Vehicle Insurance

Motor insurance : Under the Motor Vehicle Act 1988 it is mandatory that all vehicles (running on the Indian roads) Should be insured.
It is of two types
• Third party insurance
• Comprehensive insurance
Third party insurance : It also called Liability insurance. This is the minimum level of insurance required to drive a vehicle. Third-party insurance is essentially a form of liability insurance purchased by an insured (first-party) from an insurer (second party) for protection against the claims of another (third party). It protects you against any legal liability, accidental liability, or property damage in case of an unfortunate event. This policy also covers medical expenses in case a third party is injured in an accident or dies. Damage to your vehicle is not covered by third party insurance. Nor does it cover theft of your vehicle.
Comprehensive insurance:
It is optional not mandatory. Comprehensive insurance covers you for accidental damage caused by you or others. It can also cover claims arising from legal action brought against you following a road accident. Damage by theft or fire, vandalism, repair or replacement of windscreen cover (Damages caused by a natural disaster), and car stereo theft are also covered.

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