A Motor Insurance Is Much More Than Just A Legal Requirement
Investors India|November 2018

Motor Insurance is mandatory by law. It is a legal requirement to have a minimal level of insurance before driving a car in India.

Shambhu Nath
A Motor Insurance Is Much More Than Just A Legal Requirement

Coverage would differ by product; however, following is a list of possible car insurance coverages:

• Bodily injury liability - It covers bodily injury claims of people who get injured in an accident.

• Property damage liability- It covers property damages to third parties such as another person’s car.

• Medical payments - This payment is done to the policy owner and other passengers in the policy owner’s car.

• Uninsured and under insured motorist coverage. This coverage protects you when the negligent driver has no insurance or insufficient insurance. In most states, this covers only bodily injury losses, though some states do include property damage losses too.

Motor Insurance is packaged into different coverage types and is broadly divided into two as mentioned below:

Comprehensive Car Insurance Policy

• This policy, protects against any loss or damage caused to the vehicle and its insured accessories as a result of natural and man-made calamities. These calamities can be broadly classified as ‘Natural Calamities’ and ‘Man-made Calamities’. Natural calamities include: fire, explosion, lightning, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rock slide, fire and shock damage due to earthquake.

• Man-made calamities include: Burglary, housebreaking, theft, riot or strike, accident by external means, malicious act, terrorist activity and damage during travel by road, rail, inland waterway, or air. This policy also includes personal accident cover, which provides accident cover for the driver of the vehicle while driving.

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