Vehicle Insurance

Insurance Description

Vehicle Insurance

  • Car insurance is mandatory as per The Motor Vehicles Act, 1988
  • It needs to be renewed before expiry to keep it active
  • There are two types of policies: Third-party Liability and Comprehensive
  • You have the option of purchasing a car insurance plan of your choice; there is no compulsion of sticking to what the car dealer suggests
  • Buying car insurance online is easy and convenient

1.Third-party Liability Cover:
A Comprehensive insurance plan includes the mandatory aspect associated with a car insurance policy. It covers injury to third party or damage to third party’s property caused due to the insured car.

2.Personal Accident Cover:
Recently, this component of a car insurance policy was revised and the cover was increased from Rs. 2 lakhs to Rs. 15 lakhs. What this means, in case you are injured due to an accident involving your insured car, the insurance company will take care of medical expenses up to Rs. 15 lakhs as per the terms and conditions of the policy.

3.Car Accident:
A car accident has the potential to be devastating; mentally, physically, and financially. Unlike a Third-party Liability policy, a Comprehensive plan covers damages to your car as well. Thus, if your car is damaged due to an accident, the insurance company will take care of the expenses incurred for repairing the insured vehicle.

4.Damages Due to Fire:
A Comprehensive plan covers damages to your car caused due to fire. Fires due to self-ignition, explosion, lightning etc are usually covered under this plan.

5.Car Theft:
Imagine you park your car in a mall’s parking lot and fail to find it while exiting the mall! It would be devastating, wouldn’t it? A Comprehensive plan covers car theft. You shall receive the vehicle’s Insured Declared Value (IDV) in case of car theft, after the claim settlement process.

6.Calamities:
Nowadays, cities are vulnerable to flooding a lot more than they used to in the past. Be it natural calamities such as floods or manmade calamities such as riots, damages to your car will be covered if you purchase a Comprehensive policy.

7.Add-ons:
You also have the option of purchasing additional covers along with your Comprehensive plan. Note that these covers cannot be purchased on a stand-alone basis or along with a Third-party Liability policy. Add-ons are designed to cover the exceptions of a policy and to lend a bit of personalization to your car insurance cover. Here’s a list of popular car insurance Add-ons:

  • Zero Depreciation
  • Roadside Assistance
  • Return to Invoice
  • Engine Protection
  • Passenger Cover

Bike Insurance

Bike insurance is an insurance policy required to provide protection to your two wheeler against any damage which might result into a financial loss. In addition to it, any third party liability which has arisen due to the use of your two wheeler is covered under bike insurance. As per the Motor Vehicle Act, it is mandatory to buy a third party bike insurance policy without which one cannot use the vehicle on road. Bike insurance policy saves you from financial loss in case of an accidental damage or theft leading to total or partial loss of your two wheeler. Broadly, there are two types of insurance plan. Third party liability, which is the compulsory insurance and comprehensive plan. We recommend comprehensive cover over just third party liability as it offers a much broader coverage.

Commercial Vehicle Insurance

Commercial Vehicle Insurance covers Goods Carrying Vehicles, Passenger Carrying Vehicles, Taxies, Miscellaneous class of vehicles such as Tractors, Cranes and Trailers, Trade Road Risk Policy.