Motor Insurance is the most popular and common General Insurance Policies in India. As per Motor Vehicles Act, 1988, all motorized vehicles are required to have Liability Insurance before plying on public road. It is a mandatory provision. Accordingly, public awareness is much more in this segment than in other segments of general insurance in India.
The Liability Insurance Policy is a standalone policy covering the requirements of Third Party Liability Insurance as per Motor Vehicles Act only; whereas Package Policy covers, apart from Public Liability (Third Party) coverage as mandatory by Motor Vehicles Act, extensions of wider public liability coverage and Own Damage i.e. damage to the vehicle itself. Motor Insurance Policies are classified based on the types of vehicle and their use as detailed below:
A. Car Insurance
B. Two-wheeler Insurance
C. Commercial Vehicle Insurance – sub-classified further:
(i) Goods Carrying Vehicle – Public (GCCV- Public)
(ii) Goods Carrying Vehicle – Private ( GCCV – Private)
(iii) Passenger Carrying Vehicles – Stage Carriers (PCCV – Stage)
(iv) Passenger Carrying Vehicles – Contract Carriers (PCCV – Contract)
(v) Miscellaneous Vehicles – Ambulance, Hearse, Cranes, Bulldozers etc.
D. Motor Trade Policies.
At www.gibl.in we currently deal with Car Insurance Policies and Two-wheeler Insurance Policies only.
Similar to Car Insurance, Two-wheeler Insurance are also available for standalone “Liability” Policy and “Package” Policy covering both third party liability as well as Own Damage to the two-wheelers. The rates of premium here also depend on the cubic capacity of the two-wheelers. At present, The Indian two-wheeler market is flooded with new models and makes with even values more than the cars. Similarly, the Indian Two-wheeler Insurance market has various policy options within the ‘Package’ scheme, with newer add-ons included. At the same time, ’Liability’ Policies are identical as far as rates and other terms and conditions are concerned.
Under this Policy, as the name implies, all types of cars (four wheelers) used for personal use are covered. As described above, these policies can either cover ‘Liability’ only, as required under Motor Vehicles Act, 1988, or they can cover both Liability and own damage, under the ‘Package’ scheme. The rates are based on cubic capacity of the car so insured. While ”Liability” policies as offered by different Insurance Companies are identical as regards the coverage and premium rates, there are lots of variants now available in the Indian market as per IRDA’s policy of “File & Use” with different add-on covers being offered and with premium coverage varying from one Insurance Company to another.
In this age of advertisements, choosing the right car insurance can be quite a task. The ideal way to making a right choice is to compare quotes before buying a plan. An online comparison helps the insured not just to get the best premium available but also to add valuable riders and benefits to the plan.
Fully qualified to deal with the complexities above, we at www.gibl.in offer you our specialized services for smart policy options, at the most competitive premium rates free of charge; i.e. without any additional cost than the premium payable.