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About Motor Insurance

Motor Insurance is an insurance Policy for Two Wheelers, Four wheelers, Commercial Trucks, and other road vehicles. Motor Insurance provides financial protection against physical damage, cover for natural calamities and any loss or damage sustained by the policy holder to an unforeseen accident.

About Comprehensive Insurance

A comprehensive vehicle insurance plan takes care of third-party liability besides any expense incurred by the policyholder due to theft or accident of the vehicle. In case the policyholder is injured, the personal accident cover entitles the policyholder to claim compensation against death or injury due to an accident.

About Third-Party Liability Insurance

Third party Insurance protects the policy holders against the damages caused by the Policy holder to an individual and or to a property, by the vehicle of the policy holder. Third party Insurance of the Vehicle is mandatory and Vehicle owner is under obligation to get this cover as per Law in India

About No Claim Bonus (NCB) Insurance

NCB is transferable if you renew or transfer the policy to another Insurer. NCB can be transferred to a new vehicle, purchased by the same person in his own Name. NCB bonus gets lapsed if it is not renewed within 90 days from the date of expiry.

NCB is transferable if you renew or transfer the policy to another Insurer.

NCB can be transferred to a new vehicle, purchased by the same person in his own Name.

NCB bonus gets lapsed if it is not renewed within 90 days from the date of expiry

commonly used term associated with Third Party Cover?

First-party : Policyholder or person who has purchased an insurance policy

Second-party : Insurer or insurance company

Third-party : Claimant or person who raises a claim for damages caused by the first party

benefits of comprehensive motor insurance plans

Benefits of comprehensive motor insurance in India is as under:

Financial security to cover emergencies and peace of mind

Covers lawsuits that include legal fees against policyholders due to the accident.

Comprehensive coverage protects policyholders and vehicles.

Damages to the vehicle caused by the policyholder are covered by this insurance cover.

These are some of the many benefits that a comprehensive plan offers to policyholders.

Factors that impacts Your Motor Insurance Premium

Personal Accident Cover

Personal accident covers safeguards policyholders from accidents and mishaps that causes disability and or death. It is important to note here that premium paid for this cover goes up when the insured sum amount is increased.

Third-Party Cover

Third party Cover only protects the insurer from any liability caused due to accidents and this cover does not include vehicle repair costs. The premium is dependent on the motor vehicle’s capacity as defined by the Insurance Regulatory Authority of India (IRDAI).

Own Damage Cover

Own damage insurance cover takes care of the repair cost for the damages arising due to Earthquakes, storms, fire, and accidents.

Other Riders

It is suggested to go in for riders and add-on covers which helps protect policy holders’s interest that to within a nominal cost. The most popular add-ons are: Zero Depreciation, Engine Protection Cover, Roadside Assistance, Consumable Cover, Return to invoice Cover, NCB protection Cover, Tyre Protection Cover.

Zero Depreciation

Zero depreciation add-on cover is also known as Nil Depreciation or Bumper to Bumper Car Insurance, is a policy which leaves out the depreciation factor from the coverage and Insurance company pay the entire cost of the body parts for replacement.

Engine Protection Cover

Engine & Gearbox Protection Cover is an ‘Add on’ that offers financial protection for damages caused to the engine of the vehicle. Any damage caused, from water entering the engine to leakage of the lubricating oil, is covered under the policy.

Roadside Assistance

In the event of a breakdown of the vehicle while on road, a professional technician comes to rescue, provided this particular cover has been taken. Road side assistance cover acts as insured’s most trusted support when vehicle breaks down during the middle of the journey.

Consumable Cover

The consumables which are subject to constant wear and tear, like all kinds of lubricants, engine oil, brake oil, radiator coolants AC gas and Power steering oil, Nuts & Bolts, Grease, Oil filters etc., are not covered, unless the cover is taken for the insured vehicle.

Return to Invoice Cover

In case of theft or damages beyond repair, return to invoice add-on gives you the benefit of getting back the complete amount of your car/bike invoice value, including the cost of registering a new vehicle and its amount of road tax.

NCB Protection Cover

NCB Protection Cover ensures that accumulated bonus remains as it is even if there is claim under the policy. This is one of the preferred cover which costs between 5% - 10% of the base policy.

Tyre Protect Cover

Generally, tyre damage isn't covered in standard insurance unless the damage takes place during an accident. That's why this tyre protect add-on gives you the benefit to safeguard and cover for your car's tyre damages such as tyre bursts, bulges or cuts during all other situations possible.

IDV

IDV (Insured Declared Value) is the maximum claim amount that the policyholder can raise a claim for, in the event of theft or accident of the insured vehicle. IDV rate changes considering depreciation of the vehicle. Factor of IDV is used for comprehensive insurance policies only.

Cubic Capacity (CC)

It is the Cubic capacity of the vehicle’s engine which remains constant and hence does not affect the calculation of the premium for vehicle insurance. Vehicles with higher engine capacity incur a higher premium cost.

covered under a Comprehensive Insurance Plan

Comprehensive Insurance plan provides wide coverages related to the vehicle insured and the interests of the policyholder. Some of the different aspects that are covered by comprehensive insurance include:

Damage caused by fire, severe weather, and natural disasters.

Damage caused by a third party or animal.

Damage caused to the vehicle due to civil disturbances like riots.

Theft and vandalism.

not covered in a Comprehensive Insurance Plan

Comprehensive plans do not cover the vehicle or policyholder in the following situations:

Damage caused to the vehicle due to drunken driving or the use of drugs.

Damage caused to vehicle when the person driving does not have a valid driving license.

Damage caused to the vehicle due to mutiny or war.

Mechanical or electrical breakdown, wear and tear of the vehicle.

Depreciation.

motor insurance claim procedure

In the event of an accident, the policyholder needs to inform the insurance company and inform them about the incident. Whereas, in the situation where the vehicle has been stolen, then the insurance company must be informed once an FIR has been lodged. Post which, the insurance company will take it forward for rest of the process.

For a speedy settlement of claim, the policyholder should take the following into consideration:

Details required to file a claim.

Details of the accident, if applicable, and supporting documents.

Details Required when Filling a Claim

Ensure that all the details required to file a claim are easily accessible by the policyholder.

Fill the application form carefully and ensure complete accurate details, to avoid delay and or rejection of claim.

Important details required for Filing a Claim?

Insured Vehicle’s Policy number.

Policy holder’s Name or insured person.

Name of the person driving the motor vehicle.

Policyholder’s contact number.

Date and time of the accident.

Location where accident took place.

Registration number of the insured Vehicle.

Model and make of the insured vehicle.

Brief description of the accident.

Details of Accident and Supporting Documents

If an accident takes place, then the policyholder needs to make a note of the following details:

Note the license plate number of the other vehicle involved.

Note down contact details and names of witnesses.

Call toll free number of the insurance company and note down claim reference number.

essential information required in the event of an accident

Description of accident along with date and time.

Details of insurance and policyholders present during the accident.

Describe injuries sustained by driver, passengers, and/or to property or vehicle damaged.

Details of witnesses.

Weather and visibility condition at the time of the accident.

Photographs of evidence collected from the accident site.

First Information Report (FIR) number, if applicable.

Corporate Agent (Composite)
Design For Use Consulting Pvt. Ltd.

IRDAI Registration Number
25774

Valid Till
22OCT2023

CIN
U67200CH2003PLC025774

SCO-2935-36, LEVEL-I, 22C,
Chandigarh, 160022