Cars, bikes, scooters, trucks, commercial taxies and three-wheelers plying on roads are covered under the word motor. For an owner, his/her motor vehicle is a prized asset with an emotional touch. Just like you avail a life insurance policy to safeguard the financial interests of your loved ones, a motor insurance policy gives you the peace of mind in case of an untoward incident involving your vehicle. Given below are the various types of motor insurance policies available in India.

Car insurance

Car insurance is one of the most common types of motor insurance policies. A fastest growing segment in the motor insurance domain, car insurance gives you the financial cushion against damages suffered by car due to natural or man-made disasters such as fire, lightning, flood, earthquake, riots, theft, etc.You can buy a car insurance policy online as well as offline. In fact, there are several insurance aggregator websites from where you can buy the car insurance policy of your choice. Prior to buying a policy check out the coverage on offer, the premium amount, inclusions and exclusions.

Bike insurance

Along with car insurance, bike insurance is another common motor insurance policy. As the name suggests, this insurance gives you financial protection when your bike or two-wheeler suffers damages due to natural or man-made calamities. These include damages arising due to fire, flood, storm, hurricane, riots, theft or burglary.Just like car insurance, you can buy bike insurance online and offline. Also, you can buy it from an insurance aggregator. Prior to purchasing a bike insurance plan, check out the applicable premium, the coverage offered, inclusions and exclusions. It’s essential to compare bike insurance plans from different insurers to make an informed choice.

Commercial vehicle insurance

This is another type of motor insurance policy available in the market. This policy can be availed for commercial vehicles that are not used for personal purposes. These include buses, trucks, multi-utility vehicles, ambulances, etc.The premium of this motor insurance depends on the make and model of the vehicle, its place of registration, year of manufacture, present showroom price and if the vehicle is insured for individual or corporate. To ease the buying process, commercial vehicle manufacturers have tie-ups with insurers whereby upon purchasing the vehicle from the showroom, an agent completes the formalities.However, just like car and bike insurance, it’s advisable to compare different policies from insurers before selecting one.

Thus, a motor insurance policy is your most trusted friend in case your vehicle meets suffers damages while plying or otherwise. It reduces out-of-pocket expenditure and ensures you don’t dip into your savings while repairing your vehicle. Also, it’s mandatory by law to insure your vehicle.

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* Terms & conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.