Motor Insurance

Motor insurance is also known as vehicle insurance which is mandatory for all vehicles. It provides financial protection to the vehicle against any physical damage, loss, and other man-made disasters.

Vehicle insurance is the most important document for all vehicle owners/drivers. Moreover, it ensures vehicle security.

Types of Motor Insurance

Third-Party Insurance

It covers you against legal liability for injury or death caused to any third party, not in the contract in an accident.

Two Wheeler Insurance

It falls under the General insurance category that helps in protecting people against accidents that take place on the road.

Car Insurance

The car insurance policy covers the legal liability of having to compensate for damages or death caused to the third-party person or property

Commercial Vehicle Insurance

Its a type of motor insurance policy that provides coverage in case of damages or losses caused by or to a commercial vehicle.

Points To Remember While Buying Motor Insurance

  • The internet is the best mode of buying an insurance plan online. Because it saves you precious time.
  • You always need to check the features and benefits offered by a plan.
  • Make sure that the insurance will provide full coverage for physical injuries.
  • Check for the policy period, and whether it commits to the expenses for the vehicle repairs.
  • Make sure that the company provides quick repair of the damages and a quick claim at the moment.
  • You need to do some research to get the best plan.
  • Apart from that, you should read all the terms and conditions of the policy.

Inclusions of Motor Insurance Policy

  • Riot & strike
  • Fire & burglary
  • Terrorism act
  • Earthquake
  • Landslide
  • Flood, storm, cyclone

Exclusions of Motor Insurance Policy

Some of the below situations will not come under Vehicle insurance:

  • If the vehicle is used for illegal work.
  • If one doesn’t have a valid driving license.
  • If the driver has taken drugs.
  • If any loss or damage to the insured vehicle happens outside India

What are the Parameters of Motor Insurance Premium?

  • Age of the person
  • Driving history
  • Make of the vehicle
  • The profession of the person
  • Geographic location

Documents required for buying Motor Insurance

To Buy a New Policy:

  • Proposal form with details.
  • Copy of vehicle Registration Certificate (RC).

To Renew the Motor Insurance Plan:

  • Proposal form with details
  • Copy of the former policy document
  • Copy of vehicle Registration Certificate (RC).

How to File a Motor Insurance Claim?

The document and formalities involved in a vehicle insurance claim will depend upon the type of vehicle and nature of the loss.

Third-Party Claims

Complete information about the accident is obtained from the insured along with the following documents:

  • Police Report
  • Driving License
  • Medical Certificate
  • Death certificate

Own Damage Claim

If your vehicle is damaged due to an accident, you must inform the insurance company and police to assess the loss.

Theft Claim

If your vehicle is stolen, you have to inform the police and the insurance company immediately. Moreover, you must inform the transport department also.

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Why You Should Buy Vehicle Insurance?

A survey was conducted by the WHO, stated that India has the highest number of road deaths in the world.

As the condition of roads is so poor, due to which motor insurance has become a necessity to drive on the Indian roads. Motor insurance not only gives financial protection to your vehicle but also covers third-party damages.

Frequently Asked Questions

Every driver and vehicle owner must have at least liability insurance coverage so that they can keep their vehicle safe. Basically, this policy covers the damage to your property as well as bodily injury.

The damages to your vehicle due to accident, attacks, actions of foreign enemy, civil war, mutiny, rebellion, hostilities, radiation, or nuclear weapons are not covered under a standard motor policy.

For example, engine damage due to hydrostatic loss during monsoons is a common loss

Yes, you can call your insurance company or insurer after a minor accident anytime you’re in an accident. But the more important is to call promptly when the accident resulted in property damage or injuries.

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