types of motor insurance
The term motor insurance covers a wide area and classes of motor vehicles of any kind. There are different types of motor insurance available for each type of motor vehicle.
Car insurances are the types of motor insurance that take care of everything related to motorcars and are one of the fast growing sectors. In almost all regions it is mandatory to obtain motorcar insurance when you buy a new car. The tie up between major car manufacturers and insurance companies has become very common these days and this is aimed at providing a quick insurance to the customers.
These types of motor insurance mainly take care of all mishaps that can occur to a car and the areas covered depend on the policy taken. Usually the policies take care of damages caused by accident, natural disasters, fire, riots and also theft. In case of accidents, the coverage given by the policy might very depending up on the terms and conditions. Certain policies will cover for all expenses of both the parties involved in the accident where as some policies will take care only of the third party. Car insurance can be claimed even in case of theft or loss also. However, coverage for plastic and electrical parts of the vehicle might require additional payment depending on the insurance company.
The types of motor insurance that are applicable only to two wheelers is called as two wheeler insurance. The premium amount and terms of such types of motor insurance varies from that of car insurance. However the situations under which the client can claim the insurance remain the same as that of the car insurance such as natural disaster, accidents and theft. Mainly the two wheeler insurance policies are concerned with the expenses caused by damages of the two-wheeler and to the insurer but there are policies available that will take care of any mishap occurred to the pillion rider also.
COMMERCIAL VEHICLE INSURANCE
Commercial vehicle insurances are the types of motor insurance that deal with vehicles that are used for commercial purposes rather than for personal use. Commercial vehicles include trucks, light carriage vehicles, heavy carriage vehicles, agricultural vehicles, multi utility vehicles etc. The premiums and policies of such insurances are different from that of two wheeler and car insurances and premium is calculated based on the make and capacity of the commercial vehicle. The commercial value of the vehicle is also a determining factor for commercial vehicles while deciding on the insurance amount.
In commercial vehicle insurances, there are certain differences in the policy compared to other insurances. There are commercial vehicle insurances that also cover for the goods being transported in the vehicle. However this is optional and the premium amount also vary depending on the type of insurance we choose. In case of transport buses, the types of motor insurance might have to cover for the expenses caused to the passengers from any accident.