Motor Insurance
One should insured its vehicle because it is compulsory. Drive a vehicle on road without valid insurance is crime and punishable act. It provide financial security against damage or injury due to traffic accident and financial protection against theft of vehicle and against damage due to other than traffic collision like natural disaster etc.
There are different type of vehicle Insurance.
- Liability Insurance or Third-party Insurance: when accident occur and prove that it happen because of vehicle owner negligence, then liability Insurance come in to picture. It covers the cost of repair of damage property and covers medical bill if hospitalization is need.
- Collision Insurance :this will bear the repair expenses of the vehicle after accident.
- Comprehensive Insurance: as name suggest it cover all kind of risk factors that are associated with vehicle.