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Motor Insurance ensures protection to the vehicle owner against financial risks that may arise due to any third party liability when damage caused to the other vehicle, and it also pays for damages caused to own vehicle. A Motor Insurance insures your car, two-wheeler, commercial vehicle, or other road vehicle. Carrying a Third Party Insurance is a legal requirement. The Motor Vehicles Act, 1988 mandates that driving a motor vehicle without motor insurance is a legal offense.Get Affordable Quotes
We hear every day about the rising instances of on-road accidents. Both the vehicle owner and a third party receive damages to their vehicles and bodily injury as well. It thus becomes quite imperative to get a Motor Insurance Policy.Here are some top reasons why you should buy a Motor Insurance.
There are several benefits associated when buying a Motor Insurance.
When you are looking to buy a motor insurance for your vehicle, it is important to go through the following key tips to make a smart move.
Compare and Buy Online: Before buying, you should compare motor insurance policies offered by several insurers online. Online buying will be cost effective and informed buying decision. You can easily compare the policies online and pick a policy that caters to your insurance needs.
Evaluate the Right IDV: Insured’s declared value is the current market value of the vehicle. Higher the IDV, higher will be the premium. It is prudent to disclose the correct IDV as in case of loss the claim amount will be based on IDV.Lower IDV may fetch lower premiums, but it will prove to be a brunt in case of loss or total loss.
Opt Relevant Riders/Add on Covers: It’s wise to opt for a rider(s) as per your need to enhance protection for your vehicle under critical circumstances. The riders and its benefits may differ from insurer to insurer, so it’s advisable to understand the benefits attached with a specific rider, you want to choose.
Decide on Deductibles: Part of the loss which is to be borne by you is termed as deductible. Compulsory deductible you can’t escape, but decide the right amount of voluntary deductible. Those who are confident of their driving ability could opt for a higher voluntary deductible to save on premium.
Read the Fine Print: When you want to buy a motor policy, it is important to know the benefits it offers and what’s not included in the policy. Go through the terms and conditions of the policy. It is imperative to understand your policy, so as to make a well-informed decision.
Choose the Genuine Insurer: Prior to buying a policy, it’s important to check whether the insurance company is registered with IRDAI. Dealing with a genuine and licensed insurance company is imperative.Select from Top Insurer's
Riders in motor insurance are optional add-ons that enhance the insurance coverage. It provides vehicle owners with the additional and valuable advantages. Listed are the common riders available with motor insurance policy.
In a vehicle accident claim, your insurer will deduct a depreciated value for the specified damaged parts and the claim amount you receive is not just enough to cover the financial loss. With this rider, your insurer will not deduct any amount toward depreciation count while settling claims.
This add-on helps in saving your NCB upto one or two claims (depending on the insurer) during the policy period. It’s highly advisable to opt for this add on in case your accumulated NCB is above 25%.
If your vehicle’s engine is damaged due to water stalling, leakage of oil, etc., your insurance company covers the engine repair if you choose this rider.
In the event of car keys being lost or left in the car, key replacement cover efficiently assists you to unlock the vehicle in such scenarios. This add on cover includes the cost of making duplicate key if the key is lost and also the cost of lock if the lock needs to be replaced following the loss of a key.
This rider provides you 24x7 roadside assistance to get rid of a mechanical breakdown or other critical issue of your vehicle. Under this rider, your insurance may also provide services like tyre change, jump start of the vehicle, on the spot repair, towing services, emergency delivery of fuel, etc.
In the case of medical emergencies, this rider pays for the ambulance charges and medical expenses that are incurred after the accident.
Many motor insurance policies provide the policyholder with this rider. It provides coverage against personal accidents, accidental death, and temporary and permanent partial/total disability for the driver and other occupants.
(Note: The riders specified above may vary from insurer to insurer. Choose the riders to make your journey safe and enjoyable)
Here are some contingencies that are not included under the Motor Insurance:
• Driving a motor vehicle without a valid Driving License.
• Driving a motor vehicle under the influence of drugs/ alcohol.
• Electrical/Mechanical Breakdowns.
• An accident takes place outside the geographical limits.
• The vehicle is used for some illegal purposes.
Read the Do’s and Dont’s related to your Motor Insurance.
|Search out for motor insurance plans being offered by numerous insurers online||Ask anyone else to fill your motor insurance proposal form|
|Fill the proposal form sensibly and provide the right facts and figures||Leave any column blank in the proposal form|
|Go through the policy wordings to ensure what is covered and what is not||Forget to get the details regarding policy benefits and claims procedure|
|Ask your insurer or concerned executive about add-on covers available with the motor insurance||Forget to renew the policy after expiry of the policy period|
|Do review and understand your coverage before talking to your insurer or your agent.>||Be forced to get the insurance from your vehicle dealer, you have the option to buy it online|
|Make sure to keep all these documents updated from the concerned authorities||Let your No claim bonus affected for minor claims|
|Retain a copy of the duly filled proposal form for your own records||Make false declarations about the actual use of the vehicle you are insuring|
No Claim Bonus (NCB): Upon getting a ‘claim-free’ year, you can avail a specific percentage of No-claim bonus. You can avail the NCB benefit in the form of discounts on the premium amount at the next renewal period.
Motor Insurance Policy: It is an agreement between a motor vehicle owner and an insurance company. Under this contract, an insurer provides cover against damage/loss caused to the motor vehicle or its parts resulting from the natural and/or man-made calamities. A vehicle owner, on the other hand, needs to pay premiums to ensure this protection.
Own Damage: The Own Damage covers you against any damage/loss caused to your vehicle arising from natural and man-made calamities as specified in the policy wordings.
Perils: These include the uncertain events or occurrences that may cause damage to your motor vehicle. It may include Fire, flood, earthquake, etc.
Third Party Liability: It refers to the bodily injury/property damage caused to a third party. A minimum Third Party Liability (Liability-only) is a compulsory requirement under the Motor Vehicles Act.