Planning to go for a long drive with that someone special or with family. Have you insured the vehicle you’re travelling in? Here’s your ultimate guide to everything about motor insurance in India. Motor Insurance is mandatory under the Motor Vehicle Act to ensure your and your vehicle’s safety along with the ones in it. Here are some important things you should know about the Motor Insurance.
Starting with the types of motor insurance.
- Third Party Liability Policy
- Comprehensive Cover Policy
- Collision Coverage
Third Party Liability Policy
This policy is legally mandatory policy in India under the Motor Vehicles Act. This policy, as the name suggests covers against any legal liability to a third party caused from your vehicle or when you are at fault. It’s basically a cover to protect you from death or injury claims caused by you to another person/property.
- Covers legal liability for the damage you caused to a third party
- Death or physical injuries to third party
- Damage caused by you to third party
- Accidental death of the motor owner/driver
- Damage caused to your personal property
- No legal protection for damage caused to a third party property
- Legal costs and expenses incurred
Comprehensive Cover Policy
This policy is exclusively for you and your vehicles protection. It covers damage caused to your vehicle and its accessories.
- Damage to vehicle and owner
- Damage caused by natural and manmade calamities
- Damage caused by fire, explosion, flood, storm, riots, strikes, burglary, theft etc
- Wear and tear
- Depreciation cost
- Insufficient documents (Driving License)
- Consumption of drugs or alcohol
- Mechanical and electrical breakdown
As the name clearly suggests this policy usually protects the Insurance bearer financially against any damage to their vehicle caused by car collision in a road accident. Any loss or damage incurred due to theft or burglary is not taken into consideration in collision coverage policy.
Besides these are various other benefits such as:
Adds-on: Opting this you get benefits like Zero Depreciation where certain part of the vehicle gets insured and when a claim is made the entire (Insured) part of the vehicle is paid as a part of the claim. Engine and gear box protection where any damage to engine or gear box caused by lubricant leakage, water ingression, jammed gear producing whining, clunking and humming noises, clutch failure, maintenance failure, repair and replacement costs are covered.
All of these being add-ons will increase your financial coverage that is, whenever opted for these add-ons an additional premium amount will be added to the base premium amount.
No Claims Bonus: If no insurance is claimed by the insured then is becomes a Claim Free Year which invite rewards with discount on the renewable premium, popularly known as No Claim Bonus which is cumulative and increases every year.
Next time, when you go for a motor insurance make sure you keep these details in mind and choose the best for your car.
With the number of cars steadily increasing in cities, your car might get damaged in the long run and hence it becomes equally important to keep you car in good shape. Any damages to your car glass or windshield can be dangerous. With Windshield Experts’ cashless facility and our tie ups with major insurance companies, get your car glass replaced without any hassle.
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