MANAGEMENT

Detailed explanation-1: -As per the Indian Motor Vehicles Act and the Indian Road Safety Act, all car owners must have third-party insurance. Driving without valid insurance is a punishable offence, and it may attract a hefty fine.

Detailed explanation-2: -What is the Motor Vehicles Act? 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.

Detailed explanation-3: -Bodily injury liability coverage (BI) is the most common type of auto insurance because it’s required in almost every state.

Detailed explanation-4: -Different types of general insurance include motor insurance, health insurance, travel insurance, and home insurance.

Detailed explanation-5: -There are three different types of insurance-Private Car Insurance, Two-wheeler Insurance, and Commercial Vehicle Insurance.