Insurance of motor vehicle is unique as it combines in itself damage to insured motor vehicle and insurance against liability towards damage to third party property and / or any personal injury / death sustained by third party or passengers or persons in employment as described in the policy or arising out of the use of the insured property.
Contracts of motor insurance are governed by the doctrine of uberrimae fides (utmost good faith).
The use ofproposal form is compulsory and thedeclaration clause in the proposal form modifies theCommon Law duty into aContractual duty of utmost good faith.
In motor insurance following class of persons have an insurable interest in the vehicle: Owner, Seller, Buyer, Hire Purchase, Hypothcatee, Joint Owners, Motor Traders, Hotel Owners, Legal Heirs, User
In practice, in motor insurance subrogation stands modified by Knock for Knock Agreement between insurers.
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