Different Types of Motor Insurance Policies In India
There is nothing sweeter to the ear than the vroomof the engine when you start your new car or bike. In a land where having a car or a bike is more of a status symbol than merely a facility to commute, it is no surprise that these vehicles come to occupy significant sentimental value in the minds of their owners. The smallest pinstripe on a side panel or a little dent on the new motor bike is enough to leave owners fretting and fuming. Such is the sway an automobile has over its owner!
When the case is such, it only makes sense that one ought to protect their dearest automobile from the threat of damage, both accidental and otherwise. Further, the costs incurred during the repair of an automobile can bore a significant hole in your wallet since spare parts are not easy to come by and so are very expensive. This is why motor insurance is required - motor insurance provides protection against any financial loss related to your vehicle in case of a damage.
Let us take a quick look at the different motor insurance policy types:
Third Party Motor Insurance: According to the Motor Vehicles Act of 1939, third party motor insurance is mandatory for all vehicles plying on Indian roads. Third party motor insurance provides coverage only to third parties in the event of an accident or damage to any third party property. The key thing to note is that third party motor insurance does not cover damages to the automobile itself.
Comprehensive Motor Insurance: These motor insurance policies provide a wholesome coverage to not only third parties but also the vehicle itself in the event of an accident. The cost incurred due to repair and replacement of damaged parts of the vehicle will be covered under this policy Now that you are up to speed on the different types of motor insurance, please visit HDFC ERGO for policy brochures and documents on the various types of motor insurance. With HDFC ERGO by your side, you don’t have to worry one bit about your motor insurance needs!
Disclaimer: The above information is for illustrative purpose only.For more details, please refer to policy wordings and prospectus before concluding the sales.