Motor Insurance

A cushion to your financial loss

Road accidents have been a major cause of concern in India. Few lakh deaths are reported every year because of accidents. Thus, it is very important for a person to have motor insurance to manage the consequences and effects of accidents.

It acts as financial protection against any loss or damage to the vehicle. Motor insurance is mandatory for all two-wheeler and four-wheeler vehicles in India.

As per the law, any motor vehicle driven in public places without insurance is a punishable offence.

Types of Motor Insurance Policies
It offers financial cover to the policyholder against any legal liability arising due to damage caused to a third person or third party property. It includes third-party liability as well as any expense incurred by the policy holder due to theft or accident of the vehicle or in case of death, can claim compensation.

BENEFITS OF THIRD-PARTY LIABILITY –

  1. Enables you to drive legally – This policy is mandatory to meet Motor Vehicle Act requirements.
  2. Third-party coverage in case of personal damage – Covers losses to unlimited liability in case of injury or death.
  3. Third-party coverage in case of property damage – Covers losses due to damage to others' property or vehicle.
  4. Protects you from unexpected financial loss – Reduces financial burden during unfortunate accidents.

BENEFITS OF COMPREHENSIVE INSURANCE –

  1. Legal fees – Covers legal expenses arising due to accident cases.
  2. Coverage in case of personal or property damage – Protects policyholders and vehicles.
  3. Financial security – Avoid financial stress after vehicle damage.
  4. Other Benefits:
    • Damage due to fire, severe weather, and natural disasters.
    • Damage caused by third party or animal.
    • Damage due to civil disturbances like riots.
    • Theft and vandalism.

PARAMETERS TO CONSIDER WHEN BUYING MOTOR INSURANCE –

  1. Coverage – Ensure plan provides required protection.
  2. Claim settlement ratio – Check insurer’s claim history.
  3. Network garages – Good cashless garage network.
  4. No claim bonus – Check for accumulated bonus benefits.
Claim Process
  • Call on Toll Free number and keep policy reference ready.
  • Provide engine number, chassis number and registration number.
  • Submit accident details, date, time and location.
  • Insurance company will inspect vehicle damage.
  • Claim reference number will be issued within 24 hours.
  • Submit claim form, driving license, RC copy and repair estimate.
  • Register FIR in case of major loss or bodily injury.

Making a Claim

  • Move vehicle to safe location or tow it.
  • Inform insurance company immediately.
  • Note registration number of other vehicle involved.
  • File FIR for major damages.
  • Surveyor will assess damages before approval.
  • In theft case, file police complaint immediately.

Documents required while making a claim

  • Claim form signed by insured.
  • RC copy of vehicle.
  • Driving license copy.
  • Policy copy with endorsements.
  • Original FIR (if applicable).
  • Repair invoice and estimate.
  • PUC Certificate copy.

For Theft Claims

  • Claim form signed by insured.
  • RC copy with original keys.
  • Driving license copy.
  • Original policy copy.
  • FIR copy and theft report.
  • All original keys of vehicle.

For Third Party Claims

  • Claim form signed by insured.
  • Police FIR copy.
  • Driving license copy.
  • Policy copy.
  • RC copy of vehicle.

Why Buy Vehicle Insurance from SANGHAVI INSURANCE AND FINANCE CONSULTANT?

  • We continuously fulfill client requirements with wide range of plans and riders.
  • 24/7 support during financial crisis or emergency.
  • We guide clients through internal policy terms clearly.
  • Transparent claim settlement process.
  • Regular updates at every stage of claim.

FAQs on Motor Insurance

1. What are the common types of motor insurance?

Ans:

The two common types of motor insurance are third party insurance policy and comprehensive motor insurance policy.

2. Should I buy Motor Insurance? What Motor Insurance cover should I buy - should I buy Comprehensive Insurance or Liability Policy only?

Ans:

All cars, bikes, scooters and trucks plying on Indian roads need a valid motor insurance policy. Without it, you defy the Motor Vehicles Act, 1988 and may face penalty.

Third Party Liability insurance is mandatory. Comprehensive policy covers both liability and own damage.

3. What is covered under vehicle insurance policy?

Ans:

  • Accidental damage
  • Burglary and theft
  • Natural calamities, fire and explosion
  • Malicious acts
  • Third-party legal liability
  • Personal accident cover
4. What is not covered in vehicle insurance policy?

Ans:

  • Mechanical breakdown
  • Wear and tear
  • Driving under alcohol/drugs
  • Driving without valid license
  • Nuclear/radioactive losses
  • Intentional damage
5. What is the period of the policy?

Ans:

Motor policy is usually valid for one year and must be renewed before due date.

6. What is "No Claim Bonus"?

Ans:

NCB is discount given for claim-free years and ranges from 20% to 50%.

7. Can I transfer my insurance to the purchaser of my vehicle?

Ans:

Yes, insurance can be transferred to the buyer with written request and nominal fee.

8. What documents are required to file a car insurance claim in case of accident?

Ans:

  • Duly filled claim form
  • RC copy
  • Repair estimate
  • FIR copy
  • Driving license copy
9. What documents are required to file a car insurance claim in case of death?

Ans:

  • Death certificate
  • Post mortem report
  • FIR copy
  • Hospital records
  • Legal heir documents