GENERAL INSURANCE -motor insurance

Motor insurance is the type of insurance cover that a motor vehicle owner is required to obtain in case of injuries or death as a result of accident or loss.

Types of policies in motor insurance

There aren't various forms of cover provided under this class which are designed to meet various vehicle users.These are:

1.Act only policy

2.Third party only policy

3.Third party fire and theft policy

4.Comprehensive policy

Act only policy: This provides minimum statutory for motor vehicle users, that is,in complying with road traffic acts.

Third party only policy:It provides indemnity to the policy holder , for death or injury to the third parties arising from the use of motor vehicle as well as for damage to properties of third parties.

Third party,fire and theft:It provides the insured with financial compensation in respect of loss or damage to insured vehicles caused by either fire or theft.

Comprehensive policy: This is the widest form of insurance cover available under motor insurance.