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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 individual's 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'll 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 don't 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.

Bike Insurance

Bike insurance is a policy between the Bike owner and the insurance provider. The insurance agency gives monetary coverage to the Bike owner against any mishap or damages because of an accident. According to the Motor Vehicle Act 1988, third-party Bike insurance is compulsory in India. Bike insurance covers you from any accidental injuries caused while driving a two-wheeler/motorbike on Indian streets.

Types of Bike Insurance Plans in India

Comprehensively, there are two kinds of two-wheeler insurance policies presented by the insurance agency in India. You can purchase Third Party Bike insurance and Comprehensive Bike insurance. See beneath for more information:

Third-party Bike Insurance

As the name recommends, third-party Bike insurance shields the rider against every one of the legal commitments that emerge out of causing damage to the third party. The third party, here, can be property or an individual. Third-party Bike insurance covers you against any liabilities that you've arrived upon yourself for causing accidental damages to another person's property or vehicle. It likewise covers your liabilities towards making accidental injuries to a third- party individual, including his demise.

Indian Motor Vehicle Act, 1988 orders anybody who owns a two-wheeler, be it a scooter or bike, to have valid third-party bike insurance if plying on public roads. The people who don't consent to the standard will be at risk to pay huge penalties.

Comprehensive Bike Insurance

Comprehensive bike insurance safeguards the rider against damage to his vehicle and third party legal liabilities. It protects your bike from incidents of fire, natural calamities, robbery, accidents, manmade calamities, and related difficulties. It additionally furnishes you with personal accident cover if you sustain any accidental wounds while riding your bike.

What is Covered Under Two Wheeler Insurance Policy?

Assuming you intend to purchase or renew a bike insurance policy for your bike, you should look into the inclusions presented by the bike insurance agency. If you are a bike lover, you may be met with a road accident anytime. Our Bike insurance policy also covers the bike owner and third-party damages. See beneath a definite list of inclusions:

Losses and Damages Suffered Due to Natural Calamities

Any misfortune or damage caused to the safeguarded vehicle because of regular disasters, like lightning, quake, flood, tropical storm, tornado, hurricane, storm, whirlwind, immersion, hailstorm, avalanche, and rockslides, among others, will be covered.

Losses and Damages Suffered Due to ManmadeManmade Calamities

It offers coverage against different artificial disasters, such as riots, a strike by outside means, terrorist activity, and any damage caused by rail, road, inland waterway, lift, elevator, or air.

Own Damage Cover

This cover protects the insured vehicle against any loss or damage brought about by the method for natural disasters, fire, explosion, manmade calamities, or burglary.

Personal Accident Coverage

A personal accidents cover of up to Rs. 15 lakh is accessible for injuries to the rider/owner that might bring about temporary or personal disabilities or loss of a limb that causes fractional or complete handicap. The cover applies when the individual is travelling, mounting, or getting off from the vehicle. The insurers offer personal accident cover for the co-passengers.

Theft or Burglary

Two-wheeler insurance will compensate the owner of the insured motorbike, or the scooter gets stolen.

Legal Third-Party Liability

It offers coverage against any legal loss of cash that might happen because of injuries to a third party in the surroundings, which might have even led to his demise. Essentially, it additionally safeguards against any damage caused to any third-party property.

Fire and Explosion

Likewise, it covers any losses or damages caused by fire, self-ignition, or any explosion.

What isn't Covered Under Two Wheeler Insurance Policy?

The following are the occurrences or circumstances which are excluded under the Bike insurance policy:

  • Damage brought about by typical wear and tear of the vehicle
  • The loss occurred due to mechanical/electrical breakdowns
  • Depreciation or any noteworthy loss from regular use
  • Any damage to tires and cylinders in the typical course of running
  • Any loss brought about while the bike was being utilized past the extent of coverage
  • Damage/loss caused when an individual was driving the motorcycle without a valid driving license
  • Any loss/damage caused because the driver is driving affected by liquor or drugs
  • Any damage/loss brought about because of war/mutiny /nuclear risk

How to Claim Two Wheeler Insurance Online?

There are two different ways of filing a two-wheeler insurance claim online with your bike insurer. You can lodge a cashless claim or a reimbursement claim with your insurer, and let us examine the two kinds of claims.

Cashless Claim: if there should be an occurrence of cashless claims, the claim amount will be straightforwardly paid to the network garage where the repairs were done. A cashless claim facility can be beneficial if you get your insured vehicle repaired at one of the network garages of your insurer.

Reimbursement Claim: Reimbursement claims can be enlisted assuming you get the repairs done at a garage that isn't a part of your insurer's list of network garages. For this situation, you will be expected to pay the repair costs. You will later need to file for reimbursement with your insurer.

Advantages of Two Wheeler Insurance

Anything can occur while riding a two-wheeler like a bike, scooter, or moped. The absence of good roads, the morning and evening busy times, and unregulated traffic issues are a part of life today. Additionally, rainfall or heat waves might create many problems out and about, like slippery surfaces, soft or sloppy regions, or sticky tar. These circumstances might damage the two-wheeler vehicle and even injure the riders.

Having substantial two-wheeler insurance is crucial to remain safeguarded from every such occurrence. The motor protection regulations in India protect many Bike owners from costs that might emerge from third-party damages by making third-party Bike insurance coverage compulsory.

We should know about the different advantages of purchasing bike insurance:

Financial Protection: Two-wheeler insurance gives financial cover that helps set aside a great deal of cash if there is a loss, burglary, or third-party liabilities. Indeed, even minor damage can cost a considerable number of rupees. This Bike insurance policy assists you with getting the damages fixed without making being a financial liability.

Accidental Injuries: Not just does the policy cover damage sustained by your vehicle in an accident yet additionally covers any accidental injuries that you might have endured.

Wide Range of Two Wheelers: It safeguards against the damages caused to the bike, moped, or scooter. Indeed, even the vehicles have been improvised and are made accessible with highlights like better mileage, power, and style.

Cost of Spare Parts: The rising interest in motorcycles in India has prompted the rise in its expense alongside the inflated expense of their spare parts. This bike policy takes care of the expense of spare parts, including nuts and bolts, or parts like gears or brake pads, which have become more expensive than before.

Roadside Assistance: At the hour of policy purchase, you can choose roadside assistance that will come to your aid if you want help on the road. This incorporates services, for example, towing, minor fixes, punctured tires, and so on.

Mental Peace: Any damage to your vehicle can prompt huge repair charges. Assuming you have bike insurance, your insurer will deal with the undesirable costs, giving you inner peace so you can ride with practically no reason for stress.

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 it's 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 doesn't 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 don't 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:

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.