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What is Motor Insurance?

Motor Insurance ensures protection to the vehicle owner against financial risks that may arise due to any third party liability.

When a vehicle suffers damage, the insurance company pays for the damages caused to the vehicle and any third party if involved in the accident. A Motor Insurance insures your car, two-wheeler, commercial vehicle, or any other road vehicle under the Motor Vehicles Act of 1988 for a particular time frame.

Carrying a Third Party Insurance while driving a motor vehicle is a legal obligation and driving without a valid motor insurance is a legal offense that invites penalties. On the other hand, having a third party insurance alone will not protect the vehicle owner from any financial losses incurred due to vehicle theft or accident. It is always safe to buy a comprehensive Motor Insurance Policy that will give complete protection to the vehicle and any third party, if involved.

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Why Do You Need A Motor Insurance Policy?

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Motor Insurance Law

Financial security usually tops the list of priorities. To keep up with it, Motor Insurance is something you can’t afford to neglect.

According to the provisions of India’s motor insurance law, it is mandatory for vehicle owners to insure their vehicles with a third party liability policy. This compulsory policy covers vehicle owners against all legal liability for injuries or death or property damage to any third party as a result of an accident involving the insured vehicle in a public area.

Apart from staying safe on the legal ground by following the motor insurance act, a comprehensive cover takes care of the damages and keeps you away from the unexpected worries that time might impose. Vehicle repairs cost may vary across vehicle workshops, and you can’t even be sure about the quality of service you would get. With a motor insurance policy by your side, you may go to a network garage and get cashless service. You may also avail reimbursement for repairs if you choose to go with a non-network garage of your choice.

Have you ever thought that your premiums go to waste when there is no motor insurance claim to make during a policy period? Go ahead and ask for a No Claim Bonus (NCB) benefit on your next motor insurance renewal where you get to pay a reduced premium amount for your policy. It is even more favorable if you could accumulate NCB for a few years, and then claim for it to get discounts that will get you a good deal.

Convenience of Motor Insurance Online Renewal and Buying

Love managing things online? You can also instantly buy a motor insurance policy online or renew it in a few clicks.

Almost all motor insurance companies have turned digital to make it easy for their internet savvy clients. The mundane process of finding an agent, dealing with him over numerous phone calls and many other issues were simplified.

When you buy online with us, you save on the efforts while enjoying attractive offers and competitive pricing from the various insurance companies. How about getting the optimal coverage for the least premiums possible? You can now get to look for motor insurance comparison online or motor insurance renewal online to receive some of the best motor insurance quotes with add-on covers to satisfy your needs, all at your own comfort.

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How does Motor Insurance Premium Work?

The premium amount you pay for the insurance depends on a few key factors like the type of insurance cover you wish to go with:

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  • A third party cover alone will cost a lot lesser than a comprehensive cover for which you pay higher premiums.
  • The premium amount you pay is directly proportional to the Insured Declared Value (IDV). Higher the IDV, higher is the premium amount you will pay. Remember that the IDV for a brand new car will always be higher than a used car. Age of the vehicle always plays an important role - older the vehicle, lesser the premium you pay.
  • Cubic Capacity of Vehicle is another factor that determines the premium amount. The higher the cubic capacity of your vehicle’s engine, higher the premium you pay.
  • The geographical location where your vehicle is registered also controls the premium amount. Vehicles registered under localities that fall in Zone A (includes major metro cities) have higher premium as they have a higher risk ratio of theft incidents and accidents than localities in Zone B that involves rest of India.
  • The premium amount of an insured party with a No Claim Bonus (NCB) will be lesser compared to the ones who make claims. Some policy buyers go with accumulated NCB and enjoy lower motor insurance rates.
  • Insurance providers come up with seasonal or special discounts for their clients to improve their clientele. Their discounts are mostly reflected on the premium amount of vehicle with safety features like advanced braking systems, airbags, advanced locking systems, tracking or anti-theft devices, etc.
  • Motor insurance for young drivers has higher premium amount as motor insurance in India for young drivers has higher risk attached to it due to driving habits backed by statistical data on road accidents in India.

What is Not Covered in a Motor Insurance?

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  • You can’t claim an insurance when there is a mishap while driving a motor vehicle without a valid Driving License.
  • You can’t claim an insurance when the person driving a motor vehicle was under the influence of drugs or alcohol.
  • You can’t claim an insurance for electrical or mechanical breakdowns.
  • You can’t claim insurance for accidents that happen outside the geographical limits.
  • Insurance can’t be claimed for vehicles used for any illegal purposes.

How To Buy The Right Insurance Policy?

As motor insurance companies in India offer viable pricing and impressive coverage options, people have a wide range of options to buy from. Thinking about buying motor insurance for your vehicle? Let’s help you take an informed decision.

Comparing and Buying Online: Insurance companies give instant motor insurance quotation through their exclusive motor insurance calculator on the online portals. Before you buy, take time to use the motor insurance premium calculator of various insurance providers and compare the motor insurance premium you will have to pay for similar kind of coverage with different insurers. Buying online can also get you attractive discounts as insurance companies offer special motor insurance tariff for online buyers. It is always a good idea to compare insurance quotes on the website of an insurance broker. An online motor insurance broker provides access to motor insurance companies list along with their best plans from a single window which helps save time.

Opting for the Right Add on Covers: Make a smart move by opting for only the add-ons that you need. Though these rider benefits would vary from insurer to insurer, you can always get the help of a licensed insurance broker to get a better idea on those specific motor insurance policy conditions and benefits.

Select the Deductibles Wisely: Though you can’t escape your share of loss, you can decide the exact amount of voluntary deductibles. A higher voluntary deductible will save you from spending more on your premium.

Know What’s Not Included: Before you buy a policy for its fancy benefits, stop to know what’s not covered in the policy. Understand the terms and conditions of your policy so that you don’t end up making a wrong decision.

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