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 – Provides cover to your car against from third-party claims and natural disasters.
- 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?
- 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 Insurance – It covers you against third-party liability and the expenses incurred in event of theft or damage to your vehicle. You also benefit from a personal accident cover offering you a compensation in case of an injury.
- 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.
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