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Motor Insurance
Motor Insurance Explained
Motor insurance is a type of general insurance policy that provides financial protection against damages or losses to your vehicle due to accidents, theft, fire, natural disasters, or third-party liabilities. In India, third-party motor insurance is mandatory by law, but it’s always recommended to go for a comprehensive cover.
1. What Does Motor Insurance Cover?
There are two main types of motor insurance:
Third-party insurance: Covers damages to other people’s vehicles, property, or injuries to other individuals in an accident.
Comprehensive insurance: Includes third-party coverage and also protects your own vehicle against damages, theft, fire, and natural calamities.
2. Why Choose Comprehensive Motor Insurance?
While third-party insurance is legally required, it doesn’t protect your own vehicle. A comprehensive plan offers full protection ensuring peace of mind whether your vehicle is stolen, vandalized, or involved in an accident.
3. Understanding IDV (Insured Declared Value)
IDV is the maximum amount you’ll receive from the insurer in case of total loss or theft. It’s based on the market value of your vehicle minus depreciation. A lower IDV reduces the premium but also the claim amount, so choose wisely.
4. Add-ons to Enhance Your Motor Insurance
Motor insurance can be customized with useful add-ons like:
Zero Depreciation Cover – No depreciation is deducted during claims.
Engine Protection Cover – Covers water damage to the engine, especially useful during floods.
Return to Invoice – Ensures you get the original invoice amount if the vehicle is stolen or totaled.
24×7 Roadside Assistance – Get help in case of a breakdown, flat tire, or battery failure.
5. Key Benefits of Motor Insurance
• Financial protection against vehicle damage or theft
• Legal compliance with third-party coverage
• Peace of mind while driving
• Support during emergencies through cashless garages and roadside assistance
6. What’s Not Covered?
Motor insurance won’t cover damage if:
• You were driving without a valid license
• You were under the influence of alcohol or drugs
• The vehicle was used for illegal purposes
• Damage occurred outside the geographical area specified in the policy
7. How to Make a Claim?
• Inform your insurer immediately after the incident
• Avoid moving the vehicle until surveyed (unless required for safety)
• File an FIR in case of theft or third-party injury
• Submit documents like RC, driving license, claim form, photos, and repair estimates
8. Renewals and No Claim Bonus (NCB)
Timely renewals are essential to keep coverage active. If you don’t make any claims during the policy year, you earn a No Claim Bonus a discount on your premium that increases every claim-free year, up to 50%.
9. Motor Insurance for New and Used Vehicles
Whether you’re buying a brand-new vehicle or a second-hand one, it’s essential to have valid insurance. For used vehicles, ensure the insurance is transferred to your name promptly.
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