What is the full meaning of NIC?
What is the reason for taking motor insurance?
There are other uses of motor insurance which are:
Will all the above benefits in (i) above apply in all circumstances?
Where one takes comprehensive policy all the benefits stated in one above will apply. However, a fire and theft policy provides no cover for own damage to the vehicle but rather cover losses or damage arising out of fire and theft.
Third Party Policies (which are most common) provide compensation for only injury or death to third parties and damage to the third party pro caused by the vehicle.