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Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured.
Risk-transfer mechanism that ensures full or partial financial compensation for the loss or damage caused by event(s) beyond the control of the insured party. Under an insurance contract, a party (the insurer) indemnifies the other party (the insured) against a specified amount of loss, occurring from specified eventualities within a specified period, provided a fee called premium is paid. In general insurance, compensation is normally proportionate to the loss incurred, whereas in life insurance usually a fixed sum is paid. Some types of insurance (such as product liability insurance) are an essential component of risk management, and are mandatory in several countries.
Motor Insurance is also known as vehicle insurance, it is purchased for cars, trucks, bikes, etc. It provides coverage against theft, physical damage, etc to the vehicle that are caused due to the man made or natural calamities. You work hard to buy a vehicle to enjoy its ride for business or personal needs. However, an unfortunate incident can take place any time and can cause heavy damage to your vehicle. The cost of repairing the vehicle or to replace it will be high; hence it is important to have vehicle insurance for providing complete care to your vehicle. Your motor insurance plan document is one of the most vital documents for your vehicle, as it is compulsory to have a motor insurance under Motor Vehicles Act. In India if you have any vehicle, then it is obvious that you must be carrying a vehicle insurance plan, mostly the third party insurance coverage which is compulsory. If you own a vehicle, then you must know a bit about vehicle insurance. You may have heard about a deductible or premium. However, are you really aware about the different sections of an auto insurance policy and do you know how to choose the best Insurance plan?
In India, we have two types of vehicle insurance products -Third party cover and a Comprehensive insurance plan. It may be confusing for you to choose the best vehicle Insurance plan, but if you know the features and benefits of theses insurance plan then you can select the best policy easily. Third party insurance is a type of insurance policy that provides coverage for the damages caused to the third party by you. It means that in the case of an accident, the third party insurance plan would cover all the damages that were caused to the third party, his/her car & its related accessories by you. It also provides coverage for injuries that were caused to the third party during the accident. It provides coverage for the third party liability, not on yours. Whereas, in the case of comprehensive insurance plan, it would provide coverage for all the damages that were caused to your vehicle and third party coverage is also included in it.