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What Is Motar & Car Insurance | Best Car Insurance Of 2021 | Different Types Of Car Insurance

 

The word Motor broadly covers a lot of classes of vehicles plying on the roads. These may be two-wheelers like scooters and motorbikes, three-wheelers or four-wheelers like private cars, jeeps, buses, trucks, commercial taxis and other vehicles. There are three types of motor insurance which have been divided into the below categories.


Car Insurance

This is the fastest-growing segment in the insurance sector as car insurance is mandatory while buying a new car. Major car manufacturers are tying up with leading insurance companies to provide quick insurance to its customers. Car insurance covers loss or damaged by accident, fire, lightning, riots, earthquake, hurricane, terrorist attacks, explosion, theft, third party's claims and damages (like liability for third party injury or death, third party property and liability to the paid driver). On payment of appropriate additional premium, it covers loss or damage to electrical or electronic accessories and other significant items.

Two Wheelers Insurance

Two-wheeler insurance is another type of popular auto insurance in India. It is governed by the Indian Motor Tariff. This insurance protects against natural and man-made calamities like fire, rockslide, landslide, storm, hurricane, flood, earthquake, burglary, theft, riots or any damage caused to the vehicle in transit by road, air, inland waterway or rail.

Two-wheeler insurance provides mandatory personal accident cover of Rs. 1 lakh to the insurer. This accident cover can also opt for passengers. It also protects against legal liabilities arising due to the third party's injury/deat h or damage caused to its property.

Commercial Vehicle Insurance

This type of insurance covers all those vehicles which are not used for personal purpose. Trucks, buses, heavy commercial vehicles, light commercial vehicles, multi-utility vehicles, agricultural vehicles, ambulances etc are covered under this insurance. The premium is calculated based on the make and model of the commercial vehicle, place of registration, year of manufacture, current showroom price and whether the insurer is individual or corporate.

Insurance Companies in collaboration with the automobile manufacturing companies chalk out different kind of easy and less complicated plans for a safe and easy insurance policy. HSBC India, New India Assurance, United India Insurance, Bajaj Allianz, ICICI Lombard etc are some of the prominent companies in India which provide commercial car insurance or vehicle insurance.



Here are a few of the basic car insurance types, how they work and what they cover.


Liability coverage

Liability coverage is required in most US states as a legal requirement to drive a car. Liability insurance may help cover damages for injuries and property damage to others for which you become legally responsible resulting from a covered accident.


Collision insurance

Collision insurance may cover damage to your car after an accident involving another vehicle and may help to repair or replace a covered vehicle.


Comprehensive insurance

Comprehensive insurance can provide an extra level of coverage in the instance of an accident involving another vehicle. It may help pay for damage to your car due to incidents besides collisions, including vandalism, certain weather events and accidents with animals.

Uninsured motorist insurance

Uninsured motorist insurance can protect you and your car against uninsured drivers and hit-and-run accidents. This coverage is often paired with underinsured motorist insurance.


Underinsured motorist insurance

Many drivers choose to carry the minimum in liability coverage to save money, but this might not provide enough coverage. Underinsured motorist insurance can protect you in the event of an accident with a driver whose insurance is not enough to cover the costs.


Medical payments coverage

Medical costs following an accident can be very expensive. Medical payments coverage can help pay medical costs related to a covered accident, regardless of who is at fault.


Personal injury protection insurance

Personal injury protection insurance may cover certain medical expenses and loss of income resulting from a covered accident. Depending on the limits of a policy, personal injury protection could cover as much as 80% of medical and other expenses stemming from a covered accident.


Gap insurance

Car value can depreciate quickly, so an auto insurance settlement might not be enough to cover the cost of a loan. Gap insurance may help certain drivers cover the amount owed on a car loan after a total loss or theft.


Towing and labour insurance

Available if you already have comprehensive car insurance, towing and labour insurance may reimburse you for a tow and for the labour costs to repair your vehicle.


Rental reimbursement insurance

Figuring out how to get around after an accident can be expensive. Rental reimbursement insurance helps pay for a rental car if your vehicle cannot be driven after an accident.


Classic car insurance

Classic car insurance provides specialized coverage designed for the unique needs of vintage and classic car collectors. Find out if classic car insurance is right for you.


If you don't currently have auto insurance, it's crucial to get coverage as soon as possible. Get a free quote for the types of car insurance listed above so you're protected from the unexpected.




Add On Covers for Your Car Insurance Policy 


We have so many additional covers to increase the vehicle's safety:​


Nil Depreciation Cover: We can opt this cover with a little additional premium to protect additional depreciation charges at the time of claim.

NCB Retention Cover: We can opt this cover to protect our No Claim Bonus even after a claim in running policy.

Total Cover: We can get insured our additional cost of a vehicle, This cover allows the benefit to get reimbursement of the amount spent on Registration Cost, Road Tax and Insurance at the time of Total Loss, Constructive Total Loss or Theft Claims.

Engine Protector Cover: An engine is the heart and soul of your car. The Engine add-on cover offers compensation for expenses incurred while fixing the indirect damage done by water ingression or leakage of lubricating oil leading to loss or damage

Consumables Cover​​: Sometimes, a bunch of seemingly insignificant expenses can create a big dent in your pocket. All expenses incurred on consumable items are covered in case they are damaged due to perils covered our policy. Consumable items such as nuts and bolts, screws, washers, grease, lubricants, clips, AC gas, bearings, distilled water, engine oil, oil filter, fuel filter and brake oil are covered. ​

Motor insurance policy is available for people in each of the avenues of life. Whatever your age, which model car you have or what number of people you want to cover, you will get a policy that well suited for you. With the wide variety in the insurance business today, it's very simple to find a motor insurance policy that is customized to meet your requirement. Buying a comprehensive car insurance policy is very important for all vehicle owners today – Buy one perfect & best-suited motor insurance policy and stay protected.​​

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