MOTOR INSURANCE

Motor insurance burglary and personal accident insurance

Motor insurance got recently a great momentum. In the older times, persons, who were injured or killed through the negligence of the motorists, could not get financial redress either to them or to their legal heirs because no scheme of insurance was present at that time. To mitigate the financial hardship caused to the persons, the motor vehicles act, 1939, as amended from time to time, has made it compulsory for the motorists to insure against the risk of liability to third parties.

The rate of premium is standardised because the business is tariff. No insurer can charge lower rates than the tariff rates and no insurer can grant benefits exceeding than those prescribed by the tariff.

Vehicles for the purpose of insurance are classified as below:-

1 private cars

2 commercial vehicles such as goods carrying vehicles, passenger vehicles, tractors and others.

3 motor cycles, scooters and autocycles.

Kinds of policies:-

The policies under motor insurance are as follows:-

Act policies

Third party policy

Comprehensive policy

1.

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3.

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