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Motor Insurance Coverage in India

What is Motor Insurance Policy?

Definition:

Motor Insurance is a type of insurance policy that provides financial protection against damages, theft, or third-party liabilities related to a vehicle.

Purpose:

Ensures financial security by covering repair costs, legal liabilities, and personal accident benefits in case of accidents, theft, or natural disasters.

Benefits:

Protection against financial losses due to accidents or theft
Coverage for third-party liabilities
Personal accident cover for the owner-driver
Compliance with legal requirements

Types of Motor Insurance

Third-Party Insurance

- What it Covers:Liability to a third party due to injury, damage to another vehicle, or property, including death. It is compulsory by law and does not cover damage to your vehicle.
- Why it’s Important: India recorded more than 4.12 lakh road accidents in 2022, incurring massive losses and liabilities. Third-party insurance saves you legally and financially during such incidents.

Comprehensive Insurance

- What it Covers:Protects against damages from accidents, theft, fire, floods, vandalism, and other natural calamities, aside from third-party liabilities.
- Why it’s Important:In a country where over 2 lakh vehicles were stolen last year and natural calamities like floods strike frequently, a comprehensive motor insurance policy is essential to safeguard your vehicle.

Own Damage (OD) Insurance

- What it Covers: This standalone policy covers damage to your vehicle caused by accidents, theft, or natural disasters. Third-party liability insurance must be purchased separately.
- Why it’s Important: According to an IRDAI report, over 25% of total auto insurance claims were for damages to the insured’s own vehicle, underlining the significance of own damage insurance.

Understanding Motor Insurance

Accidental Liability

Around 1,200 road accidents occur every day in India, and the cost of repairing vehicles continues to rise. In the event of an accident, motor insurance provides financial support for repairs and medical expenses.

Theft Liability

Approximately 2 lakh vehicles are stolen annually in metropolitan areas like Delhi and Mumbai, which is why vehicle insurance offers compensation for your stolen vehicle.

Natural Calamities Coverage

Floods, storms, and earthquakes frequently impact India. Comprehensive vehicle insurance online protects against financial losses arising from these calamities.

Third-Party Liability

This coverage is required by law and pays for third-party injuries or damages. Legally and financially, it protects you from penalties and liabilities.

Personal Accident Cover

Most motor insurance policies include a personal accident cover for the driver, ensuring compensation in case of injury, disability, or death resulting from accidents.

Add-On Covers

Enhance your motor insurance policy by adding:

Zero Depreciation Add-On: Receive the full claim amount without deductions for part depreciation.
Roadside Assistance: Avail emergency help for breakdowns, towing, or on-spot repairs.
Engine Protection Cover: Protect your engine from damages caused by flooding or other mishaps.
No Claim Bonus (NCB) Protection: Safeguard your NCB discount even after making a claim during the policy period.

Benefits of Motor Insurance

Compulsory Provision

Driving without third-party car insurance is illegal in India and can result in fines ranging from ₹2,000 to ₹4,000 and even imprisonment.

Protection against Increased Repair Cost

As automobile repair costs surge due to advanced technology and labor charges, motor insurance shields you from mounting expenses.

Coverage for Sudden Losses

Whether it’s a car accident or theft, motor insurance provides financial protection, helping you recover from unforeseen losses.

Which Is the Right Motor Insurance for Me?

Determine Your Needs

If your purpose is simple insurance which covers the legal requirement, third party insurance is enough. If one wants protection entirely, especially in places prone to vehicles theft and accidents, then a comprehensive coverage is definitely recommended.

Compare Premiums

Compare premiums and benefits offered by different insurers using online tools. Online motor insurance rates in India typically range from 3,000 to 15,000 depending on the vehicle’s model, age, and location.

Add-Ons

Based on your driving behavior and location, consider add-ons like engine protection cover or roadside assistance, particularly if you live in cities prone to floods or breakdowns.

Check Claim Process and Settlement Ratio

Review the claim settlement ratio of insurers before purchasing. A higher ratio indicates smoother claim processes. In 2023, the top insurers in India had an average settlement ratio of 85-90% for motor insurance claims.

Claim Process

Notify the Insurer

Report accidents or thefts immediately. Most insurers offer 24×7 helplines for assistance.

Submission of Documents

Provide the FIR (for theft), claim form, registration documents, photos of damage, and repair estimates.

Assessment and Approval

Insurers send a surveyor to assess damages. Once approved, repairs are covered, and claims are settled as per policy terms.

Why Motor Insurance is Crucial in India

The Gravity of Accidents

With over 4 lakh road accidents annually, vehicle insurance protects against repair costs and medical expenses.

Increasing Theft Cases of Vehicles

Rising vehicle thefts in metro cities make comprehensive insurance essential.

Legal requirement

Avoid penalties and legal consequences by maintaining valid third-party insurance.