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What Are The Types Of Motor Insurance?

What are the types of motor insurance?

There are several motors (vehicles) plying on the road. Based on the type of vehicle, there are three types of motor insurance, namely:.

- Car Insurance this insurance coverage pays for the repair or replacement of vehicle damages resulting from an incident. Comprehensive car insurance typically covers third-party liabilities, damage from an accident, fire, natural calamity, theft, etc.

- Two-Wheeler Insurance - Provides coverage to your two-wheeler against natural calamities and man-made disasters.

- Commercial Vehicle Insurance – Provides protection to commercial vehicles such as trucks, buses etc.

Is motor insurance also classified based on coverage provided?

Yes, motor insurance is also classified based on the coverage provided.
 

What are the different types of motor insurance based on coverage provided?

- Own Damage (OD) Cover OD cover ensures that your vehicle is covered for any accidents such as fire, road collision or vandalism, as well as theft of the vehicle or its parts, etc.

- Third-Party Liability Insurance - It covers you against financial damages suffered due to an accident to a third-party. Note that it doesn't cover you against any injuries suffered. This insurance is an absolute must for all vehicles plying on road.

- Comprehensive InsuranceComprehensive insurance is insurance coverage that pays for the repair or replacement of vehicle damages resulting from an incident. Comprehensive car insurance typically covers third-party liabilities, damage from an accident, fire, natural calamity, theft, etc.

- Add-on Cover - There are several add-on covers supplementing your comprehensive insurance plan namely NCB protection cover, zero depreciation cover, key replacement cover, etc.
   

Disclaimer - *Conditions apply. This product is offered under the Group Insurance scheme wherein Bajaj Finance Limited is the Master policyholder. The insurance coverage is provided by our partner Insurance Company. Bajaj Finance Limited does not underwrite the risk. IRDAI Corporate Agency Registration Number CA0101. The above mentioned benefits and premium amount are subject to various factors such as age of insured, lifestyle habits, health, etc (if applicable). BFL does NOT hold any responsibility for the issuance, quality, serviceability, maintenance and any claims post sale. This product provides insurance coverage. Purchase of this product is purely voluntary in nature. BFL does not compel any of its customers to mandatorily purchase any third party products.”