It is mandatory for vehicle owners to have a car insurance policy, under The Auto Vehicles Act. A Car Insurance protects any financial risk involved in owning a car. In case of an accident or theft, the losses will be compensated by the insurance company.
Home insurance is designed to protect an individual's home against damages caused by an earthquake, floods, fire, theft, etc. The coverage amount under the home insurance policy is based on the reinstatement value. This means the reconstruction cost of the house in the event of any loss and/or damage arising due to any unfortunate situations.
Personal accident insurance plans provide cover against major injuries caused due to an accident, like loss of limbs, burns etc. While health insurance plans cover the cost of treatment, these plans provide lump sum amounts in case of a major injury.
Two Wheeler insurance protects against any damage that may occur to the vehicle and its rider. Depending on cost of the vehicle, you pay a standard premium and you will be provided with a cover which will take care of the costs arising due to an accident with your vehicle or to a third party.