According to The Motor Vehicles Act, 1988, a person needs to have a valid motor insurance policy if he/she owns a vehicle and wishes to drive it on the roads of India.
The insurance policy purchased by you will depend on the type of vehicle owned by you. The cover amount, tenure for which the policy will be in force, premium payable, etc. will depend on factors like how old your vehicle is, for what purpose you intend to use your vehicle, the topographical regions where your vehicle will be driven, etc. Here, we will look at the types of motor insurance that you can purchase depending on the type of vehicle owned by you.
Based on the coverage, there are two types of motor insurance that you can purchase. Those two types of motor insurance policies are Comprehensive motor insurance policy and Third-party liability motor insurance policy. Here we will have a look at what these two types of motor insurance policies are, and how they are beneficial in nature.
Hence, these are some of the types of motor insurance policies that you can avail depending on the type of vehicle owned by you. It is important that before you purchase a motor insurance policy, you compare various insurance plans so that you can avail the best insurance scheme suitable for you. You must choose the cover amount and the tenure for which your vehicle should be covered depending on the age of your vehicle. It is compulsory by law to have a valid motor insurance policy and you must not forget to renew it when it is about to expire.
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