{"id":6407,"date":"2018-06-15T09:20:35","date_gmt":"2018-06-15T03:50:35","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=6407"},"modified":"2019-09-25T12:46:08","modified_gmt":"2019-09-25T07:16:08","slug":"different-types-of-motor-insurance-in-india","status":"publish","type":"post","link":"https:\/\/www.antworksmoney.com\/blog\/different-types-of-motor-insurance-in-india\/","title":{"rendered":"Different Types of Motor Insurance in India"},"content":{"rendered":"<h2 id=\"Based_on_the_Coverage\">Motor Insurance Based on the Coverage<\/h2>\n<p>Motor <a href=\"https:\/\/www.antworksmoney.com\">insurance policies<\/a> can be classified into the following types, based on the coverage they offer:<\/p>\n<ul>\n<li><strong>Third-party Liability Insurance<\/strong>\u00a0&#8211; This type of insurance policy is mandated by law for all vehicles plying on the roads. This insurance provides protection to third-party for damages to property or injuries to individual, where the policyholder is accountable for the accident. Third-party liability insurance only covers minimal risks, and it does not protect the policyholder for damage or theft of the insured vehicle, or injuries that he suffers.<\/li>\n<li><strong>Comprehensive Insurance<\/strong>\u00a0&#8211; This type of insurance policy covers third-party liability, and the expenses incurred by the policyholder in the event of damage or theft of the insured vehicle. The policyholder also benefits from a personal accident cover that offers compensation if he is injured or faces death in an accident. The\u00a0<strong>comprehensive insurance policy<\/strong>\u00a0can be enhanced through add-on covers that offer extended benefits.<\/li>\n<li><strong>Add-on Covers<\/strong>\u00a0&#8211; \u00a0Some of the add-on insurance covers that supplement a comprehensive insurance plan are as follows:<\/li>\n<li><strong>Zero Depreciation Cover<\/strong>\u00a0&#8211; This is one of the most popular add-on covers in motor insurance. This policy ensures that the policyholder receives the full claim amount on the value of replaced parts, following an accident. However, this cover is available only for vehicles that are less than three years old.<\/li>\n<li><strong>Roadside Assistance Cover<\/strong>\u00a0&#8211; In the event of an emergency such as a flat tyre, battery issues, or an empty fuel tank, this cover provides you assistance even if you are stranded at a remote location. Policyholders can benefit from services like fuel assistance, battery recharge, taxi, or even accommodation assistance.<\/li>\n<li><strong>Engine and Electronic Circuit Cover<\/strong>\u00a0&#8211; This insurance covers expenses incurred when there is a damage to the insured vehicle\u2019s engine or electronic circuits.<\/li>\n<li id=\"Based_on_Purpose_of_Use\"><strong>NCB Protection Cover\u00a0<\/strong>&#8211; The No Claim Bonus is a reward given to a policyholder for not making any claims during the policy term. The NCB can amount to a significant reduction in premium for the following year. However, when the policyholder makes a claim in the subsequent years, he stands to lose the accrued NCB. The NCB Protection cover, as the name suggests, does not nullify the NCB in the event of a claim; it just brings down the slab at which the NCB discount is given on premium.<\/li>\n<li><strong>Key Replacement Cover<\/strong>\u00a0&#8211; In the case of a lost ignition key, this insurance cover offers reimbursement for a part of the cost of a substitute key.<\/li>\n<\/ul>\n<h2>Based on Purpose of Use<\/h2>\n<p>Vehicles can be used for private or commercial purposes, and the type of insurance that the owner purchases depends on the intended use of the vehicle.<\/p>\n<ul>\n<li><strong>Private Motor Insurance<\/strong>\u00a0&#8211; This type of insurance policy is purchased by owners of two-wheelers who intend to use the vehicle for private purposes. A comprehensive private insurance\u00a0provides coverage for the vehicle\u00a0and its owner in the event of accidents, and also offers third-party liability protection.<\/li>\n<li><strong>Commercial Motor Insurance<\/strong>\u00a0&#8211; This is an insurance policy that prevents a business from suffering financial loss from damages to the commercial vehicle. It offers third-party liability protection, and accident cover for the driver of the vehicle.<\/li>\n<\/ul>\n<p>It is possible to strengthen your two-wheeler <a href=\"https:\/\/en.wikipedia.org\/wiki\/Insurance\">insurance<\/a> by opting for sufficient additional coverages. These days, insurance companies also provide you the convenience of purchasing and\u00a0renewing insurance policies online. So it is advisable to compare policies and choose one that is appropriate for your needs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Motor Insurance Based on the Coverage Motor insurance policies can be classified into the following types, based on the coverage they offer: Third-party Liability Insurance\u00a0&#8211; This type of insurance policy is mandated by law for all vehicles plying on the roads. This insurance provides protection to third-party for damages to property or injuries to individual, &hellip; <a href=\"https:\/\/www.antworksmoney.com\/blog\/different-types-of-motor-insurance-in-india\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Different Types of Motor Insurance in India&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-6407","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Different Types of Motor Insurance in India - Antworks Money<\/title>\r\n<meta name=\"description\" content=\"Motor insurance policies can be classified into the following types...Third-party Liability Insurance, Comprehensive Insurance...\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.antworksmoney.com\/blog\/different-types-of-motor-insurance-in-india\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Different Types of Motor Insurance in India - 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