General Insurance is related to the protection of economic value of asset as every asset has a value. General insurance or Non-Life insurance means insurance other than Life Insurance such as fire, marine, motor vehicle & household insurance. Life Insurance deals with human value, whereas non-life insurance deals with all other assets. Various types of insurance covers are available in the General Insurance market.
Two types of policies are applicable to auto insurance in India.
Liability cover only: Only third-party liability is covered under these policies.
Comprehensive Policy: The coverage is provided under two heads- Own damage and third-party liability. Own damage covers loss or damage to the vehicle, and third-party liability protects against legal liability arising due to accidental damages.
