Motor Insurance is also known as vehicle insurance, it is purchased for cars, trucks, bikes, etc. It provides coverage against theft, physical damage. etc to the vehicle that are caused due to the man made or natural calamities. You work hard to buy a vehicle to enjoy its ride for business or personal needs.
However, an unfortunate incident can take place any time and can cause heavy damage to your vehicle. The cost of repairing the vehicle or to replace it will be high; hence. It is important to have motor insurance for providing complete care to your vehicle. Your motor insurance plan document is one of the most vital documents for your vehicle.
As it is compulsory to have a motor insurance under Motor Vehicles Act. In India if you have any vehicle, then it is obvious that you must be carrying a vehicle insurance plan. mostly the third party insurance coverage which is compulsory. If you own a vehicle, then you must know a bit about vehicle insurance. You may have heard about a deductible or premium.
Buy/Renew Motor Insurance Online
Buying a new vehicle brings in a lot of happiness; it’s indeed a moment that calls for a celebration. While you are busy planning for long drives, it’s important that you also safeguard your vehicle. As per the law mandate, it’s compulsory to get a Motor Third Party Insurance Policy; however.
It is equally important to consider the alarming rise in the number of accidents and natural calamities in India. Which makes it a necessity to have a Motor Insurance cover. As the saying goes “it’s better to be safe than sorry”. With the inflating cost of labour and spare parts, even minor repair can cost you a fortune these days.
Whether you wish to repair a minor dent or any major accidental damage. The costs incurred for such repairs and replacement are increasing day by day. Regular maintenance and careful driving ensures smooth driving. However that would not reduce the possible risks of accident, theft and natural calamities.
Motor Insurance Plan
Your vehicle is one of the milestone investments in your life. It is a reflection of the person who drives it. It has toiled for you so many times. and It is time you think about protecting your vehicle from unforeseen events such as theft or accident. Considering the exorbitant repair costs these days even a slight damage can burn a hole in your pocket. Hence, it is prudent to purchase a Motor Insurance policy. That understands the importance of an automobile in your life. Compare car insurance, two wheeler insurance online to get the best deal out of the lot.
What is covere in a motor insurance policy?
When you purchase motor insurance, the policy will typically provide you financial protection against the following:
Loss or damage to your vehicle due to man-made calamities such as burglary, theft, riot, or a malicious act.
Loss or damage to your vehicle due to natural calamities: This could include fire, explosion, lightning, earthquake, flood, typhoon, hurricane and landslide.
Third Party Legal Liability: Protection against legal liability due to accidental damages resulting in the permanent injury or death of a person. And damage caused to the surrounding property.
Tips for buying Motor Insurance
Motor Insurance can be confusing for many peoples as there is plethora of Motor policies. And is an arduous task to choose an Motor policy. Which you should really carry to protect yourself compared to various coverages available.
- Depending on the vehicle you have
- Claim settlement
- Customer service
- Discount & Deductable %
- IDV (Insured Declared value)
No Claim Bonus (NCB): Upon getting a ‘claim-free’ year, you can avail a specific percentage of No-claim bonus. You can avail the NCB benefit in the form of discounts on the premium amount at the next renewal period.
Motor Insurance Policy: It is an agreement between a motor vehicle owner and an insurance company. Under this contract, an insurer provides cover against damage/loss caused to the motor vehicle or its parts resulting from the natural and/or man-made calamities. A vehicle owner, on the other hand, needs to pay premiums to ensure this protection.
Own Damage: The Own Damage covers you against any damage/loss caused to your vehicle arising from natural and man-made calamities as specified in the policy wordings.
Perils: These include the uncertain events or occurrences that may cause damage to your motor vehicle. It may include Fire, flood, earthquake, etc.
Third Party Liability: It refers to the bodily injury/property damage caused to a third party. A minimum Third Party Liability (Liability-only) is a compulsory requirement under the Motor Vehicles Act.