Motor insurance is mandatory fall the vehicles that are plying on the road. Its main objective is to give complete protection against physical damage or loss from natural and man-made calamities. Motor insurance is the most important document for all the vehicle owners/drivers. It offers protection against bodily injuries, death, physical damage and third-party liabilities. Moreover, it ensures peace of mind and security.
Motor Insurance can be broadly classified under below heads:
Read More About: Types Of Motor Insurance
The damages to the vehicle due to below perils are covered in motor insurance-
Always remember your motor insurance will not provide coverage in below situations-
Do you know, around 4 lakh people meet with road accidents every month? A survey was conducted by the World Health Organization Report, which stated that in 2012, India had recorded the highest number of road deaths in the world.
Considering the high number and poor conditions of the road, motor insurance has become a necessity to drive on the Indian roads. Motor insurance gives financial protection not only to you but it also covers third party damages. A few private insurers offer a large number of other utilities to the policyholders, like:
The document and formalities involved in a motor insurance claim settlement will depend upon the type of vehicle and nature of the loss.
To initiate the process, the insured is required to submit a detailed estimate of the loss to the insurance company. Independent automobile surveyors with engineering background are given the task of assessing the reason and extent of the loss. They carefully inspect the damaged vehicle and submit their survey report with the insurance company who will review and examine it in accordance with the recommendations mentioned therein.The usual practice is to authorize repairs with the repairer to whom the letter is issued in this regard.
On receipt of the notice from the insured or third party, the matter is transferred to the advocate. Complete information about the accident is obtained from the insured along with the following documents-
Soon your premium may go up as IRDA floated a draft proposal seeking an increase in third party insurance premium. To save you from shelling out extra money on the auto insurance premium, our experts at Policy Bazaar have come up with some tips to ensure that you get a better deal on your policy.
While most of us are eager in availing no-claim bonuses (a discount in premium at renewal if no claim is made during the policy term), but we hardly pay attention towards other smaller discounts, which can add up to a substantial amount. All comprehensive insurance plans offer a reward for good claim history, with a discount which could be 50% of the premium.
Also, concessions are given to customers who have a valid membership of a recognized Automobile Association. If you have an excellent driving record, then you can opt for a high ‘voluntary deductible’ as it will reduce the premium amount. It is the percentage of claim amount that you need to pay from your own pocket. Also, you should check for loyalty discounts while renewing your motor insurance policy from the same insurer.
Installation of an anti-theft device is a win-win situation for both the insurer and the insured. When you install ARAI (Automobile Research Association of India) approved anti-theft device, then it makes you entitled to get discounts on your premium.
It is pivotal to note that adding riders to motor insurance will add to premium rates. If already you have sufficient coverage, for instance, your driver is having adequate life insurance coverage; there is no point in buying similar riders. However, in the absence of complete protection, it is worthwhile to opt for these riders.
Do not forget to compare prices before making the purchase. Every insurance company charges different rates and therefore, a little bit scouting will go in your way.
Sadly, very few motor insurance policyholders know that by doing a simple comparison they can save up to 55% on their insurance premium. So whether you are a newbie who is buying a policy for the first time or an experienced buyer who is interested in renewing a policy, come at Policy Bazaar, where after putting basic details, like make of the car, previous claim reports, your age, profession, etc. you can get a long list of top motor insurance providers of the country.
Moreover, you don’t need to run from pillar to post to buy a policy because we give you a safe and easy platform where insurance policies can be bought and renew at a mere mouse click. So wake up to the easiest way of buying motor insurance!
CIN: U74900HR2014PTC053454 Policybazaar Insurance Brokers Private Limited (formerly known as Policybazaar Insurance Web Aggregator Private Limited), Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana - 122001
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