Motor Insurance : Give you peace of mind, for wherever the road takes you.

 

Motor Insurance refers to the policies that offer financial assistance in the event of accidents involving your car or bike. Motor Insurance is an Insurance for Cars, Trucks, Motorcycles, and other Road vehicles. Its primary use is to provide the financial protection against the physical damage or bodily injury resulting from the Traffic collisions and against the liability that could also arise from incidents in a vehicle. Motor Insurance may additionally offer financial protection against the theft of the vehicle and against the damage to the vehicle sustained from events other than traffic collisions, such as keying, weather or Natural disaster and damage sustained by colliding with stationary objects. Motor Insurance can be availed for three categories :

Car Insurance - Personally owned four-wheeler vehicles are covered under Motor Insurance.

Two-wheeler Insurance - Personally owned two-wheeler vehicles, including Bikes and Scooters are covered under Motor Insurance.

Commercial vehicle Insurance - If you own a vehicle which  is used commercially, then you need to avail Insurance for the same. 

Types of Motor Insurance Policies :

Third-Party Liability - This is the most basic type of motor insurance cover in India. This  is minimum and mandatory requirement for all Motorized vehicle owners  as per the Motor Vehicles Act of 1988. Due to the limited financial assistance, premiums for such policies also tend to be low. These Insurance plans only pay the financial liability to the third-party affected in the said casualty, ensuring that you do not face legal hassle due to the accident. However they do not offer any financial assistance to repair the policyholder’s vehicle after the accidents.

Comprehensive Cover – As  Compared to The third-party liability option, Comprehensive Insurance plans offer better protection and security. Apart from covering third party liabilities, these plans also cover the expenses incurred for repairing the damages to the policyholder’s own vehicle due to an accident. It also offer a payout in case your vehicle sustains damage due to fire, man-made and natural calamities, riots and others such instances. 

Own Damage Cover - This is a Special form of Motor Insurance, which Insurance companies offer to the its customers. Further, you are eligible to avail such a plan only if you purchased the two-wheeler or car after September 2018. The vehicle must be brand new and not a second-hand one. With own damage cover, you basically receive the same benefits as a comprehensive policy without the third-party liability portion of the policy.

Benefits of Motor Insurance Policies :

·         Prevents Legal Hassle - Helps you to avoid any traffic fines and other legalities that you would otherwise need to bear.

·         Meets All Third-Party Liability - If you injure a person or damage someone’s property during a vehicular accident, the insurance policy helps you in meeting the monetary losses effectively.

·         Financial Assistance to Repair Your own Vehicle - After accidents, you need to spend a considerable sums on repairing your own vehicle. Motor Insurance plans limit such out of pocket expenses, allowing you to undertake repairs immediately.

·         Theft/loss cover - If your vehicle is stolen or theft, your insurance policy will help you to reclaim a portion of the car/bike’s on-road price. You can expect similar assistance if your vehicle is damaged beyond repair due to accidents.


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