plans
Third Party Motor Insurance Plan
General Terms

  • Policy Conditions — the section of an insurance policy that identifies general requirements of an insured and the insurer on matters such as loss reporting and settlement, property valuation, other insurance, subrogation rights, and cancellation and nonrenewal.
  • Damages caused due to accident, riots, strikes, malicious acts, earthquake, flood, storm etc. Loss or theft of the insured vehicle. Third-party liability. Personal accident cover for the driver.

Main Features

Motor insurance is an insurance policy that covers the policyholder in case of financial losses – resulting from an accident or other damages – sustained by the insured vehicle. A comprehensive motor insurance policy covers damages to third-party and third-party property along with compensating for own losses as well.

Highlights

Motor insurance safeguards you financially when a two-wheeler or car gets damaged in an accident or a mishap. A motor insurance policy offers various benefits like the compensation paid in case the vehicle is damaged due to an accident, riots, etc. It offers coverage in case the vehicle falls prey to theft.

What are the benefits of buying a insurance policy?

Features and Benefits

  • Legal Requirement. As per the Indian Motors Vehicle Act, third party insurance is mandatory on all the vehicles. ...
  • Accidental Coverage. ...
  • Safety Against Natural Disasters. ...
  • Cover Against Theft and Vandalism. ...
  • No Claim Bonus.

Benefits of Insurance Coverage

  • Provides Protection. Insurance coverage does reduce the impact of loss that one bears in perilous situations. ...
  • Provides Certainty. Insurance coverage provides a feeling of assurance to the policyholders. ...
  • Risk Sharing. ...
  • Value of Risk. ...
  • Capital Generation. ...
  • Economic Growth. ...
  • Saving Habits.

Eligibility

In India, as per the Motor Vehicles Act, it is mandatory that all vehicles that operate in any public space must have a motor vehicle insurance cover. Policyholders must have at least 'third party liability' motor insurance cover even when opting for the basic insurance plans.

Advantages

Advantages of Car Insurance Policy:

  • Assured for financial liability: Are you sound enough to pay for huge accidental damages? If the answer is no, then choosing the best car insurance policy is the right option to get rid of huge colossal damage costs
  • Assured of repairs and replacement: The car insurance authority analyses the severity of damage and concludes whether to repair or replace the spare parts. A car insurance policy saves your vehicle for these denoted car damages. This rainy season might cause more damage to your vehicle due to bumpy and patchy roads. This damaged road impacts the mechanical parts of your vehicle.
  • Legal Requirement: Car owner needs liability assurance for their newly owned car, having the right insurance policy protects you from legal clauses.
  • Assured for medical claims: In case of severe damage to the driver or passenger, an individual cannot bear the heavy medical expenses. Having an insurance policy assures the medical expenses are covered to support financial expenses.
  • Protects driver and passenger liability: If there is any damage to drivers and passengers in case of accidents, your insurance policy covers the damage expenses. Now you can drive on roads without any stress due to the perks involved in the car insurance policy. Never be too reckless driving in back-up with an insurance policy, there are numerous advantages of car insurance premium. Know how insurance helps you from unforeseen damages.
  • No Claim Bonus: NCB is the No claim bonus which is offered to auto insurance customers at the time of renewal if there is no claim during the previous policy period. The no-claim bonus is a form of discount offered to the customers for not making a claim in the previous policy period.
  • Personal accident cover: This personal accident cover protects you from death due to accident, permanent disability, and the maximum amount paid under the car insurance policy.
  • Budget Premiums: Opt for low premiums where the budget values will work for normal people. Go to our portal for comparing different companies and buy low premiums car insurance policies.
  • Network garages: Car Insurance companies have a large number of network garages the give services in all areas to avail repairs in case of any damage to your vehicle.
  • Third-Party Liabilities: If an accident happens and damage occurred to the third party vehicle the coverage due to the insurance policy can cover the insured vehicle for bodily injury or death of a third party can be protected from a car insurance policy.
Premium Chart
Frequently Asked Question

Frequently Asked Questions on Motor Insurance

  • Should I make small claims?
  • For how long is my motor insurance policy valid?
  • What if at the time of accident my vehicle is being driven by someone else?
  • What happens if I change my car or two wheeler in the middle of the year?
  • I am selling my car.
  • What is NCB?
  1. What if at the time of accident my vehicle is being driven by someone else?
Liability follows the vehicle. So, the bike / car insurance on the vehicle will apply even in the case of it being driven by some other person with your permission. Usually, the liability insurance of the person driving the vehicle will have to pay in the case the amount of the loss exhausts your policy's limits.

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