Motor Insurance Basics

 Motor Insurance Basics


Motor Insurance is very important for everyone. It helps you to get wholesome of protection from the Financial and the Legal Losses. The Motor Insurance policy's main objective is to provide complete protection against certain types of damages and the physical losses which can happen by man-made or natural calamities. Vehicle insurance is really important for those who own the vehicle and it is mandatory too as per the Government.

So, today we will be talking about the different types of Motor Insurance:

  1. Car Insurance: It gives them against the accidental death or the loss which took place and it has given some kind of harm to the car owner and the third person. It is a really important tip for everyone to compare all kinds of plans and the premium rates whenever you are planning to get a Car Insurance policy. Comparing gives you a brief idea and it can be very much helpful. The amount of premium would be dependent on the value of the car, the state from where it has been registered, and the manufacturing year.
  2. Two-Wheeler Insurance: It basically helps you to get the protection for the two-wheeler such as Bikes, Scooter, and Scooty. It is very much similar to the car insurance policy.
  3. Commercial Vehicle Insurance: It is yet another best plan and policies available for Commercial vehicles such as Trucks, tractors, and buses. In case, they met with an accident or incurred with any kind of damages then they can with the help of Commercial Vehicle insurance resolves the problem.

Image Source: Policybazaar

Types of Motor Insurance Policies in India :

  1. Third-Party Insurance: This is really a nice insurance policy that you can get for your protection as well as your third party’s protection. In case, if you have met with an accident and the third party person has been a little bit injured. Then his responsibility will be taken care of by the Insurance company. It will be a great help to the Insured person and he won’t be tangled in the financial and the legal losses.
  2. Comprehensive Car Insurance: In this plan, it adds to the third party insurance plan and protects the insured person from any kind of injuries and the damages which can be incurred at any point in time. The policy company helps the owner to deal with the financial losses which can come out of Accidents, Theft, Losses, Man-made disaster, and natural disasters.

Inclusions: What it covers?

  1. Riots and Strikes.
  2. Fire and Burglary.
  3. Terrorism Attack and Destruction.
  4. Earthquake.
  5. Flood, Storm, Cyclone.
  6. Landslide.

Exclusions: What it doesn’t cover?

  1. If by chance the driver is under influence of drugs and alcohol.
  2. If the driver is not having a valid license.
  3. Any loss or damage which occurred outside India.
  4. If the vehicle is used for illegal work and activities.

So, it is really important to get a Motor Insurance policy and you must buy it. Before buying a car insurance policy you must always research and analysis. So, you can check the best plans over here. 


There are two types of motor insurance in India.

1. Third-Party Liability Policy

This motor insurance is only for the protection of third parties if your vehicle causes damage to third parties.

The meaning of a third party in this context would mean any other person who is injured by your vehicle than you. Any other damaged vehicle that is not your property and any surrounding object that may have been damaged.

As a general rule, the Insurance Regulatory And Development Authority (IRDA) decides the amount of the premium to be paid if third-party liability insurance is to be contracted.

2. Comprehensive Package Policy

As the name implies, this policy is a combination of liability insurance and personal accident insurance.

Personal damage means any damage that the vehicle may suffer or any damage that your vehicle may suffer as a result of an accident, theft or other causes.

In this case, additional premiums would have to be paid. While the premium payable under third-party liability insurance is determined by IRDA, the issuing company determines the premiums that will be paid under this insurance.

In addition, the premium for comprehensive insurance is always greater than the corresponding premium for third-party liability insurance in the amount of the insured value, since the insurance offers double coverage compared to the previous one.


There are three types of car insurances,

  1. Comprehensive Car Insurance - Covering for your car
  2. Third party Car Insurance - Cover for other people’s property
  3. CTP insurance - Coverage for people in the car during accidents

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