• Comprehensive Insurance Policy: This policy covers the damages to your vehicle as well as other vehicles, including motorbikes, private cars, scooters, and commercial vehicles.
• Third-party Insurance Policy: This policy is liability coverage that is applicable to all vehicles. According to the Motor Vehicles Act of 1988, third party insurance for cars and bikes is mandatory for all vehicles plying on Indian roads. Non-compliance with this rule can result in hefty fines as per the Motor Amendments Act, 2019.
• There is also a new type of policy called Pay As You Go, which allows policyholders to pay based on the number of kilometers driven.

The types of vehicle insurance are categorized as follows:

• Car Insurance: This type of insurance is ideal for securing your private four-wheeler. The policy covers both comprehensive and third-party liability. The benefits of the policy include cashless claims, personal accident cover, loss/damage protection, and unlimited liability for third-party injuries and death claims.
• Two Wheeler Insurance: This type of insurance is meant for scooters, bikes, and other two-wheelers. The policy covers comprehensive coverage, 2/3 years of own damage motor insurance, no claim bonus protection, and inflation protection.
• Commercial Vehicle Insurance: The risks of damage to commercial vehicles are higher than private ones. This type of insurance allows drivers to reduce the losses that incur in unfortunate events. It involves vehicles like tractors, cranes, taxis, goods carrying vehicles, passenger-carrying vehicles, etc. The benefits of the policy include unlimited liability coverage for injury and death claims, personal accident cover, loss and damage protection, and indemnity for other’s property.