IRDAI has directed all third-party insurance companies to include vehicle insurance policies cover to vehicle owners-drivers of all vehicles (two-wheelers, three-wheelers, passenger vehicles and commercial vehicles) for an additional premium of

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Rs 500
B	Rs 750
C	Rs 10000
D	Rs 1000

Explanation:

Detailed explanation-1: -Yes, third party motor insurance is mandatory for two-wheelers and four-wheelers in the country. This mandate has been set by The Motor Vehicles Act, 1988.

Detailed explanation-2: -There are three different types of insurance-Private Car Insurance, Two-wheeler Insurance, and Commercial Vehicle Insurance.

Detailed explanation-3: -Third-party insurance, which is also sometimes referred to as ‘act-only’ insurance is a statutory requirement for all vehicle owners as per the Motor Vehicle Act. It is a type of insurance cover where the insurer offers protection against damage to the third-party vehicle, personal property and physical injury.

Detailed explanation-4: -A third-party insurance cover is a specific policy that protects you against legal or accidental liability, financial loss or damage to property. The cover also protects you in case of a third-party injury or even death of the person because of your vehicle. When driving, there is a real risk of an accident.

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