Description

What is Motor Insurance? Motor insurance policy is mandatory for vehicle owners as per Indian Motor Vehicles Act 1988. This Plan is designed to give coverage for losses which insured might incur in case his vehicle gets stolen or damaged. The amount of motor insurance premium is decided based on the Insured Declared Value of a car. The premium will increase, if you raise the IDV limit and vice versa. Why do I need to insure my vehicle? Motor insurance is mandatory for all vehicles that ply on roads-like car, trucks, etc. The prime objective of this type of insurance is to provide complete protection & coverage on physical damage or loss from man-made & natural disasters. According to Indian Motor Act 1988, an motor insurance policy is mandatory for every automobile owner in the country. Hence, purchasing an motor insurance is not just a necessity, it is mandatory by law. Key Features of Motor Insurance 1) Policy protection against loss or damage to the covered vehicle 2) Coverage against financial liability caused due to injury or death of a third party or damage to the property. 3) Personal Accident Coverage.