Motor insurance
It is just a three step far
- fill up your requirement online.
- get and compare quotes from proficient advisor in your city
- see the compete offer and the get best deal for you.
What is motor insurance?
Motor insurance (also know as vehicle insurance) is a type of insurance that provides financial protection against damage or loss to a vehicle due to accidents, theft, natural disasters, or other covered events. It also covers third-party liability, which includes bodily injury or property damage caused to a third party by the insured vehicle.
Types of motor insurance coverage in India?
In India, there are two main types of motor insurance:
a) Third-party Liability Insurance: This is mandatory by law and covers the liability of the insured towards third-party injuries or property damage.
b) Comprehensive Insurance: This is optional but highly recommended. It provides coverage for both third-party liability and damage to the insured vehicle.
What factors affect the premium of motor insurance in India?
The premium for motor insurance in India is influenced by various factors such as the type of vehicle, age of the vehicle, engine capacity, geographical zone, policyholder’s age, previous claim history, and optional add-ons.
Addon's in motor Insurance
Add-ons, also known as riders or endorsements, are additional coverages that can be purchased along with a standard motor insurance policy to enhance the coverage and tailor it to your specific needs. These add-ons provide extra protection beyond what is offered in the basic policy. Here are some common add-ons available in motor insurance in India:
Zero Depreciation Cover : This add-on ensures that the insurance company does not deduct depreciation on the value of replaced parts during a claim settlement. It is especially useful for new or luxury vehicles where the cost of spare parts is higher.
Engine Protection Cover : This add-on covers damage to the engine of the insured vehicle due to waterlogging, hydrostatic lock, leakage of lubricating oil, or other similar incidents. Standard motor insurance policies often exclude engine-related damages, making this add-on beneficial.
No Claim Bonus (NCB) Protect :Â NCB Protect add-on helps in safeguarding the accumulated NCB discount even if a claim is made during the policy period. It ensures that your NCB remains intact or is not significantly affected in case of a claim.
Roadside Assistance Cover : This add-on provides assistance in case of breakdowns, flat tires, fuel assistance, battery jump-start, towing services, and emergency repairs. It offers peace of mind during unforeseen situations on the road.
Personal Accident Cover for Passengers : A standard motor insurance policy usually provides personal accident cover for the owner/driver of the vehicle. This add-on extends the coverage to include passengers as well.
Consumables Cover : It covers the cost of consumables like nuts, bolts, engine oil, coolant, etc., which are typically excluded in standard policies. This add-on helps in reducing out-of-pocket expenses during repairs.
Return to Invoice Cover : In case of total loss or theft of the insured vehicle, this add-on ensures that you receive the invoice value of the vehicle rather than the depreciated value. It bridges the gap between the insured declared value (IDV) and the original invoice price.
It’s important to note that add-ons come at an additional cost, so you should carefully evaluate your requirements and choose the ones that provide the most value for your specific needs. The availability of add-ons may vary between insurance providers, so it’s advisable to check with your insurer about the options available to you.
What is a No Claim Bonus (NCB)?
NCB is a discount offered by insurance companies for not making any claims during the policy period. It is a reward for being a safe driver. The NCB can accumulate over the years and result in a significant reduction in the premium at the time of policy renewal.
Is motor insurance mandatory in India?
Yes, it is mandatory to have at least third-party liability insurance for all vehicles plying on Indian roads as per the Motor Vehicles Act, 1988.
What is the role of an insurance agent?
An insurance agent is a licensed professional who acts as an intermediary between the insured and the insurance company. They provide information, guidance, and assistance in selecting appropriate insurance policies, and they help with policy issuance, claims processing, and policy renewals.
How can I make a motor insurance claim in India?
In case of an accident or damage, you need to inform your insurance provider immediately. They will guide you through the claim process, which typically involves submitting a duly filled claim form, providing supporting documents, such as an FIR (if required), and getting an estimate for repairs.
It’s important to note that specific terms and conditions may vary between insurance providers and policies, so it’s always advisable to carefully read and understand the policy documents provided by your insurance company.
Please note that the information provided here is for general reference, and it’s important to consult with insurance professionals or visit the official websites of insurance companies or the IRDAI for the most accurate and up-to-date information regarding insurance in India.