Motor Insurance

Motors insurance is the insurance for motor vehicles be it a car, bike, autorickshaw, bus, tempo, etc. Various plans are available to cover both personal and commercial vehicles.

Motor Insurance protects you from the loss you incurred due to the damage to your motor vehicle by the reason of accident, theft or natural calamities, or any other unforeseen event.

It also covers the liability if any occurs to the third party in an accident.

Here are various factors that can affect the cost of motor insurance so better be careful at the time of purchase of insurance.

 

MOTOR VEHICLE INCLUDES

 

PERSONAL CAR

 

SCOOTER, BIKE OR ANY TWO WHEELER VEHICLE

 

ANY COMMERCIAL VEHICLE

 

Types

  • Comprehensive Insurance – Covers any loss or damage to the policyholder’s motor vehicle.

  • Third-Party Liability Insurance – Covers the liability that arises due to loss to the Third-Party Liability.

  • Collision Insurance – Covers the damages caused due to the collision of the insured vehicle with the other vehicle.

  • Gap Insurance – It covers the difference value between the actual value of the Motor and the outstanding loan amount on the vehicle.

  • Towing & Labour Insurance – It covers the expenses related to roadside assistance.

Benefits

  • There are several benefits of having insurance: – Financial Protection: It provides financial protection against any loss to your motor vehicle, driver, or passenger(s) during the accident.

  • Assets Protection: – General Insurance gives risk coverage to your assets.

  • Legal Compliance: – Motor Insurance is mandatory by law as compliance. Thus, it becomes necessary to purchase to avoid certain types of legal fines and penalties.

  • Enjoy your Rides: – You are not required to bother about protecting your vehicles all the time, motor insurance takes care of it. So you can enjoy your ride and journey.

  • Additional Coverage: – Some insurance policies cover other additional benefits like roadside assistance so that you get help when and where required.

  • Customizable Coverage: – You can choose your insurance policies as per your specific requirement and budget.

  • Flexibility: – General Insurance gives the liberty to take the coverage and plan as per the requirement and budget. Also, it gives the flexibility to switch to other plans in the future.

  • Third-Party Liability Coverage: – You can take insurance plans to repay any liability arising out due to any type of damage that occurred to any third party in the case of an accident.

Documents Required:

  • Identification proof like Passport/ Driving License/Any Other Government-issued document.

  • Age Proof like Birth Certificate/Passport/ Any Other Government-issued document.

  • Address Proof like Utility Bills/Rent Agreement/Any Other Government-issued document.

  • Identification proof like Passport/ Driving License/Any Other Government-issued document.

  • Driver’s License

  • Motor Vehicle Inspection Report

  • Previous Insurance Policies Documents

What is not covered

  • Any loss or damage that occurred under the influence of alcohol

  • Mechanical Breakdown

  • Inappropriate Use of Motor Vehicles like racing or any high risks use.

  • Intentional Damage to the Vehicle

  • Normal Wear & Tear of the Vehicle

  • Losses due to War & Terrorism

  • Damages caused by Nuclear Hazards

  • Loss during the commitment of any illegal activity

  • And any other clauses by the insurance company.

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