You must have a Motor insurance policy not just because it is mandatory in India but also because the policy ensures that the vehicle has complete protection against physical damage from natural or artificial calamities and third-party liabilities arising from the insured vehicle.
Based on the type of vehicle Motor Insurance is categorized into:
This plan pays the financial liability and costs involved to the third party affected in the mishap and accident, ensuring you do not face legal hassle due to the accident. As a car owner, having third party insurance is mandatory under the Indian Motor Vehicles Act.
Apart from covering third-party liabilities, these plans also cover the expenses incurred for repairing the damages to the policyholder’s vehicle due to an accident, fire, artificial and natural calamities, riots and other such instances. This plan has a depreciation rate applicable when claims are done . A comprehensive cover is beneficial even if you have to pay a higher premium as third-party car insurance does not cover for your vehicle and yourself.
With Own Damage Cover, you receive the same benefits as a comprehensive policy without the third-party liability portion of the policy.
Additionally, you can purchase some add-ons like Zero depreciation cover, Loss of personal belongings cover, Pay-as-you-drive cover, Daily conveyance cover, etc. to ensure that you are covered against any eventuality.
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