Why Vehicle Insurance is necessary in India

Vehicle Insurance

In this tutorial, first of all, we summarize the definition of Vehicle Insurance, Vehicle insurance means the insurance of our vehicle whether it is a two-wheeler, car and also other vehicles. Why Vehicle Insurance is necessary for India:- 

According to the Motor Vehicles Act of, 1988, it is mandatory to have insurance for all vehicles running on the roads of India. So often we can see that whenever the checking happens, the traffic police ask us about the insurance paper of our vehicle and if there is no insurance paper, we have to pay a penalty. According to Motor Vehicles Act 1988, it is compulsory to ensure all vehicles plying in India, whether they are two-wheelers, cars, or other vehicles, otherwise, a penalty may be imposed if checked by the traffic police.

Vehicle insurance protects the policyholder, if the policyholder's vehicle is damaged, in case of loss from theft, etc. the compensation so that the policyholder can easily deal with the loss. 


There are two types of Vehicle Insurance

  • Third-Party Liability Cover Policy
  • Comprehensive Motor Insurance Policy 


Third-Party Liability Cover Policy:-

Under this policy, if the policyholder insures his vehicle and pays the premium, but according to this policy, if the policyholder's vehicle damages a person's property, the insurance company pays that person whose property has been damaged.

Suppose that if person A car damages person B Car, then person B has every right to file a case against person A for compensation in court. If A has got his vehicle insurance policy, then the compensation against loss to B. If A has not taken an insurance policy, then A may have to pay the compensation amount himself.


Comprehensive Motor Insurance Policy:-

In this insurance policy, if the policyholder's car is damaged then the policyholder will get the cover and if the policyholder damages the car of another, the insurance company will give cover to that person. 

Comments

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