Motor Vehicle Insurance

Motor Vehicle Insurance is perhaps the most important insurance amongst the General Insurance and its importance is increasing immensely as road transsport hazards and risks are also increasing day by day. Secondly, it has been made legally compulsory to insure the motor vehicles, which are capable of plying on the roads. According to the provisions of motor Vehicles Act, 1939 every motor vehicle owner is under an obligation to keep the motor insurance policy in tact and the defaulter is liable to be punished accordingly. With the increasing number of road accidents,it has been felt to introduce Motor Vehicle Insurance scheme,in order to secure the owners,drivers and the communtiy at large aginst the risks connected with motor vehicles and involved in road.Now,the motor vehicle insurance is of these policies forms a larger portion of the total income of the Insurance Companies