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What is Motor Insurance?

Motor insurance can be described as a vehicle insurance policy that is compulsory for vehicles like trucks, cars, scooters, bikes, etc. This policy offers coverage to the vehicle owner/driver against monetary losses that might happen because of accidents or other sorts of damages.

In India, substantial motor insurance is obligatory to safeguard vehicle owners from possible financial risks. It is the best type of security that you can get to prevent enormous costs that outcome after a mishap. The Government represents the impulse for the safety of the people who travel using motor vehicles daily.

Nobody can reject that purchasing a vehicle is the second most costly investment in an individuals life after home. Accordingly, safeguarding the investment against unanticipated events is crucial. An unfortunate accident can burn through your savings by considering the increase in the vehicle repair charges and the risks implied in driving.

The yearly premiums that you pay for the motor insurance policy are significantly less when compared with the benefits and security the coverage will offer you if there should be an occurrence of setbacks. However, there are numerous confusions concerning the policy. It will assuredly repay you for the physical damage under different conditions.

Why would it be advisable for you to purchase a vehicle insurance policy?

In all honesty, driving in India has many related risks. Many individuals own a driving license, and there is no less than one vehicle in the family. Vehicles have turned into an essential method of transportation, replacing individuals need to travel utilizing the public vehicle.

Simultaneously, we likewise realize that an increased number of private vehicles additionally increment the risk of road accidents and rule-breaking. Representing such factors, it becomes necessary to claim a vehicle insurance policy. Other than that, how about we review the fundamental reasons to purchase a motor insurance policy?

Legal Requirement

The primary explanation is to follow the laws and regulations of the Government. An individual ought to oblige to purchase a motor insurance policy with minimum coverage before taking the vehicle out and about

Third-Party Damage Coverage

With adequate coverage, you can pay for the damages after a collision with a third party. Without motor insurance, you will need to pay from your pocket, and a suitable amount of coverage can deal with such costs.

Insurance from Theft

Theft is one of the main threats to a vehicle. However, you are safeguarded against burglary, vandalism, and all manmade calamities with a vehicle insurance policy.

Damage Expense Coverage

Paying by and large for vehicle damage repairs will affect your monetary condition. However, you can pay for such damages with insurance even though the sum is hefty as long as you have sufficient coverage.

Insurance against Personal Injuries

Few out of every odd vehicle owner is fortunate to escape accidents without experiencing wounds. The motor insurance policy will pay for every one of the minor and significant injuries that could happen because of accidents.

Types of Vehicle Insurance Coverage

Comprehensive Motor Insurance

A comprehensive vehicle insurance policy gives coverage against the third-party legal liabilities and the losses or damages to the insured vehicle during an accident. It covers the vehicle against regular and manmade disasters, including road accidents, fire, burglary, tremors, storms, floods, etc.

Standalone OD cover

Presented by the IRDAI, the Standalone Own Damage (OD) cover policies permit the vehicle owners to get coverage against the misfortunes or damages caused to their vehicle because of regular or manmade fiascos. This sort of policy can be bought by the individuals who host a third-get-together cover from an alternate or a similar insurer.

Third-party motor insurance

Third-party motor insurance is required in India, according to the law. It safeguards the policyholder against legal liabilities emerging from an accident, including their vehicle. Suppose an insured vehicle causes substantial injuries, demise, or property damage to a third party. In that case, the insurer will deal with the legal liability.

Features of Motor Insurance

A vehicle insurance policy accompanies several features that can be exceptionally advantageous for the policyholder. Here are some of those features that you should be aware of:

You can buy motor insurance online without any issue.

You can renew the insurance plan online at any place comfortably.

You can add or remove a specific add-on as your necessity.

You can do it while buying or renewing the insurance plan.

Motor insurance not just gives cover to the damages brought about by accident but also covers you from burglary, natural calamity, fire damage, vandalism, manmade calamities, and so on.

You can get the advantages of a cashless claim by giving sufficient proof if there should be an occurrence of accidents and theft.

Motor insurance likewise gives a No Claim Bonus feature. Under this feature, if you dont raise a claim during the policy tenure, the insurer will provide you with a predefined discount either on the premium or on buying any other add-on. It differs from one insurer to another.

Insurance agencies continue to accompany various plans and add-ons to give you better coverage and provide assistance in case you stall out during the claiming process.


Car Insurance

A comprehensive car insurance policy, otherwise called motor package insurance, sets aside your cash when your vehicle is damaged in an accident or natural disaster. It likewise covers your vehicle against burglary and theft. Now and again, you might wind up injuring others or damaging property in an accident. A car insurance policy covers such third-party liabilities too.

Assuming you own a car in India, having third-party insurance is an absolute necessity for you. That is why its significant to purchase and renew your policy on time to remain on the right side of the law and be covered against vehicle damages. At a reasonable premium, our reliable vehicle insurance policy safeguards you against many dangers with the goal that you can drive stress-free. Aside from comprehensive car insurance, third-party and own-damage-only car insurance policies are likewise available. You can select the policy type according to your necessities.

Types of Car Insurance Policies

Car insurance safeguards your car against any damages brought about by natural calamities like floods, tremors, tornadoes, accidents, and burglaries. There are three sorts of car insurance policies:

Third-party Car Insurance

Third-party vehicle insurance gives coverage to third-party financial liabilities, such as car damage, injury, demise, handicap, and property damage.

Comprehensive Car Insurance

A comprehensive insurance policy gives coverage to third-party liability and damages caused to your vehicle. A comprehensive vehicle insurance policy offers broad coverage and more advantages than third-party liability insurance. It covers the damages caused to the insured car if there should be an accident, collision, robbery, etc.

Own Damage

Own damage policy gives coverage to the policyholder if their vehicle sustains any damage. The third-party insurance doesnt cover your injury, so you need to buy it separately.

Pay as You Drive Insurance

Pay as You Drive Insurance is otherwise called usage-based vehicle insurance. It permits a policyholder to pay the insurance premium as per the kilometres driven by the insured car. This will be valuable for the individuals who have different vehicles and subsequently dont utilize each of these as often as possible. As of now, there are a couple of insurers just who are offering this policy. It gives far-reaching coverage to claim damage, and third-party risk coverage is provided on a pilot basis for a year.

Things to Consider While Selecting Car Insurance Policy?
What is covered?

Check out the exclusions and inclusions of both third-party insurance and comprehensive vehicle insurance policy. Only purchase third-party insurance if you can bear your damage costs.

Analyze Car Insurance Online

Analyze car insurance online and select the one that meets most of your financial expectations. Without much of a stretch, you can get numerous four-wheeler insurance quotes online from the best vehicle insurance companies in India.

Incurred Claim Ratio

Higher ICR, show fulfilled clients, and more the possibility of settling your claim.

Add-on Covers

It is generally prescribed to purchase a comprehensive car policy with extra advantages like zero depreciation, roadside assistance, punctured tire assistance, etc.

How to File a Car Insurance Claim?

Knowing and understanding the proper steps to raise a car insurance claim. Your insurer can dismiss your claim for many reasons. So ensure you get what everything is expected to be done while raising a car insurance claim. Follow the below-referenced steps to submit a substantial four wheeler insurance claim advantageously:

Step 1

Raise a claim request - immediately share details of th accident with your insurer after the accident happens. Ensure that you appropriately document and offer visual proof like photographs to support your case.

Step 2

Inspection - After the claim is enlisted, the insurer will send an inspector for surveying the claimed damage.

Step 3

Sending the car for repairs - Once the surveying is finished, you can send the car to a network garage for repairs.

Step 4

Claim settlement - If you have a cashless claim policy, the insurer will straightforwardly settle the maintenance bill with the garage. However, assuming you have decided on repayment claims, you will first be expected to cover the bills and raise a reimbursement claim afterwards.

Advantages of Buying Car Insurance Online?

Purchasing car insurance online is a typical practice today. By buying a 4-wheeler insurance policy online, you can safeguard your vehicle against any damage because of an accident, robbery, fire, and so on in 2 minutes or less. Assuming you are asking why a great many people like to purchase four wheeler insurance online, look at its advantages below:

No More Agents

Disconnected acquisition of insurance policies includes specialists who attempt to sell their item as opposed to proposing you a superior policy from another insurance supplier. The addition of a new vehicle insurance policy online will wipe out such specialists, and you can purchase the best policy after contrasting different plans presented by various insurance agencies.

Zero Paperwork

One more advantage of purchasing four-wheeler insurance policies online is zero paperwork. In opposition to the offline mode, which expects you to fill out any forms, the online method permits you to fill up all the forms online. Likewise, you can upload the required documents online, making the application cycle digital and free from any paperwork.



Quick answers to common questions.

How many times can we claim vehicle insurance in a year?

The limit to filing a claim for 4-wheeler insurance each year shifts from one insurance provider to the next. Most insurance companies permit multiple claims in a year until the IDV aren't exhausted. You should check your policy document to know the specific number of times you can claim your four wheeler insurance policy in a year.

What is known as IDV (Insured Declared Value) in Car Insurance Policy?

Insured declared value (IDV) is the maximum amount to be paid by an insurer when a claim assumes that the vehicle is a complete loss or stolen. It is the sum insured and is fixed at the beginning of the policy period for each insured vehicle.

If I sell my car, what happens to the motor insurance policy?

If you sell your car, you must transfer your four-wheeler insurance policy to the new owner's name. Follow the steps presented below to understand how to transfer your motor insurance to the new owner:

  • You should get a sale affidavit made with details of the transfer, details of the new owner and details of payment. It ought to be notarized and signed.
  • Fill out the RTO transfer forms and get a clearance certificate from your Regional Transport Office (RTO).
  • Fill up the new proposal form.
  • Attach the documents mentioned above.
  • Please submit it to your insurer
  • The policy will be transferred in 14 days or less.

What to do if there is a mistake in my car policy document

If there is a mistake in your car policy document, you should promptly notify your insurer. Provide proof of the correct information and request your insurer to amend the error. When the insurer receives the evidence, they will pass an endorsement or issue a new policy document with the correct information.

How long does it take to settle a car insurance claim?

There is no standard time period for all insurance companies to settle a car insurance claim. The claim settlement period differs, starting with one insurer to another. For instance, one insurer might settle your claim somewhere around seven days, while another may settle it in about 14 days of raising a claim. Also, complex claims usually take more time to resolve than straightforward claims.

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Dated: 02/07/2021