About Motor Insurance

Car Insurance :

Car Insurance is a vehicle insurance policy to protect yourself from financial losses arising from unforeseen risks such as accidents, thefts or third party liabilities. It is also known as auto or motor insurance. There are two types of motor car insurance in India, third party insurance which protects you from the claim arising out of the accidents involving third parties, and other is comprehensive cover which provides third party cover as well as Own Damage (OD) cover. OD cover protects you from financial losses against accidental damages to your vehicle.

As per the Motor Vehicles Act, 1988, motor third party insurance is mandatory in India. You can avail four wheeler insurance to obtain cover for you (insured party), your car (insured vehicle) and third parties (other vehicles and their property). You can renew or buy car insurance for both new as well as pre-owned cars. The validity of a car insurance policy for old cars is for a period of one year, whereas for a new car the owner has to mandatory buy 3 years compulsory TP with an option of 1 year OD or a 3 year OD.

Comprehensive Car Insurance :

This car insurance policy provides protection to you, your car and third parties against all possible risks. It covers any damage to your vehicle due to natural calamities such as floods, earthquakes, landslides and storms, and also man made disasters such as thefts, riots and strikes. Given the all- around coverage that comprehensive car insurance offers under one umbrella, this type of four- wheeler insurance policy is ideally recommended for all cars.

Both the third-party liability and comprehensive cover plans also include the compulsory personal accident cover for owner-driver with a premium of a particular amount per year, for which the owner-driver is liable to receive a sum assured amount of Rs 15 lakhs in case of:

    TYPE OF INJURY COMPENSATION LEVEL
    Death 100%
    Loss of two limbs or sight  of two eyes or one limb or sight of one eye 100%
    Loss of one limb or sight of one eye 50%
    Permanent total disablement from injuries other than named above. 100%

What Is Two Wheeler Insurance ?

A small misjudgement on the road can lead to a major accident. Two wheeler insurance covers you from the damages to your scooter and motorbike in such a situation. It also covers you against any injuries that you may sustain while riding your bike. The two wheeler insurance policy will also pay for any third-party damages caused by your two-wheeler in an accident. That is not all; your bike insurance will also protect you against financial losses from damage or loss of your two-wheeler because of a theft or a natural disaster. While you may be a cautious rider, lot of situations are out of your hand. You cannot predict when a natural disaster may occur or a manmade disaster catches you unaware

A road accident can happen at any time leading to not just damage to your bike but also injury to you or by-standers. Your two-wheeler is at risk both on and off road. Your bike insurance policy protects you against all such incidents. Further, the Motor Vehicle Act, 1988, mandates that all scooters/motorbikes on public road get at least third-party two wheeler insurance. By paying a reasonable premium towards your two wheeler insurance policy you ensure the safety of your scooter/motorbike, yourself, and any third-party property and life as well. All you have to do in the hour of need is reach out to your insurer, and be assured that you will find the financial support you need

Comprehensive Two Wheeler Insurance

This type of two wheeler insurance provides coverage to you and your two-wheeler called own- damage or OD, as well as third-party liability. It provides financial protection against losses caused by accidents, thefts and natural disasters. You should get comprehensive two wheeler insurance policy for a 360-degree cover.

The OD premium would vary depending on your two wheeler’s cubic capacity, make-model, year of manufacture, engine capacity, and geographical location.

Note: Both the third-party liability and comprehensive cover plans also include the compulsory personal accident cover for owner-driver with a premium of particular amount, for which the owner-driver is liable to receive a sum assured amount of Rs. 15 lacs. As in above mentioned table.