Motor Insurance

  • Ans

    Motor insurance is an outright need for any individual who drives a vehicle and the fact that in India, Third Party motor insurance are even mandated by law. Motor insurance generally the covers vehicle owner against damages and liabilities arising out of accidents, thefts and also protects the general public from any accident that might take place on the road. It is a contract between you and the insurance company wherein you pay a premium for a policy that will provide protection against every comprehensible risk related to your vehicle; damage, theft, death and injury in an accident, plus liability protection in case you are sued as a result of an accident (Third Party Liability).

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  • Ans

    There are 2 types of Motor Insurance Policies available: 

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  • Ans

    Own Damage Cover is an extensive policy which offers the insured against loss or damage to the vehicle insured along with a third party cover for the below given perils:-The following perils are covered under a comprehensive policy.

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  • Ans

    IDV or Insured Declared Value is the Maximum Sum Assured of your vehicle which is agreed by the Insurer and paid in the event of Accidental Damage, theft or total loss of the vehicle. IDV is basically the Current Market Value of the Vehicle. It is the Maximum amount of coverage that the insured can claim during the year in the event of Total Loss or Constructive Total Loss, Accidental Damage or theft. 

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  • Ans

    The Premium rating is based on the following factors:

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  • Ans

    No Claim Bonus is generally earned by the insured on the Own Damage Section of the Policy. In the event if the insured does not claim during the year, then at the time of renewal he will get a discount on the premium. A discount in the Own Damage Premium is granted between the range of 20% after one Claim Free Year of Insurance and max up to 50%. 

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  • Ans

    When your car meets with an accident, not just arrives the danger of physical hard and the unavoidable harm to the vehicle, but the likelihood of the insurance company rejecting the claim is also the reason of irritation. Though it is a common practise for the insurance company, but most of the time the reason for rejection is genuine. Let us understand the reason behind rejections of Motor Insurance claims. 

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    In the event if the insured meets with an accident, please refer to the below given documents for registering a Motor Claim.

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  • Ans

    Motor insurance policy has an inbuilt Personal accident cover for the vehicle owner and driver at no extra cost, wherein the driver is covered as per the Workmen’s Compensation Act. Personal accident cover for any other person can be obtained by paying an additional premium.

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  • Ans

    Traffic Police in India will demand certain documents pertaining to your vehicle, at any time, if you have or not have violated the Traffic Laws. It is important to keep these documents handy all the time. Let us understand which are those documents which are supposed to be kept in your vehicle when you are driving on Indian Roads.

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