This is the business of effecting and carrying out contracts of insurances against loss of or damage to, or arising out of, or in connection with the use of, motor vehicles, inclusive of third party risks but exclusive of transit risks. The Act divides motor insurance into two:
- Private Vehicles
This is the class of insuring private vehicles. i.e. vehicles not used for business or other commercial purposes
- Commercial Vehicles
This means motor insurance of commercial vehicles used for business and other commercial purposes.