Vehicle insurance or motor insurance refers to an insurance policy that provides coverage for four-wheelers, commercial vehicles like trucks, buses, etc., and two-wheelers. Vehicle insurance offers coverage against third-party liabilities and accidental damages suffered by the insured vehicle due to accidents, fire, natural calamities and thefts.
Car insurance is an insurance policy that offers coverage against accidental damages or theft of the car or damages caused to the third party property or life due to the insured car. Buying a third-party liability policy is mandatory as per law. However, for financial backup against damages to your car, you must opt for own-damage cover or a Comprehensive Car Insurance Policy.
Two-wheeler insurance is an insurance policy that provides coverage for all types of two-wheelers like scooters, mopeds, bikes, sports bikes, etc. The insurance provides coverage against financial and legal liabilities such as accidental damages to the insured vehicle and damages to the third party property or injury/death of a third party caused due to the insured bike. Similar to car insurance, buying third-party cover is mandatory, and the own damage cover is optional.
Commercial vehicle insurance is an insurance policy that covers commercial vehicles like trucks, buses, etc. The coverage is similar to car/bike insurance. It covers accidental damages to the insured vehicle and third-party liabilities. All commercial vehicles must have at least a third-party liability policy to comply with the law.