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Motor Insurance

What is Motor Insurance or motor vehicle Insurance

We have come a long way since those days when Motor-owners were looked at with a sense of uneasy feelings. In present times, these four-wheeler vehicles have become a sheer necessity and very much in the grasp of common men. Along with the Indian economy, even the income of Indians has increased substantially in the last decade. The sale of Motors in India is currently at an all-time high. So, you need to ensure the safety of you and other people on the road. Natural calamities may have your Motor damaged or lost or your Motor might cause an accident that lead to death of people in another Motor or in the street or destruction of third party's property. All these unfortunate situations can put you in a lot of trouble unless you remain protected beforehand.

Why you should go for Motor Insurance

There are several reasons to make Motor insurance and it is must for every driver. In India insurance covering third party is mandatory for every driver. If you are caught without the insurance, you will be required to pay the penalty and can also lose your driving privileges. Although, it is up to you to keep your own Motor under cover but most Motor-owners avail a comprehensive Motor insurance plan to keep their own Motors covered from unforeseen circumstances to avoid financial losses. With the arrival of online Motor insurance policies now it is also effortless to make a purchase and to renew. So, you have to get Motor insurance for you, your family and friends and also for the people on the road.

Types of Motor Insurance

There are essentially two different types of Motor insurance policies in India- Third Party Liability Insurance (Mandatory) and Comprehensive Motor Insurance (Optional).

Third Party Liability Insurance

This type of Motor insurance protects you from paying for the third party damages bodily injuries if you are responsible for the accident. The loss due to death and injuries of policyholders is not covered in this type of Motor insurance plan. In India, third party motor insurance is mandatory for all Indians under 1988's Motor Vehicle Act. So, you have to opt for it even if you don't want to avail the comprehensive one.

Comprehensive Motor Insurance

This type of policy provides the coverage offered by the above mentioned third party liability insurance along with the coverage for damage to your vehicle, bodily injuries, and theft. This policy is not mandatory for any driver. If any accident occur the driver will not be paid for his/her Motor or himself/herself or any damage. The major difference between comprehensive and third party motor insurance policies is Motor-owners who avail third party Motor insurance stay financially unprotected if the vehicle of the policyholders gets completely or partially damaged.

Key Features of Motor Insurance

  • Access to hundreds of network garages for cashless services throughout the country
  • 24 x 7 road-side assistance, like towing, fuel, mechanic’s service, and even accommodation if you are stranded due to problems in your Motor
  • Optional coverage to cover the bodily injuries of co-passengers
  • Zero depreciation coverage
  • Instant issuance of digitally signed policy documents when you purchase the policy online
  • NCB (No Claim Bonus) while renewing the policy if you do not make any claim during the policy period
  • Transfer NCB bonus if opting for Motor insurance policy from a different provider
  • Discounts if you buy anti-theft devices that are approved by ARAI
  • Multiple add-ons cover to provide additional benefits.

Benefits of Motor Insurance

Motor insurance can help offset the loss of huge sum in the following manner: Provides benefits to survivors when an accident results in death. It covers lawsuits, including legal fees brought against you as the result of an accident. It covers the bills of vehicle repairs due to damage caused in an accident.
  • All the states in India require a minimum amount of insurance. Motor insurance can help offset the loss of huge sum in the following manner:
  • Provides benefits to survivors when an accident results in death.
  • It covers lawsuits, including legal fees brought against you as the result of an accident.
  • Covers the bills of vehicle repairs due to damage caused in an accident.
  • Covers damage caused by other than an accident for example, theft, fire, etc.
  • Additional discounts: Motor insurance policies allow premium discounts for theft or for owning more than one policy with the same insurer. It also provides added advantage to extend coverage to others driving your Motor with your permission.
  • No Claim Bonus: If you do not make a claim during the policy period, a No Claim Bonus is offered on renewals provided you fulfill certain terms and conditions.

Motor Insurance Coverage

Comprehensive Motor insurance

The comprehensive Motor insurance policy provides policyholders with the following coverage on their insured vehicles.
  • Natural calamities like earthquake, floods, hurricane, etc.
  • Man-made calamities like burglary, riots, strikes, etc.
  • Personal accident cover: It provides accident cover to the owner or driver and the passengers while travelling in the vehicle.

Third Party Insurance

This policy only covers the damage done by your vehicle to other vehicle or property such as:
  • Any long-lasting or permanent injury/death of a person.
  • Any damage caused to any other insured property caused while anyone is driving the insured vehicle.

What is not covered under Motor insurance?

  • Wear and tear or aging of the vehicle.
  • Depreciation or any consequential loss.
  • Mechanical/electrical breakdown.
  • Wear and tear of consumables like tires and tubes.
  • Insured vehicle being used for purposes other than mentioned in the limitations of usage in the agreement.
  • Vehicle being used outside the geographical boundaries of India.
  • A person driving any vehicle without a valid licence.
  • A person driving the vehicle under the influence of any kind of drugs or liquor.
  • Loss/damage encountered due to war, mutiny or nuclear risk.

Eligibility and Criteria

*You must have a valid driver’s license To obtain an auto insurance policy, you need to have a valid license. If you intend to list any other drivers on the policy, they will also need to have a valid driver’s license.
  1. Be a resident of India: All drivers for the insured Motor must reside in India
  2. Past losses or convictions: Eligibility is also based on things like prior accident record as an example and will vary depending on whether you are looking for a new Motor insurance policy or wish to renew an existing policy. Other restrictions may arise from past convictions and can vary depending on when your last conviction occurred and the nature of the conviction. Here are the restrictions that may prevent you from getting Motor insurance
  3. You have not been disqualified from driving at any time in the last 5 years
  4. You have not been convicted of any non-motor criminal offence, have any criminal prosecutions pending or received a police caution. Convictions spent under the Rehabilitation of Offenders Act 1974 are excluded.
  5. You have no connection with any of the following businesses or professions, Foreign Service or diplomatic personnel, gambling industry, general dealers, market traders, mini-cab drivers, professional sports, salvage or scrap merchants.

Required Document for Motor Insurance

To buy Motor insurance, you will need-
  • Copy of the driving license of person purchasing the insurance.
  • Copy of registration certificate of the Motor.
  • Declaration page of the insurance policy if you already have a Motor insurance.
  • Duly-filled insurance form.

Why Pricetol?

If you are looking to buy Motor insurance Pricetol is a excellent choice. Pricetol is a comparing website where you can compare the price of your Motor Insurance more than 5 insurance providers and allows you to get Motor insurance and compare Motor insurance online to enable you to choose the best coverage plan. With instant approvals and hassle-free processing, Pricetol confirms that your vehicle insurance-buying process is quick and easy and helpful.

What is Motor Insurance?

Motor insurance is an agreement which require the policyholder to pay a fixed premium annually, and in return, the insurance provider offers financial coverage to the policyholder in the case of an accident through this vehicle.

Should I Buy third party liability or comprehensive insurance?

Third party liability insurance is compulsory for every vehicle in India now. This insurance provides coverage and expenses for damages and injuries caused to others during an accident for which you are responsible or liable. But in the case of an accident, it is also very important to have coverage for the damages to your Motor and your injuries, and this is where a comprehensive insurance can help you out. While a comprehensive insurance is not compulsory, it is highly helpful as it offers coverage for both the parties in an accident which is very beneficial.

How Motor Insurance premium is calculated?

Many different factors are taken into deliberation while calculating the premium. The premium for Third Party Liability Insurance is decided by IRDAI i.e. Insurance Regulatory and Development Authority of India. If it is a comprehensive coverage, many factors like the class of the vehicle, seating capacity, details about the driver, etc. are taken into consideration. As all the different insurance companies offer Motor insurance at different rates, it is very important for us to compare the premiums before making a decision.

What is NCB (No Claim Bonus)?

If you are renewing your Motor insurance, No Claim Bonus is a discount offered on the premium for the new Motor insurance. Only if you have not made any claims throughout the policy terms of the previous insurance.

Can the premium of Motor Insurance be paid in installments?

No, you cannot pay the premium in installments. If you are looking to buy Motor insurance online, you can use a credit Motord for paying the premium and can later repay the amount to the Credit Motord Company or banks.

What is then when someone else driving my Motor at the time of accident?

Coverage will still be provided as per the terms of the policy if the driver has a valid driving license. So, make sure that you only allow someone to drive your Motor when they have a valid driving license. Also, if you or any other driver is under the influence of drugs or alcohol at the time of the accident, the insurance company will not compensate for the accident.

What is the validity of Motor Insurance?

Motor insurance is generally valid for a year and should be renewed before the due date. Unlike other types of insurance policies, Motor insurances do not come with any grace period. So, make it sure that you renew the policy before the due date. Even if there is a drop of a single day, your Motor will be inspecting again. Also, if you have a complete Motor insurance which is not renewed within 90 days from the due date, you can also lose the NCB benefits.