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What is Motor Insurance?
Motor insurance is mandatory for all the vehicles whether personal or commercial, plying on Indian roads. It offers financial cover to your vehicles in the event of physical damage due to accidents or loss or theft and even due to natural or human-made disasters. It is essential to have motor insurance to ensure security. According to The Motor Vehicles Act, 1988, every vehicle owner must have a valid third-party liability insurance.
Types of Motor Insurance
Types of Motor Insurance Coverage
1. Third-Party Liability Insurance
This policy covers anyone who has sustained losses due to accidents caused by your vehicle as you are legally liable for making them good. The policy does not provide any direct benefit to the insured. According to the law it is mandatory for every vehicle in India to have such a policy.
2. Comprehensive Insurance
Comprehensive insurance is the better vehicle insurance option as it covers both third-party liabilities and damages to your own vehicle.
Benefits of Motor Insurance
Why choose IVA Insurance for Motor Insurance?
To purchase the best Motor Insurance Policy for your vehicle, you must go through the plans of different companies. At IVA Insurance, you can browse various Motor Insurance plans from multiple insurance companies in one place easily.
All you need to do is follow a few simple steps like giving a few details to get quotes from multiple insurance companies. Comparing quotes from various companies will help you analyze the pros and cons of each plan. After picking the best plan suited to your needs, you can easily purchase the policy online, and you will receive the policy documents in your inbox within a few minutes from the purchase.
FAQ on Motor Insurance Policy
According to The Motor Vehicles Act, 1988, every vehicle owner must carry a valid third-party liability insurance.
Damage to your vehicle due to accidents and natural and man-made disasters. Injury, Theft are also covered.
As per law, it's compulsory to have a third-party liability insurance. However, this plan provides coverage only for the injuries and losses to the third party. The best coverage is through a comprehensive motor insurance policy. It combines the third-party liability coverage along with insurance for damage to the insured vehicle.