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Motor Insurance is a legal agreement between two parties, i.e., the Motor insurance company (insurer) and the individual (insured). In this, the four wheeler or two wheeler insurance company promises to make good the insured's losses on happening of the insured contingency. The contingency is the event that causes a failure. It can be the death of the policyholder or damage/destruction of the property. It's called a contingency because there's uncertainty regarding the happening of the event. The insured pays a premium in return for the promise made by the insurer. The insurer and the insured get a legal contract for the two wheeler and four wheeler insurance, called the motor insurance policy. The Motor insurance policy has details about the conditions and circumstances under which the Motor insurance company will pay out the Motor insurance amount to either the insured person or the nominees.