Motor Insurance: What Is Motor Insurance?

By Author: Pranav V Sharma
Total Articles: 141
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In this fast paced modern life, almost everybody owns a vehicle to navigate through the city. The endless traffic jams on the roads are a proof of that. Which is why the government has made it mandatory that with such an increase in demand, every owner of a motor vehicle should own at least one motor insurance policy. The policy should be issued by an insurance company that you trust. Never forget that you are liable to every passenger in your vehicle and the other public on the road. Thus, motor insurance will protect the people on the road from any accident and will prevent you from public liability.

Firstly you should know that there are two types of motor insurance. One is called the 'Act only' policy and the other is a comprehensive policy. The 'Act only' policy is to recompense for death or any bodily injuries caused to a third party. It also covers damage to any property of a third party individual. Motor insurance covers many things which include damage to the vehicle including fire, burglary, riots, terrorist acts, natural calamities, explosions etc. among many others. Make sure you read your documents correctly ...
... and see what all you’re covered for.

Buying motor insurance is a financial responsibility that you need to take as a citizen. Always keep a clean driving record before buying motor insurance, it’ll help with the plan offered to you by you insurance company. Do thorough research about which insurance company will offering you the best deal for your motor insurance and compare all the rates. Don’t get cheated by high rates and try to combine your motor insurance with other insurances you’re buying from the same company. It will help you save on a lot of money.

Companies nowadays offer cashless services even with motor insurance, avail these offerings and ask for discounts too. Also, getting motor insurance through the motor insurance company’s online services is also advisable. Online buying is faster and hassle-free. One can also avail the age and occupation discount with motor insurance for private vehicles. These things matter while buying the right insurance for you. One can get similar features for commercial vehicles too. Always inquire what will be the best motor insurance policy for you. Speaking to experts and different financial gurus ensures that you know exactly what you’re getting into and which policy will be ideal for you.

Author Profile:

Pranav Sharma is an insurance agent based in Mumbai; Pranav assists individuals and corporates in purchasing the right Motor Insurance & often shares his insights about the general insurance industry on internet.