Clearing Motor insurance confusion – making selection simple

25.04.2011 | Author: leenajacob | Posted in Insurance
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Today all vehicles running on the roads should have some sort of motor insurance as stated in the Motor Vehicle Act and those not abiding by this rule will be penalized.  You can choose to go for a  third party or comprehensive insurance policy packages. At times there is confusion among people between the two and many enquire as to what is the difference between comprehensive and a third party insurance? Here is the difference:
In third party <a href=”http://www.icicilombard.com/app/ilom-en/PersonalProducts/Motor/Four_wheeler.aspx” target=”_blank”>motor insurance</a> policies people are covered against injury and even death caused by their vehicle to passengers, pillion riders and any other person on foot, occupants of the additional vehicles and outsiders involved in the accident. With regards to business related passenger vehicles it covers owners against injury and even death produced to passengers in the vehicle.
A comprehensive insurance policy gives people a total vehicle coverage with all the issues mentioned in the third party insurance package along with other special undertakings  for loss or damage to the insured vehicle owing to accident, fire, self ignition, explosion, burglary, lighting, house breaking, riots, strikes, floods, hurricanes, storms, earthquakes, cyclones, malicious and terrorist acts. This policy would also guarantee towing charges that have been encountered during accidents.
To over come the demand of owners looking at <a href=”http://www.icicilombard.com” target=”_blank”>insurance</a> for their vehicles many companies have come out with very attractive packages in order to entice customers in taking their schemes. Floater policy is one of the most beneficial insurance policies today that have people paying a single premium, which automatically covers a number of individuals to avail the benefits. These type of coverage is basically a blessing when you buy insurance for parents and you pay the initial sum amount. Generally this plan works where all named in the single plan can avail benefits until the limit has been crossed.

Today all vehicles running on the roads should have some sort of motor insurance as stated in the Motor Vehicle Act and those not abiding by this rule will be penalized.  You can choose to go for a  third party or comprehensive insurance policy packages. At times there is confusion among people between the two and many enquire as to what is the difference between comprehensive and a third party insurance? Here is the difference:
In third party <a href=”http://www.icicilombard.com/app/ilom-en/PersonalProducts/Motor/Four_wheeler.aspx” target=”_blank”>motor insurance</a> policies people are covered against injury and even death caused by their vehicle to passengers, pillion riders and any other person on foot, occupants of the additional vehicles and outsiders involved in the accident. With regards to business related passenger vehicles it covers owners against injury and even death produced to passengers in the vehicle.
A comprehensive insurance policy gives people a total vehicle coverage with all the issues mentioned in the third party insurance package along with other special undertakings  for loss or damage to the insured vehicle owing to accident, fire, self ignition, explosion, burglary, lighting, house breaking, riots, strikes, floods, hurricanes, storms, earthquakes, cyclones, malicious and terrorist acts. This policy would also guarantee towing charges that have been encountered during accidents.
To over come the demand of owners looking at <a href=”http://www.icicilombard.com” target=”_blank”>insurance</a> for their vehicles many companies have come out with very attractive packages in order to entice customers in taking their schemes. Floater policy is one of the most beneficial insurance policies today that have people paying a single premium, which automatically covers a number of individuals to avail the benefits. These type of coverage is basically a blessing when you buy insurance for parents and you pay the initial sum amount. Generally this plan works where all named in the single plan can avail benefits until the limit has been crossed.

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