1.MOTOR INSURANCE
Motor insurance covers all damages and liability to a vehicle against various on - road and off - road emergencies. A comprehensive policy even secures against damage caused by natural and man- made calamities, including acts of terrorism.
Motor insurance offers protection to the vehicle owner against:
- Damage to the vehicle
- It also Pays for any third party liability determined by law against the owner of the vehicle.
Motor Insurance is Mandatory around the globe and needs to be renewed every year. Driving a motor vehicle without insurance in a public place is punishable offence.
In fact third party insurance is a statutory requirement in our country i.e., the owner of vehicle is legally liable for any injury or damage caused to a third party life or property, by or arising out of the use of the vehicle in a public place.
A comprehensive motor insurance policy would include personal accident and liability only policy (third party Insurance) in addition to own damage cover (damage to owner's vehicle) in one policy.
Common Motor insurance categories include the following:
- Car Insurance
- Two wheeler Insurance
- Commercial vehicle Insurance
Also read what is insurance, insurer, insured and purpose of insurance? , What is main purpose and need of Insurance? , Apply for Life Insurance online In Nepal
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