Article

Motor Insurance
June 07 , 2012

Driving a motor vehicle on the road carries some risks to the driver, to the vehicle and even to other vehicles or pedestrians on the road. A Motor Insurance or Vehicle Insurance provides reimbursement against all these potential liabilities.

The most basic cover, called the Third Party Liability (TPL) is compulsory under Indian Law. You can be fined or even have your vehicle confiscated if you are found driving without having this in place. This covers damages you may need to pay to other cars or people for damaging / injuring them. In addition, by paying more premium, you can take additional protection for your car itself, the driver, and for other occupants of your car.

Some points to note:

  • It is to be annually renewed by paying premiums. The policy (or copy) is to be kept in the vehicle at all times
  • Vehicle insurance covers only book value of the damaged parts. Thus, if your vehicle if older, the reimbursement may not cover full value of buying a new part
  • Buying this insurance from a dealer is usually expensive. Ideally, you should shop around (preferably online) between insurance providers and take the cheapest one
  • If you have a good history (not banging your vehicle too often!), your premiums can reduce

Fintotal Knowledge the best place to learn more on personal finance.

The language is simplified and written specially for non finance background individuals.


Explore more in a easy manner.

Table of Contents

Table of Contents

  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed

Get the all financial products under one roof only at

you will NEVER GO WRONG with us!

Unbiased . Best Deals . Appropriate Products . No Mis-selling