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What are the Types of Vehicle Insurance 2022-2023

As always, welcome to this blog of yours. Friends In the previous post we discussed, What is the Best Bike Insurance Price List? Today we will know, how many types of auto insurance are there. So let's know.

People try to buy the best car but are careless in getting the car insured. However, auto insurance protects you from various types of legal troubles. We will know how many types of vehicle insurance are vehicle insurance?

Types of Auto Insurance?

There are two types of vehicle insurance depending on the insurance cover you get.

Comprehensive Motor Insurance Policy:It is also known as a complete insurance policy. In this, the insurance company not only indemnifies the damage caused by your vehicle to any other vehicle, person, and property; the insurance company also compensates for the damage caused to your vehicle. 

That is, you get the benefit of both third-party insurance and damage cover from a comprehensive motor insurance policy. Comprehensive insurance also lets you add a variety of add-on covers (subsidiary insurance policies).

Third-Party Insurance Policy:The damage caused by your vehicle to any other vehicle, person, or property is covered through a third-party insurance policy. It is also the responsibility of the insurance company to deal with the legal procedures for the determination of compensation after such incidents.

Along with this third-party insurance, we also get compulsory personal accident insurance of 15-16 lakhs. 

Along with this, let us tell you that this vehicle provides us compensation of up to Rs 15-16 lakh in the event of death or permanent disablement of the owner.

But keep in mind, your damage to the vehicle is not covered by a third-party insurance policy. For this, you have to take your own damage cover, which is available only after taking a comprehensive motor insurancepolicy.

Types of Insurance by Vehicle Category

There are three types of vehicle insurance based on the category of the vehicle.

  • Car Insurance
  • Commercial Vehicle Insurance
  • Two-wheeler Insurance

Car Insurance

Car insurance provides the facility to cover the damage caused to the vehicle in the event of an accident.

In the event of a natural calamity or a man-made accident, compensation for the damage caused to the vehicle is also covered under this insurance. Many companies have now started providing medical insurance along with car insurance.

Car insurance is also responsible for settling legal liability for damage caused to another person or property (third party) in the event of an accident caused by your vehicle. 

Not only this, there is an option to avail coverage for passengers/co-travelers as well. However, the higher the coverage increases, the higher the premium for the policy.

Commercial Vehicle Insurance

All those vehicles which are used for fulfilling business purposes, for example like bus, truck, ambulance, loader, then canter, etc. 

Multi-utility vehicles have become, agricultural vehicles have become, etc. All come. All these are insured only through commercial vehicle insurance. 

Commercial vehicle insurance is insurance that provides protection against damages caused by an accident or a bad situation.https://www.policybazaar.com/motor-insurance/

Apart from compensation for damage caused to any other person or property in the event of a road accident, the facility of claims for death or bodily damage is also a part of this type of insurance policy.

While determining the premium for an insurance policy, the make and model of the commercial vehicle, place of registration, year of manufacture, immediate showroom value, etc. Are taken into account. And also whether the insurer is an individual or a company.

Two-wheeler Insurance

Under two-wheeler insurance, the facility of compensation for damage caused to own vehicle along with third-party liability is provided. 

Apart from road accidents, this type of insurance also provides protection against accidents caused by natural and human hands.

Long term two-wheeler facility has also been started by the Insurance Regulatory and Development Authority of India. Under this policy, a person can get vehicle insurance for 3 years in a lump sum.

It is mandatory for insurance companies to provide personal accident cover of Rs 1 lakh along with two-wheeler insurance. You can also take rider's insurance by increasing the premium.

Conclusion

We are sure that you will like this information very much. Do share this blog with your friends for more such information. Thank you.

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