Motor Vehicle Insurance

You work hard to buy an automobile so as to enjoy the trips and may be to support the business needs. An uncertainty can occur anytime leading to heavy losses. The costs to get the vehicle repaired in the event of damage or replacing it just in case it is stolen can be huge. Hence it is most needed to buy an appropriate comprehensive policy cover.

We at Oriental Insurance understand the needs and offer Comprehensive Motor Insurance products that provide the added protection for your vehicle. It further provides cover for liability, death or property damage of third parties.

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There are four types of motor vehicle insurance: Compulsory Third Party (CTP) Insurance; Comprehensive Insurance; Fire and Theft Only; and Third Party Property Only. Consumers should shop around and ensure they purchase cover appropriate to their situation.

CTP is mandatory in all States and Territories and provides compensation for bodily injuries caused by vehicles. It does not provide cover for any damage to the vehicle and therefore other forms of motor vehicle insurance should also be purchased.

Comprehensive Insurance can cover damage to vehicles, theft of vehicles, collision, malicious damage and weather damage. Depending on the policy, it can cover damage caused to other vehicles.

Fire and Theft Only is a limited form of insurance that only covers for fire damage to, and theft of, vehicles. It does not cover collision damage to vehicles.

Third Party Property Only provides cover for vehicles damaged by the policyholder’s vehicle. It does not provide cover for the policyholder’s own vehicle. This product is generally only taken out by consumers with a low value vehicle, protecting themselves against damage to other motorists.