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Motor Insurance Plans

A standard motor insurance or better known as a car insurance policy is usually the insurance coverage mandated by law to drive on the road. Thus, it primarily covers you against liability damages and unexpected repairs. These liability damages can be of two types. First is when a bodily injury has been caused to a third person. Second is where the property of a third person and own car.

Types of Motor Insurance

Motor insurance is of 3 types

Car Insurance

Car Insurance refers to coverage for an accidental loss or damage to own car or to a third party. While choosing for a suitable car insurance policy a person should always look to compare the premium for various insurers so as to know if he has got the best deal or not.

Two Wheeler Insurance

Similar to a Car Insurance, two wheeler insurance also provides protection to cars and bikes. The features of a two wheeler policy are similar to those of a car insurance.

Commercial Vehicle Insurance

Commercial vehicle insurance helps all commercial vehicle drivers to reduce losses they might incur due to damage to their vehicle. It also gives them protection against any legal liability from accidental damage / injury / death. A commercial vehicle insurance covers both the doors carrying vehicle and the passenger. In a few cases insurers also cover the loss to the shipment being transported.

Benefits & Features

A typical vehicle insurance policy covers damages to third party and to self car but the products by a few private insurers offer a large number of other utilities to the policyholders, like:

  • Direct settlement or cashless claims at network garages
  • Depreciation Cover
  • Engine Protection Cover
  • 24X7 Road Side assistance
  • Towing Facility

Coverage under Car Insurance

Coverage's under a motor insurance policy can be classified under 2 broad categories Third Party Car Insurance and a comprehensive package policy.

In case of an accident if the vehicle covered under the policy accidentally injures or damages someone's property Third Party liability helps cover for any cover any legal liability resulting from accident of your vehicle. It includes death, injury or property damage. As per the Indian Motor Vehicles Act all car owners in India need to have third party liability

Whereas, Comprehensive Package Policy is a full package cover which provides protection against third party damage, damage to vehicle and a personal accident cover for the car driver and its occupants.

Car Insurance Claim Process

With large number of insurers entering the auto insurance industry the product designs have undergone revisions too. Many insurers today just like health insurance also offer Cashless Claim settlement at a host of garages across the country

All you have to do is to note the nearest garage and ask them for help from their on they directly coordinate with the insurer. In case the car is not fit to be driven these network of garages also ensure that your vehicle can be towed to them.

Compare Car Insurance

Little do car insurance policyholder's know that by doing a simple comparison they can save up-to 55% on their car insurance premium. This savings comes to them by checking the OD Discount, the profession of the owner of car, age of the driver and few other parameters. Thus before going for the next renewal does a simple comparison check with the car insurance calculator on www.policybzaar.com to save up-to 55% on car insurance renewal.

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Frequently Ask Question

Is it necessary to have motor insurance?

Ans:

Yes it is mandatory to have motor insurance according to the Motor Vehicle Act. It states that every vehicle on the road should be insured at least with a Liability Only policy.

What is cover note?

Ans:

It is a temporary insurance document that acts as a proof of insurance for the registration of your vehicle. Cover note is replaced by an insurance policy and is valid for only 60 days.

What is cashless claim service?

Ans:

Cashless claim service does not require you to pay any liability of getting your vehicle repaired at network garage (insurer's linked garages). Costs like depreciation, compulsory excess and consumables are to be borne by you.

What to carry while registering a motor claim?

Ans:

Carry the registration number of the other vehicle involved in the accident. If damage is caused to property or bodily injury, then do file an FIR at the nearest police station. Also, do submit the name and contact details of witnesses, if any.

How long it takes in claim processing?

Ans:

The duration may vary from one insurer to the other. It also depends on the submission of documents and type of loss or damage. It would take a minimum of 7 days to a maximum of 15 days if the process flows unhindered.

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Expert Speak

When it comes to car insurance, many consumers face an issue at the time of making a claim because of the very many miscommunications and misunderstandings involved. the biggest being the assumption that once insurance is bought all charges in case of an accident will be borne by the insurance company. the fact is, irrespective of the plan, there will always be a charge that will have to be borne by a consumer at the time of a claim.firstly, it must be noted that a motor insurance policy does no ...

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When there was no response from Insurer, it was promptly followed up with them and I was always updated about the status. HATS OFF to your SINCERITY & CUSTOMER SERVICE. Regards. Pavithrakumar Ankad -

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