Motor Insurance

Commercial motor insurance is mandatory in India under the Motor Vehicles Act, 1988, which requires every vehicle to carry at least third-party liability cover. For businesses operating commercial fleets -- trucks, buses, taxis, and goods carriers -- comprehensive motor insurance covers own damage from accidents, fire, theft, and natural calamities in addition to the mandatory third-party component. India's commercial vehicle market, with over 10 million registered goods vehicles, makes fleet insurance a significant commercial line. The IRDAI prescribes standard third-party premium rates while own-damage premiums are de-tariffed, allowing market-driven pricing.