Motor Insurance Explained

motor insurance | pfaasia.com

Types of Motor Insurance Contracts

Motor policies are in general being classified into 3 major types.

Type Features Usage
Comprehensive Cover This policy provides the widest coverage, i.e. it covers :

  • bodily injuries or death caused to other persons(known as 3rd party)
  • third party property loss or damage and loss
  • damage to own vehicle due to accidental fire
  • loss of own vehicle due to theft.
  • loss or damage of own vehicle due to accident
  • For vehicles within 10 years of the lifespan
Third party Fire & Theft This policy provides coverage against claims :

  • third party bodily injury and death
  • third party property loss or damage and loss
  • damage to own vehicle due to accidental fire
  • loss of own vehicle due to theft.
  • For vehicles typically after 10 years old.
  • Has premium saving as the insurance does not cover damage repair due to accident.
Third Party Only This policy insures the driver against claims

  • third party bodily injury and death
  • third party property loss or damage and loss
For vehicles after 15 years :

  • Has premium saving as the insurance does not cover damage repair due to accident, fire or loss due to theft.

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