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Differences between motor insurance policies

All motor insurance policies are not the same

Apnaloan.com Research Bureau

10 Aug 2007

Motor Policy A: This insurance policy covers personal injury and property damage caused by your car. The parties covered under this include:

  • Pedestrians, occupants of other vehicles etc except those within your vehicle
  • Driver of the other vehicle
  • The passengers with whom your vehicle is for hire. Here, the owner of the vehicle gets an insurance cover on third party property damage only in case of an accident. In other words, if you are in an accident, the affected party can claim damages from you. The premiums generally are dependent on the cubic capacity of the car.

This cover does not go to fire and theft accidents, for which you need to pay additional premiums.

Motor Policy B: The premiums of this "comprehensive insurance" are much higher than those paid for regular insurance cover. This type of policy covers both third party insurance and own damage liability. Covered under this policy are:

  • Loss or damage to the vehicle caused by environment as well as other reasons. That is, accident, fire, explosion, lightning, theft and other malicious acts are covered under this policy.
  • Damage to the vehicle while it is under transit.
  • Risks due to natural/man-made calamities like floods, earthquake, riots, strikes and terrorism.
  • Damage to accessories like car stereo, car AC and other items that are not part of the original equipment.