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Motor Insurance

Vehicle insurance that is right for you.

 

    insurance Quote

    What Is Motor Insurance?

    All you need to know

    Motor Insurance

    Motor insurances are types of insurance that offer financial assistance in case your bike or car get involved in an accident. Various types of Motor insurance policies in India include:

    In addition to the own vehicle damage, motor vehicle insurance also provides the mandatory coverage for third-party liabilities.

    Simply put, a comprehensive vehicle insurance allows for worry-free drives by curbing your vehicle repair expenses and helping you adhere to the law when on road.

    1) Car Insurance: Individually owned four-wheelers are covered under this plan. The car insurance types include- third-party insurance and comprehensive cover policies.

    2) Bike Insurance: These are types of insurance policy where individually owned two-wheelers are covered against accidents

    3) Commercial Vehicle Insurance: This is one of the insurance types, which offers coverage to any vehicle used for commercial purposes

     

    Types of vehicle insurance coverage in India

    Comprehensive motor insurance

    A comprehensive vehicle insurance policy provides coverage against the third-party legal liabilities as well as the losses or damages to the insured vehicle during an accident or mishap. It covers the vehicle against natural and man-made disasters, including road accidents, fire, theft, earthquake, storm, flood etc.

    Recommended for: Vehicle owners who want all-rounder protection for their vehicle.

    Standalone OD cover

    Introduced by the IRDAI, the standalone Own Damage (OD) cover policies allow the vehicle owners to get coverage against the losses or damages caused to their vehicle due to natural or man-made disasters. This type of policy can be purchased by those who already have a third-party cover from a different or the same insurer.

    Recommended for: Vehicle owners who want all-rounder protection for their vehicle.

    Third-party motor insurance

    Third-party motor insurance is mandatory in India as per the law. It protects the policyholder against legal liabilities arising due to an accident involving his/her vehicle. It means that in case an insured vehicle causes bodily injuries, death or property damage to a third-party, the insurer will take care of the legal liability.

    Recommended for: As this doesn’t cover the vehicle itself, only third party cover is not recommended for any vehicle. Even if you hardly take your vehicle out on the road, there’s still risk of theft and parking damages. If you choose this type of policy, you’ll have to pay for any damages to your vehicle yourself.

    Why should you buy motor vehicle insurance?

     

    Adherence to law

    Adherence to law

    It is mandatory by law to avail third-party insurance for all vehicles before they are allowed on road.
    Escape traffic fines

    Escape traffic fines

    As per the Motor Vehicles (Amended) Act of 2019, if you’re caught driving an uninsured vehicle, you may have to pay a penalty of up to ₹2000 for the first instance and from second instance it may go up to ₹4000.
    Coverage against loss or damage

    Coverage against loss or damage

    A motor package policy takes care of your expenses in case of any loss or damage to your vehicle arising due to theft, road accident or other natural and man-made disasters.
    Personal accident cover

    Personal accident cover

    You will get a personal accident cover of ₹15 lakhs for yourself and an optional cover of ₹2 lakhs for the co-passengers travelling with you. This coverage is available at nominal additional premium
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