Own Damage (OD) Cover
Protects only against damages to your own vehicle.
- Useful when you already have third-party cover
- Can be bought standalone or combined in package
- Premium depends on vehicle value & claim history
Key Benefits of Motor Insurance
- Financial Protection against repair costs.
- Coverage for theft, fire, and accidents.
- Legal compliance (mandatory insurance requirement).
- Peace of mind while driving.
- Protection from natural calamities like floods, earthquakes, or storms.
4. Add-On Covers (Optional Benefits)
- 🚘 Zero Depreciation Cover – Full claim without depreciation deduction.
- 🚑 Roadside Assistance – Help in case of breakdown.
- 🔧 Engine Protection – Covers engine repair/replacement costs.
- 🚖 NCB Protection – Keeps your No Claim Bonus safe even after a claim.
- 🧑🤝🧑 Personal Accident Cover – Protection for driver and passengers.
5. Why Choose Motor Insurance?
- Ensures compliance with Indian law.
- Provides financial security in emergencies.
- Reduces out-of-pocket expenses for accidents or repairs.
- Increases resale value of the vehicle if well-insured.