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types of motor insurance
Motor insurance can be classified into the following heads:
Car insurance gives coverage against accidental loss or damage to own car or any third party. While choosing a car insurance policy, one should always compare the premiums offered by different insurers to ensure that he/she has got the best deal. The amount of premium will depend on the make and value of the car, the state from where it is registered and the year of manufacture of the vehicle.
two wheeler insurance
Two wheeler insurance provides protection to bikes and scooters. This covers two wheelers against any kind of damage. Any accidental damage caused to the property or person of a third party is also covered. The premium for a two wheeler depends on the age of the bike, its make and model, its registration year etc., as in car insurance.
car insurance renewal
commercial vehicle insurance
Commercial vehicle insurance helps all commercial vehicle drivers to cover losses due to damage to their vehicle. Commercial vehicles here include those that are not used for personal purposes, such as vehicles carrying goods. , trucks etc.
Types of Motor Insurance Coverage in India
third party insurance cover
This may include a third person who has been injured in an accident involving you and your vehicle, including cars, scooters, bikes, trucks, etc. The policy does not provide any direct benefit to the insured. As per the Insurance Regulatory and Development of India (IRDA), no insurer can underwrite third party insurance.
comprehensive insurance cover
This cover is an add-on to third party insurance plans and protects the owner of the car, bike, scooter and truck from financial loss due to loss or theft of the insured vehicle. Apart from insuring vehicles, it also provides third-party coverage.
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Pay As Automated Insurance
As per the recent guidelines of IRDA under the Sandbox Project, Pay Your Drive Policy is a newly introduced car insurance product. This car insurance policy allows the policyholder to pay the insurance premium as per the kilometers driven. The policy premium is fixed at the time of buying the policy, depending on the distance declared by the policyholder that he/she expects to drive during the policy tenure. Pay as you drive policy offers both comprehensive and third party liability coverage on a pilot basis for one year. At present, insurers like Bharti AXA, Acko General, ICICI Lombard through their online portals, agents, aggregator websites or others Providing this policy through distribution channels.
What is covered in motor insurance?
Motor insurance covers damages caused to the vehicle due to the following perils-
riot and strike
fire and theft
flood, storm, cyclone
What is not covered in motor insurance?
Always remember that your auto insurance will not provide coverage in the following situations-
If the driver is under the influence of drugs or abuse
Use of car / two wheeler / commercial vehicle for illegal activities or for any purpose not specified in the policy
not having a valid driving license
Outside India, if any loss or damage to the insured vehicle
car insurance penalty
Why should you buy auto insurance?
Do you know, every month about 4 lakh people are victims of road accidents? 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 road numbers and poor conditions, there is a need for motor insurance on Indian roads. Motor insurance not only gives you financial protection but it also covers third party damages. Some private insurers provide a large number of other utilities to policyholders, such as:
Direct Settlement or Cashless Claims at NetworkGarage
engine protection cover
24X7 Roadside Assistance
How to file a motor insurance claim?
The documents and formalities involved in vehicle insurance claim settlement will depend on the type of vehicle and the nature of damage.
Filing of claim in case of damage to the owned car / two wheeler / commercial vehicle
To begin the process, the insured is required to submit a detailed estimate of the damage to the insurance company. Independent automobile surveyors with an engineering background are given the task of assessing the cause and extent of the damage. They carefully inspect the damaged vehicle. and submit their survey report with the insurance company which shall review and investigate as per the recommendations mentioned therein. The normal practice is to authorize repairs with the repairman to whom a letter is issued in this regard.
Apart from the claim form, other documents required for processing claims are-
Health Certificate (Commercial Vehicle)
registration certificate book
final bill from repairmen
third party claim
On receipt of 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-
death in case of fatality claim