What Would You Like To Protect
Commercial Vehicle Insurance
Fleet Insurance
Private Car Insurance
Third-Party Insurance
Two Wheeler Insurance
Why is insurance essential for vehicle owners?
Motor insurance policies are designed to safeguard you from unexpected expenses related to your vehicle. These costs may arise from accidents, frequent repairs, or damage caused by natural disasters. Additionally, insurance provides coverage for mandatory third-party liability payments.
Protection for Everyone:
Some motor insurance policies also include coverage for medical expenses resulting from accidents or vehicular mishaps, as well as compensation for the unfortunate loss of a family member.
A Legal Requirement:
As per the Indian Motor Vehicles Act, it is compulsory for all vehicles on Indian roads to have insurance under a Motor Third-Party Liability Insurance policy.
What is a Motor Third-Party Liability Insurance Policy?
This policy covers expenses when an accident occurs, for which the driver or vehicle owner is responsible. It must cover damages to all affected parties, not just the primary vehicle owner.
How to Choose the Right Plan?
Look for Comprehensive Coverage
While third-party coverage is essential for legal driving, it doesn’t offer complete protection. Comprehensive coverage provides protection against both natural and man-made disasters, such as storms, earthquakes, theft, and civil unrest. Additionally, check if the plan offers cashless facilities or eliminates the need for upfront payments.
Understand the Insured Declared Value (IDV)
The IDV is the amount the insurer will pay in the event of an accident or required repairs covered by the policy. Based on your vehicle, estimate potential expenses and determine the appropriate IDV you need.
Consider Additional Coverage Options
Additional covers can offer more than just financial protection. These may include services like roadside assistance or zero-depreciation covers. The types of services vary depending on the insurer.
Opt for a No Claim Bonus
A No Claim Bonus (NCB) is a reward given by insurers for not making any claims during an agreed period, typically one year. The bonus, regulated by the IRDAI, increases each year you remain claim-free.
| Comprehensive Motor Insurance | A comprehensive vehicle insurance policy offers protection against third-party legal liabilities, as well as coverage for damages or losses to the insured vehicle in the event of an accident or mishap. It also safeguards the vehicle from both natural and man-made disasters, such as road accidents, fire, theft, earthquakes, storms, floods, and more. Recommended for: Vehicle owners seeking complete protection for their vehicle. |
| Standalone Own Damage Cover | Launched by the IRDAI, standalone Own Damage (OD) cover policies provide vehicle owners with protection against losses or damages to their vehicle caused by natural or man-made disasters. This policy can be purchased by individuals who already have third-party coverage, either from the same insurer or a different one. Recommended for: Vehicle owners seeking comprehensive protection for their vehicle. |
| Third-Party Motor Insurance | Third-party motor insurance is legally required in India. It safeguards the policyholder against legal liabilities resulting from accidents involving their vehicle. This includes coverage for bodily injury, death, or property damage caused to a third party by the insured vehicle, with the insurer handling the legal responsibilities. Recommended for: Vehicle owners seeking compliance with legal requirements and protection against third-party liabilities. |