MOTOR INSURANCE Or Vehicle Insurance

SOCIALIZE IT ⇨

This is the class of Insurance through which a majority of the people recognize general Insurance and that too because it is compulsory for all motorized vehicles to have an Insurance policy against third party liability before they can come on road.

Though this class of Insurance is the major source of premium earnings for the Insurance companies it is also the class which is showing the biggest losses.

At the end of this lesson, you will be able to:

Know the meaning of Motor insurance
Buy the Motor insurance
Settle the claim under Motor insurance/Third Party
Know what is not covered under Motor insurance

For purpose of insurance, motor vehicles are classified into three broad categories:

(a) Private cars

(b) Motor cycles and motor scooters

(I) Goods carrying vehicles

(II) Passenger carrying vehicles e.g.

- Motorized rickshaws
- Taxis
- Buses

(III) Miscellaneous Vehicles, e.g.

- Hearses (funeral van)

- Ambulances

- Cinema Film Recording & Publicity vans

- Mobile dispensaries etc.

ISP