Motor insurance provides financial protection for vehicles against damage and liabilities. It has three main types - Third-Party, Own Damage, and Comprehensive Insurance. Third-Party Insurance is mandatory in India. It covers legal liabilities for injuries or property damage to others. On the other hand, Own Damage Insurance covers the insured vehicle. Finally, Comprehensive Insurance combines both coverages. The Insured Declared Value (IDV) determines the maximum coverage for a vehicle based on its market value. Factors like age, make, model, and location influence the IDV. Premiums for third-party insurance are set by the Insurance Regulatory and Development Authority of India (IRDAI) based on engine capacity.
In addition to third-party coverage, personal accident cover is also mandatory. Plus, there are optional add-on covers that could enhance the coverage. These include options like Zero Depreciation and Engine Protection. You can apply for motor insurance offline through agents or dealerships. There are also online options that offer convenience and comparison between policies. Understanding motor insurance could help you ensure that your vehicle gets the required financial protection against damage or loss. It is wise to explore various options and understand what influences insurance coverage and premiums.
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