What is Motor Insurance?
Motor insurance is a policy designed to offer financial protection to vehicle owners in the event of accidents, theft, or damage. It not only provides coverage for the car itself but also includes liability coverage for injuries to other parties involved.
Types of Motor Insurance
There are mainly two types of motor insurance: third-party insurance and comprehensive insurance. Third-party insurance is the minimum legal requirement in most countries and covers damages to other vehicles and injuries to other individuals. On the other hand, comprehensive insurance provides extensive coverage, including damages to your own vehicle and protection against natural calamities.
Benefits of Motor Insurance
Having motor insurance offers multiple benefits. First and foremost, it brings peace of mind knowing you are financially protected. Additionally, motor insurance can cover costs for vehicle repairs, medical expenses for injuries, and even offer roadside assistance. In case of theft, a good motor insurance policy can compensate for the loss of your vehicle, making it a vital aspect of responsible car ownership.
