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Motor Insurance

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Motor Insurance

Motor insurance is a vital coverage for vehicle owners, offering protection against a range of risks including accidents, theft, fire, and natural disasters. It covers damage to the vehicle, third-party liabilities, and personal injuries, ensuring financial security. Motor insurance also provides legal protection, fulfilling regulatory requirements for on-road use. With customized plans for comprehensive or third-party coverage, it offers peace of mind, helping vehicle owners safeguard their investment while keeping them protected from unforeseen expenses related to accidents or damages.

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Motor Insurance that Drives Your Safety

Overview

Motor insurance is car insurance scheme. It may include Two-Wheeler Insurance and Auto Insurance. Commercial Vehicle Insurance protects vehicles which are used for commercial purposes, such as buses and trucks.

Car insurance policy covers the following: Damage resulting from human interference, including robbery, fraud, disturbances, strike or some other crime arising from malicious intent or legal liability of third parties due to negligence (both physical harm and death) caused to third parties as well as financial losses to a third-party property are also covered in few of the motor insurance policies.

Motor insurance policy is mandatory for vehicle owners as per Indian Motor Vehicles Act 1988. This Plan is designed to give coverage for losses which insured might incur in case his vehicle gets stolen or damaged. The amount of motor insurance premium is decided based on the Insured Declared Value of a car. The premium will increase, if you raise the IDV limit and vice versa.

Motor insurance is mandatory for all vehicles that ply on roads-like car, trucks, etc. The prime objective of this type of insurance is to provide complete protection & coverage on physical damage or loss from man-made & natural disasters. According to Indian Motor Act 1988, an motor insurance policy is mandatory for every automobile owner in the country. Hence, purchasing an motor insurance is not just a necessity, it is mandatory by law.

  1. Policy protection against loss or damage to the covered vehicle
  2. Coverage against financial liability caused due to injury or death of a third party or damage to the property.
  3. Personal Accident Coverage.
  1. Car Insurance
    2. -> This insurance gives coverage against accidental damage or losses to the holder’s vehicle or third party. The amount of premium depends upon the make of the car, manufacturing year, value & state of registration.
  2. Two Wheeler Insurance
    3. -> This type of insurance is for scooters, bikes & features are similar to that of four-wheeler insurance.
  3. Comprehensive Coverage
    4. -> This type of coverage offers complete package policy wherein any damages to the vehicle will be covered up to the Insured Declared Value. Any third party property damage or third party injury/death can be covered. Policyholders feel less stressful as it gives end-to-end coverage.
  4. Third Party Liability Coverage
    5. ->Under the Motor Vehicles Act, third party liability coverage is legally mandatory. This type of motor insurance offers coverage against all legal liabilities to a third party caused when insured vehicle owner is at-fault. It insures injury/damage caused by policyholder to third person/property.
  5. Collision Coverage
    6. -> It financially protects the policyholder against damage of insured’s own car. Collision coverage pays the policyholder for damage caused because collision which generally occurs due to an accident.
  6. Add-On Riders
    7. -> Add-on riders doesn’t take the depreciation value of the parts & allows you to receive the entire claim amount. It is generally available for cars under five years & allows eligibility to claim full amount for replacing/changing any damaged parts of your vehicle.

 

  1. General ageing, wear and tear
  2. Damage by a person driving without a valid driving license
  3. Mechanical or electrical breakdown, failure
  4. Damage by a person driving under the influence of Liquor/Alcohol/Drugs
  5. Depreciation, any consequential loss
  6. Loss /Damage attributable to War /Mutiny /Nuclear risks
  7. Damage to tyres and tubes are excluded unless the vehicle is damaged at the same time. In such circumstance, the liability of the company shall be limited to 50% of the cost which includes replacement Loss /Damage