Motor Insurance

Third-Party Insurance

It is obligatory insurance according to the Motor Vehicle Act, 1988. This insurance covers a third party who has met with an accident involving your vehicle. This policy does not provide any direct benefits to the vehicle owner according to IRDA. If you do not have this insurance then you might have to pay a hefty fine also.

Comprehensive Insurance

This is not compulsory as the previous one but instead, it is additional insurance and depends on the choice of insurer. It provides financial covers in case of damage or theft of your vehicle. Moreover, it is a bit expensive and also includes features of third party insurance. While asking for tata aig motor insurance or reliance motor insurance, their agents will explain everything beforehand.

Pay as you go

This is the newest type of policy launched by IRDA which has unique features. In this type, the insurer provides an estimate of how many kilometres he will drive the vehicle. The range of distance will decide the amount of the insurance policy. It includes both types of other insurances. The distance is decided pre handedly and the policyholder pays by calculating the kilometres driven.

Car Insurance

This kind of insurance covers damage or loss of your car as a car accident in India is quite common. You should compare the car insurance policy of all the companies and then select the best deal for you. It is a contract that is built between you and the insurance company that provides coverage of both comprehensive policy and third-party liability. Through this plan, you will get facilities like Cashless claims, Personal accident cover, Loss/damage protection and unlimited liability for third-party injuries and death claims. The amount of premium depends on the condition and type of your car and also in which year you have purchased it. You can get insurance on IMV vehicles too though, there are no types of car insurance.

Two-Wheeler Insurance

This plan provides insurance cover for two-wheeled vehicles that are bikes. Two-wheeler insurance or bike insurance is meant for scooters, bikes and other two-wheelers. It is a kind of vehicle insurance that will ensure a safe ride as two-wheelers are a bit riskier in case of personal injuries. Bike accidents are common on highways. The plan includes a few benefits and that are Comprehensive coverage, 2/3 years of own damage motor insurance, No claim bonus protection and Inflation protection. Similar to the case of car insurance, bike insurance varies too according to condition, type and year of manufacturing.

Commercial Vehicle Insurance

Commercial vehicles are more prone to get damaged and insurance for commercial vehicles is as important as car insurance. It releases the stress of unforeseen happening to the vehicle. It includes vehicles like tractors, cranes, taxies, goods carrying vehicles, passenger-carrying vehicles, etc. The benefits will include unlimited liability coverage for injury and death claims, Personal accident cover, Offers loss and damage protection and Indemnity for others’ property. Commercial Vehicle Insurance is also termed Taxi Insurance.

MOTOR INSURANCE COVERAGE

These were few of the add-ons, though; the insurance companies have many add-ons. It varies from company to company; few people like to add all the additional features to access extra protection and coverage of the damage to their vehicle. You can make adjustments to your ongoing policy too. You have to contact your insurance company. It is known as an insurance endorsement.

Here is a list of a few factors that will affect vehicle insurance premiums in both the short-term and long periods. Take a look at the points and educate yourself.

• Model/Make/Variant: The vehicle’s basic structure, its type, cubic capacity of the engine, etc., affects directly to your motor insurance premium plan.
• Age & Engine Type: Age is connected to the declining value of the insured vehicle with time. The engine type, i.e., petrol or diesel, affects the Insured Declared Value, increasing the premium of your vehicle.
• Location: Using a vehicle in the metro area or a big city increases the risk of damages and theft so the premium in these areas is high as compared to small cities.
• Cover: Choosing comprehensive coverage will cost you more than third-party liability coverage. Third-party coverage will not pay you anything if something happens.
• Add-Ons: Companies are giving additional features to the vehicle owners to enhance the coverage. Adding security features and cover like zero depreciation, passenger cover, etc., increases the premium amount too.
• No Claim Bonus: You will be eligible to get discounts on policy premiums if you don’t ask for claims in the previous policy tenure.
• Deductibles: You also get a choice to choose for the voluntary deductible to reduce the motor insurance premiums by contributing a predetermined amount.
• Anti-Theft Features: By installing the anti-theft devices certified by ARAI, you will get better discounts on motor insurance premiums.
• Seller’s Policy: If you want to lower the prices of motor insurance premiums, then buy a policy from the seller directly instead of buying it through an agent.
• Digital Insurance: Digital-first plan has an ample amount of variety in features at a lesser price than the market price for new purchases as well as renewal of the old policy.

Here is the procedure through which you can file a claim for your damaged or lost vehicle. The claim is based on the insurance plan you have opted, you will get a claim accordingly.

1. The procedure of Claim in Cases of Damage to Cars/ Two Wheelers/ Commercial Vehicles

• To begin with, the vehicle owner needs to submit details of an estimated amount of the loss to the insurance company.
• Independent automobile surveyors with engineering backgrounds perform the task of checking the reason and level of the loss.
• Then they carefully inspect the damaged vehicle and submit their survey report to the insurance company
• The company reviews and examines it in accordance with the recommendations mentioned therein.
• The basic practice is to authorize repairs with the repairer to whom the letter is issued in this regard.

2. Other than the Claim Form, Documents that are Required for Processing Claims

• Fitness Certificate (Commercial Vehicles)
• Driving License
• Registration Certificate Book
• Final Bill from repairers
• Police Report

3. Third-Party Claims

The issue then shifts to a lawyer based on receipt of the notice from the insured or third party. Detailed information regarding the accident is collected from the insured including the mentioned documents-

• Police Report
• Driving License
• Medical Certificate
• Death certificate in case of a fatal claim

4. Points that fixes Motor Insurance Premium

• Age of the person/ vehicle owner
• Experience of driving or any history related to that
• Manufacturing year of the commercial vehicle/ car/ two-wheeler
• The profession of the person
• Geographic location

If you still have some questions and doubts regarding motor insurance, you can ask your query in our FAQ section or give a call or write us at info@investmarket.in Our contact information is available on the website.