Types Of Insurance Policies For Different Vehicles

Types Of Insurance Policies For Different Vehicles

There are many vehicles running on the roads, two-wheelers like motorcycles and scooters, three-wheelers and four-wheelers like private cars, commercial cars, taxis, trucks, buses and other vehicles. All these vehicles need insurance under Motors Act India. The vehicle  insurance protects your vehicle against any loss or damage caused due to unforeseen incidents like theft, accidents or other natural calamities. It is a contract for the insured vehicle with the insurance company that agrees to pay for any loss resulting from the defined event of misfortune.

Car Insurance

This is one of the fastest growing segments in the insurance department. If you purchase a new car, it is mandatory to buy a car insurance as well. Many car manufacturing companies are tying up with the best insurance companies in the market and making it easier for customers by providing the insurance faster. This insurance covers for any damage or loss by natural calamities like fire, lightning, storm, earthquake or floods, and man-made calamities like riots, terrorist attacks or theft. It also protects for any legal liability like injury or death of a third party or any damage caused to the property of the third party. To some extent, this policy also covers for any burglary of electronic goods and accessories.

Two Wheelers Insurance

This is another popular insurance type that covers for any loss or damage caused due to the natural or man-made situations. It also covers for any damage caused due to an accident on the road. The two-wheeler insurance policy provides an accident cover of up to Rs. 1lac to the policyholder. The policy also covers against any legal liability caused due to injury or death of the third party or caused any damage to his property.

Commercial Vehicle Insurance

As the term says, commercial vehicle insurance is only for vehicles that are used for commercial purpose only. Trucks, light and heavy commercial vehicles, buses, multi-utility vehicles, ambulances, agricultural vehicles, etc. all are covered under this policy. The insurance premium is calculated based on the model and make of the vehicle, year of registration, place where the commercial vehicle got registered, price, showroom and whether the owner of the vehicle is an individual or a corporate organization. There are different insurance plans available based on the commercial vehicle and type of ownership. Many insurance companies have partnered with the commercial automobile manufacturing companies to ease out the complicated insurance process and giving their customers the best deal on the policy which can yield them benefits.

Author’s bio

Reliance General Insurance is offering different insurance policies that can help their customers to choose the appropriate one suitable to their needs and confined within their budget.