3 Major Types of Motor Insurance Policies Available

Posted by jessica kappor on May 22nd, 2017

If you have recently purchased a car or a two-wheeler, it is essential that you procure insurance policies that will provide adequate coverage in case the vehicle is lost, stolen or damaged. Moreover, motor insurance sometimes cover maintenance and servicing cost of the vehicle. Thus, in order to protect yourself against incurring extensive expenses, you should purchase a suitable motor insurance policy. However, there are different types of motor insurance policies available in the market. Evaluate the characteristics of the different types of motor insurance policy and then purchase the one that adequately meets your requirements. The major characteristics of some of the motor insurance policies available in the market have been discussed below.

All about Motor Insurance Policies

If you want to check the best online car insurance then visit the websites of renowned insurance firms. Herein you will find different types of motor insurance policies and you can purchase the one that meets your requirements.

Some of the motor insurance policies that you can opt for are as follows:

1. Car insurance policy: The car insurance policies are purchased by individual car owners. These policies are designed to protect car owners from incurring expenses if their respective vehicles are damaged or lost. It usually provides coverage against physical damage that the car suffers. The policy will also cover theft or loss of the car and third party liabilities. The car insurance policy is ideal for individual car owners. Most car insurance policy providing firms offer individuals easy online renewal of policy and premium payments, through secure electronic payment payments.

2. Commercial vehicle insurance policy: These policies are procured by owners of taxi service owners, to ensure the smooth running of their businesses. Taxi owners purchase the commercial vehicle insurance policies, to get comprehensive coverage of all the vehicles purchased by the company and especially, the fleet of cars owned by the company. These policies are also purchased by business organizations that maintain their own fleet of vehicles. The commercial vehicle insurance policies are also purchased by truck, bus and commercial vehicle owners.

3 Two wheeler insurance policies: The owners of two-wheelers like bikes and scooters purchase the two-wheeler insurance policies. These insurance policies ensure comprehensive coverage of expenses incurred due to physical damage caused to their respective vehicles. The coverage also includes expenses that you may have to incur if the vehicle is damaged, due to man-made or natural calamities, personal accident coverage and third party legal liabilities.

Thus, it is essential to evaluate the coverage provided by the different types of motor insurance policies offered by insurance companies. Moreover, the usage of the vehicles will also help you select a suitable motor insurance policy. Additionally, it is advisable that you first check online the different types of motor insurance policies available in the market. After that, evaluate the premiums payable and the coverage provided by the individual motor insurance policies and purchase the one that meets all your requirements.