5 Common Myths About Buying Motor Insurance

Get Car Insurance starting at only ₹2,094/year #
Processing

When buying car insurance, it is essential to have a thorough understanding of the motor insurance sector. However, differentiating between fact and fiction is another dilemma, as the auto insurance sector has its own myths and misconceptions. Here are 5 common myths about buying motor insurance that you should know.

Read more

  • Renew policy in 2 minutes*

  • 20+ Insurers to choose

  • 51 Lakh+ Vehicles Insured

#TP price for less than 1000 CC cars. All savings are provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.

Get Car Insurance starting at only ₹2,094/year #
Looking for Car Insurance?
    Other models
    Other variants
    Select your variant
    View all variants
      Full Name
      Email
      Mobile No.
      View Prices
      Please wait..
      By clicking on “View Prices”, you agree to our Privacy Policy & Terms of Use
      Get Updates on WhatsApp
      Select Make
      Select Model
      Fuel Type
      Select variant
      Registration year
      Registration month
      Save & update
      Please wait..

      We have found best plans for you!! Our advisor will get in touch with you soon.

      Common Myths Around Motor Insurance

      Let us bust 5 misconceptions associated with buying vehicle insurance so that you can find the best plan for your vehicle. Take a look:

      5 Common Myths About Buying Motor Insurance

      1. My Old Car Does Not Need Auto Insurance

        The Indian Motor Vehicle Act of 1961 makes it mandatory for every vehicle to be protected by an insurance policy, old or new. However, many people might feel that the low replacement value of an old car does not require the renewal of comprehensive insurance or even a third-party insurance plan. But what we need to remember here is that old cars have a high probability of theft due to the demand for their parts. Hence, motor insurance is very important, not just for new but old cars, as it grants a sense of security to the car owner and policyholder.

      2. Insurance Only Covers Damages When I'm Not Guilty

        When you have Comprehensive Motor Insurance, you are covered for all types of accidents including the ones where you are at fault. All you need to provide is your valid driving license at the time of claim. Comprehensive Motor Insurance covers your vehicle for mechanical faults or damages, theft, flood, terrorism, riots, etc. However, if you are in an accident under the influence of alcohol or drugs, your damages will not be covered. Additionally, the use of your vehicle should comply with the policy term and conditions. It means that if you use a personal vehicle for business purposes and meet with an accident, you can not raise a claim for its damages.

      3. If I Transfer My Policy To Another Insurer, I Will Lose NCB

        The No Claim Bonus(NCB) is a kind of reward given to the policyholder for having a claim-free year. It is an amount that accumulates year after year if no claims are raised. The NCB is a transferable feature that follows you wherever you go. That means even if you transfer your motor insurance from one insurer to another, your NCB gets transferred to your next insurer. All you have to ensure is that your transfer is filed within 90 days from the expiry date of your old policy.

      4. If I Sell My Car, The New Owner Will Get My NCB

        The NCB is an asset that a policyholder earns for not raising any claims in their policy years. In a way, it also reflects on the seasoned driving skills of the policyholder. Therefore, only the policyholder has rights to it. Regardless of whichever insurer you choose, your NCB will remain with you and you will receive it if you choose to sell your car to another owner. It usually happens after the hypothecation process or the transfer of the car's ownership takes place.

      5. The Online Claiming Process Is Confusing

        The online claim process is easier than you think. You can simply log on to your insurers website and fill out the claims form by providing relevant information and submitting it. Soon after your claim is registered online, youll be contacted by a customer care executive within 24 hours. They will take you through each step of the remaining formalities. All of these steps of the process happen hassle-free and without any confusion. If your vehicle sustains any damages, it is taken to a garage directly, and the insurer takes care of the claim from there itself.

        So, if you are considering getting motor insurance, do not let the above myths and misconceptions derail you from your intent. Motor insurance is a necessity today as it secures your vehicles and unburdens you financially in the event of a mishap.

      Find similar car insurance quotes by body type

      Hatchback Sedan SUV MUV
      Search
      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
       Why buy from policybazaar

      Car insurance articles

      Recent Articles
      Popular Articles
      Importance and Benefits of Comprehensive Car Insurance Policy

      20 Sep 2023

      Having third-party car insurance is mandatory as per the motor
      Read more
      5 Common Myths About Buying Motor Insurance

      13 Sep 2023

      When buying car insurance, it is essential to have a thorough
      Read more
      Lesser Known Motor insurance Add-ons

      13 Sep 2023

      While popular add-ons like Engine Cover, Zero Dep, and Return to
      Read more
      6 Things To Consider Before Buying Your New Car

      04 Sep 2023

      Buying a new car can become a harrowing experience if you don't
      Read more
      Essential Tips To Take Care Of Your Car's Engine

      07 Sep 2023

      As much as the heart is a vital organ for your body, the engine is
      Read more
      Check Vehicle/Car Insurance Status Online on Parivahan Sewa, Vahan, IIB & RTO
      It doesn’t matter if you are an excellent driver or take your car out only once in a few months, your car must be
      Read more
      How to Find Car Insurance Details by Registration Number?
      As a car owner, it is mandatory to have a car insurance policy under the Motor Vehicles Act, 1988. Sometimes, you
      Read more
      Getting Your Duplicate Car Insurance Policy is Easy-Here’s How!
      Losing your car insurance documents can be daunting. In such a state of affairs, the first thing that comes to your
      Read more
      How to Transfer Car Insurance Policy?
      An integral part of selling a car, for both the buyer and the seller, is ensuring a successful car insurance
      Read more
      Vehicle Scrappage Policy in India: All You Need to Know
      With an aim to phase out unfit and polluting vehicles, the Government of India has rolled out Vehicle Scrappage
      Read more

      top
      View Plans
      Close
      Download the Policybazaar app
      to manage all your insurance needs.
      INSTALL