What kind of insurance is mandatory for all vehicles?
In India, as per the Motor Vehicles Act, it is mandatory that all vehicles that operate in any public space must have a motor vehicle insurance cover. Policyholders must have at least ‘third party liability’ motor insurance cover even when opting for the basic insurance plans.
What type of insurance is compulsory?
Third party insurance is the bare minimum you need to drive legally on public roads. It has been compulsory since it was introduced with the Road Traffic Act 1930. However, third party only covers the other party’s damage and injuries if you’re involved in an accident where you’re at fault.
Is comprehensive insurance compulsory?
Every certified vehicle has to be covered by CTP insurance, whereas comprehensive car insurance is optional. CTP insurance only protects you from the personal injury liability that might arise if you injure anyone involved in an accident you caused.
Is comprehensive insurance mandatory?
While having a comprehensive insurance policy is optional; having a third-party vehicle insurance policy is mandatory. Note- The policyholder can opt for additional riders and avail customized insurance coverage.
What are the 4 types of insurance?
Different types of general insurance include motor insurance, health insurance, travel insurance, and home insurance.
Which insurance is compulsory for two wheeler?
For those who are not familiar with the law governing bike insurance—purchasing at least a Third-party Liability Two-wheeler Insurance Policy is compulsory in India. This rule is in accordance with The Motor Vehicles Act. If you fail to comply with this law, you will have to face monetary penalties.
Is green slip compulsory?
CTP Green Slip Insurance is compulsory for all motor vehicles registered in NSW. CTP Green Slip insurance is not required for Trailers and Caravans (vehicles towed by a registered vehicle).
What does compulsory 3rd party cover?
Compulsory Third Party (CTP) Insurance, also known as Green Slip in New South Wales, provides cover for people who may be injured or killed in a motor vehicle accident involving your vehicle. This may include the driver of your vehicle, other drivers, passengers, pedestrians, cyclists and motorcyclists.
What happens if I don’t have comprehensive car insurance?
If you don’t add comprehensive and collision, your vehicle will have no coverage under your car insurance policy. If you’re at fault in an accident, collision coverage is the only way to make a car insurance claim for your vehicle’s damage or total loss. Without it, you’ll have to pay out of pocket yourself.