Motor Insurance | Car Insurance | Two Wheeler Insurance Plans & Policy

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.

​​​​​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.

  1. Depending on the vehicle you have
  2. Claim settlement
  3. Customer service
  4. Discount & Deductable %
  5. IDV (Insured Declared value)

Motor Insurance Glossary

Here are the basic terminologies used in a Motor Insurance Policy

Accident: An unforeseen or unexpected event.

Act of God: An extraordinary disruption caused by a natural mean such as a flood, earthquake, storms, lightning, etc. that cannot reasonably be foreseen or prevented.

Accessory: It refers to parts of a motor vehicle which are not provided by the manufacturer along with the vehicle. These parts are also not essential for running of the vehicle.

Arbitration: It is a common way of resolving motor insurance disputes rather than filing a lawsuit. Both the aggrieved party and the insurance company agree. That a third party can look into the dispute and make a decision to resolve it.

Break-In: If the insurance policy of the motor vehicle has expired and the customer seeks insurance for the same vehicle. It becomes a break-in policy.

Motor Insurance Vehicle

Catastrophe: A violent and harsh natural event such as a calamity, disaster, and tragedy.

Cubic Capacity: It defines the volumetric capacity of the engine of a vehicle.

Compulsory Deductible: It is the amount of loss that the insured has to bear compulsorily for every claim.

Comprehensive Policy: This motor vehicle insurance provides cover for third party liability plus own-damage cover.

Contribution: Motor vehicle is insure under two or more insurance contracts, the loss needs to be shared among the insurers involved, as per the proportion of the sum insured.

Cover Note: It is a document issued by an insurance company providing temporary cover until a formal policy is issued.

Motor Insurance/Vehicle

Depreciation: It refers to decrease in the value of your motor vehicle by normal wear and tear. Typically, depreciation is not covered under a basic motor insurance policy, unless it is mentioned explicitly in the policy wordings.

Gross Vehicle Weight: It refers to a value specified by the manufacturer as the maximum loaded weight of a motor vehicle.

Hit and Run accident: An accident resulting from the use of a motor vehicle/motor vehicles of which the identity cannot be confirmed from the reasonable efforts.

Insurance Zones: Insurance companies have demarcated the country into two different zones. Zone A for metro cities and Zone B for rest of India. If the registration of the motor vehicle falls into Zone A, the vehicle owner needs to pay premiums at a higher rate than Zone B.

Light Motor Vehicle (LMV): The Gross Vehicle Weight of a motor vehicle, the unladen weight of any of which does not exceed 7,500 Kgs.

Market Value: The present monetary value of a motor vehicle when sold in the market.

Material Fact: Any fact, when disclosed may affect the decision of an insurance company, related to determining a premium, writing the cover, claims settlement, and many others. The falsification of a material fact will lead to termination of the policy.

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

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.

1 thought on “Motor Insurance | Car Insurance | Two Wheeler Insurance Plans & Policy”

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