Motor insurance (also referred to as motorcar insurance, or vehicle insurance), is associate policy purchased for personal or business vehicles to supply money protect against any loss or harm. Vehicles like cars, trucks, motorcycles, scooters, tractors and alternative road vehicles will be coated below the motor policy.
How will motor insurance facilitate the owner of the vehicle?
The primary objective of the motor policy is to provide:
Financial aid to the owner of the vehicle just in case of unfortunate events. Basically, it provides money protect against any harm incurred to the insured vehicle because of natural or semisynthetic perils.
Liability cowl, that might arise because of the damages incurred to the third party property, vehicle because of the collision or accident.
Liability cowl against the bodily injury or accidental death of pedestrians, passengers of the opposite vehicle, etc.
Theft of the insured classification of Motor Insurance
For the purpose of insurance, motorized vehicles area unit classified into three broad categories:
Private 2 Wheelers: Motor Cycles, Motor Scooters, Bikes, etc.
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Commercial Vehicles: merchandise and traveler carrying vehicles – Rickshaws, Taxis, Cabs, Buses, etc.
Based on the classes, the motor premium varies. However, we’ll target personal motorized vehicles – personal cars and 2 wheelers.
Certificate of Motor Insurance
The certificate of insurance is accepted by the police authorities, R.T.O and alternative public authorities as valid given that it’s issued by the underwriter, and should be provided as proof of Insurance, if and once needed.ehicle.
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