Suppose you have got a new BMW luxury car or a Harley bike just two days back & unfortunately it gets stolen…..What you will do? A simple answer is a Motor Insurance or Vehicle Insurance which provides protection against financial loss or damage.

It also covered damage caused to a third party or property. It’s also noted that as per the Government of India Motor Vehicle Act, it’s mandatory to have vehicle insurance. The insurance premium depends upon value (IDV – Insured Declared Value) of the vehicle.

Types of Motor Insurance

There are basically two types of Motor Insurance Plan.

Comprehensive Plan – It provides complete protection to your car. It covers certain damage to a vehicle, theft of vehicle & third party cover.

Third Party Cover – Third party cover is a plan which covers only damage to the third party by the vehicle only. It doesn’t provide protection against any other accidental damage or loss.

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