MOTOR INSURANCE
“Your Car safety means your safety too. Is your car fully insured”
MOTOR INSURANCE
Motor insurance is a unique insurance policy meant for vehicle owners to protect them from incurring any financial losses that may arise due to damage or theft of the vehicle. Whether you have a private car, a commercial vehicle, or a two-wheeler, you need a motor insurance policy.
There are three different types of insurance policies in the market that provides coverage for motor vehicles:
● Third-party insurance policy: Obtaining this insurance policy is a statutory requirement. Without this policy, it is illegal to drive your motor vehicle in India. The chief objective of this policy is to provide coverage for any injury caused to a third party by your vehicle. Therefore, in case of an injury or death of a third party, the third party can raise a claim under such a policy and receive the insured amount.
● Own-damage insurance policy: In case of any damage to your vehicle due to fire or rain, or theft, you can raise a claim under this policy to compensate you for the expenses incurred for repairing your vehicle.
● Comprehensive insurance policy: This type of insurance policy provides you the best of both worlds as it provides both third-party cover and own damage cover. Even if your car gets stolen, you can file a claim under such a policy and get compensated. Typically, most policyholders prefer purchasing a comprehensive insurance policy and also take on various add-on covers such as zero depreciation cover, personal accident cover, etc., to make it more useful.
Bear in mind that you cannot raise any claim under any type of motor insurance policy, if:
● You were driving your vehicle without a valid driving licence
● You were driving the vehicle under the influence of drugs or alcohol
● You were using the vehicle for any unlawful activity
Additional covers available under Motor Insurance
1) Zero depreciation:
As your vehicle ages, the insurance company deducts that depreciation value at the time of claim settlement. However, this rider option keeps the market value of your vehicle intact and pays the entire claim to you.
2) Roadside Assistance:
There may be a case when your vehicle breaks down while driving. In such a case, the insurance company offers road side assistance like towing, refuelling, key replacement, etc. You can get the car/bike repaired or parts replaced at the insurer’s garage network.
3) Engine protection:
If your vehicle’s engine gets damaged, this add-on cover will provide financial assistance for engine repair service.
4) Personal accident rider:
Fatal accidents can leave you disabled for life or lead to death. In such cases, personal accident rider option will be a boon, as it commits to secure your family’s future in your absence.
5) Loss of personal belongings:
There may be an instance that you lose your belongings, or your valuables get stolen. By opting for this rider, the insurance company will compensate for the same.