Essay On Motor Insurance

1024 Words5 Pages
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 in India as per the Motor Vehicles Act, 1988 and needs to be renewed every year. Driving a motor vehicle without insurance in a public place is a punishable offence.

In fact, third party insurance is a statutory requirement in our country i.e. the owner of the vehicle is legally liable
…show more content…
Home Insurance
Home is often the most treasured possession of an individual and also the largest financial investments one makes in life. Safeguarding the physical structure and contents of home seems like a logical thing to do.

Home insurance protects the house and/or the contents in it, depending on the scope of insurance policy opted for. It secures the home against natural calamities and man-made disasters and threats. Home insurance provides protection against risks and damages from fire, burglary, theft, flood, earthquakes etc. covering the physical asset (building structure) and valuables (contents) in it.

Home insurance ensures that one’s hard-earned savings are utilised to meet important needs instead of using them for rebuilding the house if some harm was to come to it.

Marine (Cargo) Insurance
Business involves the import and export of goods, within national borders and across international borders. Movement of goods is fraught with risk of mishaps which can result in damage and/or destruction of shipments. This leads to substantial financial losses for both the importers as well as the

More about Essay On Motor Insurance

Open Document