Motor Insurance
Motor Insurance
More popularly known as motor insurance, this type of insurance provides cover for loss or damage to any vehicle like car, two-wheeler or commercial vehicle, etc.This insurance helps mitigate monetary harms due to accidents causing damage to the vehicles.
Car insurance (also known as auto or motor insurance) is done to protect your vehicle from unforeseen risks. It basically provides protection against the losses incurred as a result of unavoidable instances. It helps cover against theft, financial loss caused by accidents and any subsequent liabilities.
Advantages of Motor Insurance
Comprehensive Coverage
Car insurance offers comprehensive coverage to vehicle against damage due to accident, theft, fire, vandalism, and natural calamities. Third party legal liability arising from the vehicle is also covered by the policy.
No-Claim Bonus
Motor insurance offers exciting discounts on renewal premium amount following every claim free year, hence saving premium amount by up to 50%. NCB benefit can be transferred if in case you change your vehicle.
Zero Depreciation
Vehicle insurance offers zero depreciation cover wherein your vehicle will be covered to full value without factoring in the depreciation. This means you will get the full amount on your claim.
Personal Accident Cover
The policy covers the owner against accident while driving the insured vehicle by indemnifying the medical treatment cost. Passengers, paid driver and other occupants can also be covered under the policy.
Query?
FAQ
General Question
The cashless claim in motor insurance is a facility wherein you are not required to pay any repairing charges to the garage, in case of accidental damage to your vehicle. The insurer will pay all the expenses to the garage directly. In order to avail this facility, you need to repair your vehicle in the insurer's network garage after an accident.
In order to file the claim, you should submit a duly filled claim form with all the relevant documents to the insurer. These documents include the copy of RC (registration certificate), police FIR in case of theft, an estimate of the loss, and repair bills and invoice. Apart from these, the insurer may ask for additional documents depending upon the case of a claim.
In most cases, you will not require a police report in order to file a motor insurance claim. But there are certain cases wherein you have to submit the FIR report to the insurance company. These include third-party injury or death in case of an accident, third party property damage, theft of vehicle and damage to the vehicle due to terrorism, strike or riots.
Yes, according to the Motor Vehicle Act, 1988, it is mandatory to buy a motor insurance policy which covers third-party liability for every vehicle running on the road. This ensures that if the third party is injured or their property is damaged due to your vehicle, the insurance will cover this claim.
If someone else is driving the vehicle, you should make sure that the person holds a valid driving license. Also, you should make sure that your vehicle is not used for any activity which is illegal. You should ensure that the person is not driving your vehicle under the influence of alcohol or drugs. All these factors will affect the claim process.
There are many additional extensions available such as personal accident rider, Consumabales,Zero depreciation cover,engine protection, roadside assistance, personal baggage cover, conveyance benefit and NCB protection. You can customise your policy by including these additional coverage.