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Different types of motor insurances
Posted on: 11/Jul/2018 7:21:47 PM
Insurances for vehicles can be broadly classified into two types, private and commercial vehicles comprising all kinds of two wheelers, four wheelers and other heavy vehicles. Insurance providers of India sells insurances for used vehicles verifying the condition while it was purchased.
Below are the basic classifications of motor insurances in India depending on the law and governmental regulations.
Car Insurance:
All the leading insurance companies of India provides insurance policies for cars and the premium rate differs depending on the commercial and private ownership of the cars. The basic premium for commercial vehicles are always higher than the private cars. Usually the policy will be valid for one year and can be renewed regularly with the same insurance provider or some other companies.
Two wheeler Insurance:
Companies providing the insurance policies for two wheelers comes with the term limit of one year but unlike car insurance the term can be extended from two to three years with same kind of coverages.
Among the two basic types the third party insurance provides the basic coverages liable to injuries, death or damage of the property. While the sub category of comprehensive motor Insurance provide wide coverages including add-on offers, No claim bonus and other consumable coverage benefits for the protection of your vehicles.
