Motor-Vehicle Insurance is a contract of indemnity against loss/damage to the insured motor-vehicle during the period of cover. For insurance purpose, motor-vehicles are classified into 3 categories:
- Private Car,
- Motor Cycle/Scooter, and
- Commercial Vehicle [Passenger/Goods Carrying].
Accordingly, Risks are classified into 3 Sections :
- Third Party, and
- Personal Accident and Medical Cover of Driver, Passengers etc.
In addition, Riot, Strike Damage (RSD) can be included with additional premium.