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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.
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.
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
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
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 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.
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 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 insurance cover takes care of the repair cost for the damages arising due to Earthquakes, storms, fire, and accidents.
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 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 & 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.
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.
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.
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 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.
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 (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.
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.
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.
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.
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.
Details required to file a claim.
Details of the accident, if applicable, and supporting documents.
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.
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.
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.
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.
