Are You Insured!

Vehicle insurance is a contractual agreement between an individual and an insurance company, providing financial protection in the event of an accident, theft, or damage to the insured vehicle. The coverage can extend beyond the vehicle itself, often including liability protection for bodily injury or property damage caused to others.

Types of Vehicle Insurance

Different types of insurance policies cover different losses, and can be availed based on the policyholder’s requirements. Some of the most common types of vehicle insurance policies include:

Third-party liability insurance :

This is the minimum legal requirement in most countries. As the name itself suggests, it covers the costs of any damage or injuries you cause to other people or their property. It does not, however, cover damage to your own vehicle. The premium for this type of insurance is lower compared to the other types.

Own damage insurance :

This type of insurance serves as a shield for your own vehicle. In the unfortunate event of an accident, theft, natural disaster, or man-made calamity, your vehicle's repair or replacement costs are covered. It provides financial security and peace of mind, ensuring you're not left with a hefty bill in such situations.

Comprehensive damage insurance :

A vehicle comprehensive insurance combines the features of third-party liability insurance and own damage insurance. It provides coverage for your own vehicle as well as for any damage or injuries you cause to others. It also typically includes additional benefits, such as coverage for theft, fire, and natural disasters.

Collision insurance :

This type of insurance covers damage to your own vehicle caused by an accident, such as collision with a stationary object or another vehicle parked on the road. However, it does not cover damages caused due to vehicle breakdown or wear-and-tear.

Health insurance is an insurance product which covers medical and surgical expenses of an insured individual. It reimburses the expenses incurred due to illness or injury or pays the care provider of the insured individual directly.