Motor Insurance

“Motor insurance isn’t just about covering your car; it’s about safeguarding your journey.”

Motor Insurance -

car insurance Also known as car insurance. It is financial coverage that protects you financially from damage to your car or bicycle caused by natural or man-made disasters such as earthquakes, floods, lightning strikes, and even theft. Car insurance processing is relatively straightforward.

Insurance companies provide coverage in exchange for a pre-determined premium amount, a wide variety of variables such as car model, age, and accessories. Driving style, etc., affects the premium amount. Read on to learn the benefits and reasons for car insurance.

What is Motor Insurance?

If your car is damaged by a natural or man-made disaster. You can use car insurance to protect your finances.

The main advantage of car insurance is that it provides financial compensation in case your car is destroyed in an accident, riot, fire, thunderstorm, lightning, flood, etc. In addition to providing coverage in case your car is stolen, it also provides protection in case your car is stolen.

Types of Motor Insurance Policy -

There are three different types of car insurance. For example:

1) Third-Party motor Insurance

This type of car insurance protects you from being sued for third-party property damage caused by your vehicle. In other words, it compensates third parties for harm or death caused by your vehicle.

Damage to you or your car is not covered by third-party car insurance. All cars operating on public highways must be covered by third party car insurance.

2) Own Damage Motor Insurance -

Self-damage car insurance pays for damage to your car from an accident, as the name suggests. This includes the cost of replacing or repairing damaged parts. This includes personal items that were in the car at the time of the accident.

3) Comprehensive Motor Insurance -

The benefits of third party insurance and own damage coverage are included in a comprehensive car insurance plan. It provides coverage against risks such as fire, theft, riot, vandalism, lightning, flood, tornado, etc. It makes sense to purchase the right car insurance for 360-degree coverage for your vehicle.

Importance of motor Insurance Policy

1) Provides a financial safety net in the event of an accident-

Car insurance provides you with financial protection in case your car gets damaged in an accident, earthquake, lightning strike, flood, etc. Keep in mind that maintaining your car after these events can be very expensive.

However, car insurance plans Very useful Additionally, if the physical injury is the result of an accident Car insurance will cover the cost. In other words Covers medical expenses resulting from a collision with your vehicle.

2) Handles a third party's liability -

This is just another justification for the significance of motor insurance. It handles third-party liability that results from harms to a third party that include your vehicle.

In other words, your insurer defends you against legal actions by paying for a third party’s medical expenses.

3) Required by Law -

Any vehicle operating on public highways must be insured. especially liability to third parties Not having insurance can result in serious penalties. On the contrary Having car insurance gives you peace of mind. Because you understand that you will be provided with a backup plan should your vehicle suffer any damage.

4) Assurance in the event of death -

The worst outcome after an accident can be death. If you are the only caregiver in your family Sudden death can be uncertain due to their financial circumstances, however, paying out car insurance coverage can support your family’s daily needs. and help you maintain your financial independence.

What is covered in Motor Insurance?

When purchasing car insurance It is important to understand the concept of coverage. You drive to work Performing duties Have fun with the family or spend time with friends As a responsible car owner You have to maintain the condition of your car. drive safely and obey all traffic laws. So you want to be able to drive without worry. Even if you have prepared But your car can still encounter unexpected situations on the side of the road.

Car insurance is a great option to deal with your financial concerns in situations like this. Financial loss resulting from any unfortunate event. related to your car Will be covered under all types of car insurance. Subject to the exact terms and conditions in your policy… You should focus on recovery after a car accident. And don’t stress about the financial results.

You should always have adequate car insurance. And it should be enforced to handle such events without worry. In terms of protection Coverage explains the options. In addition to the standard coverage according to the policy You can also choose from a variety of add-ons to increase your policy coverage.

Third-Party Motor Insurance Covers :

  • When purchasing this type of car insurance You will receive the following benefits:
  • The cost of replacing or repairing a damaged vehicle owned by a third party.
  • Medical expenses and other treatment expenses
  • Third party death liability.

Own damage Motor Insurance Covers :

If you choose to buy insurance for your own damaged car. Your vehicle will be covered for damaged repairs. The age of the vehicle and the insured value are factors in calculating collision coverage.

The maximum reimbursement limit under a collision coverage policy is determined by the loss incurred, less IDV, when a claim is made. If you borrow money to buy a car, you should also get collision coverage.

Personal Accident Cover :

If you want to protect yourself as a car owner-driver. By choosing to receive medical treatment money after an accident You have personal accident car insurance.

Depreciation-free Insurance :

It is usually available as an add-on to your car insurance policy. This protection Let’s say your car is damaged and some parts need to be replaced. The insurance company takes depreciation on the stock when paying a claim. You can charge your entire claim with zero depreciation. without taking into account any depreciation costs

Comprehensive Motor Insurance Covers :

Because it covers third party liability Damage to your vehicle Personal accident coverage as well as damage from all collisions such as hurricanes, floods, fires, and theft. You can further enhance your comprehensive car insurance coverage with a variety of additional coverage options. that provides the highest level of protection

What is not Covered in Motor Insurance?

1) Regular wear and tear of your vehicle

Because it covers third party liability Damage to your vehicle Personal accident coverage as well as damage from all collisions such as hurricanes, floods, fires, and theft. You can further enhance your comprehensive car insurance coverage with a variety of additional coverage options. that provides the highest level of protection

2) Your individual possessions

If your car is broken or destroyed Your insurance will cover the cost of repairs. However, it does not cover theft or damage to personal items you have in your vehicle. Remember to keep your items out of sight and out of sight to keep them safe.

3) Driving without the required documentation

Using a vehicle without required documents such as a valid driver’s license, vehicle registration, PUC certificate, vehicle insurance policy. This is against the law, so if you have an accident and do not have all the required documents, you will not be covered for loss or damage. So be sure to keep all legal documents on hand.

4) Using a personal vehicle for work purposes

If the personal vehicle is used for business purposes Your insurance will not cover it. If your insurance does not cover commercial vehicles You may not be able to file a claim if your vehicle is involved in an accident while transporting items for your business. This type of insurance is called “Business use” is generally excluded from personal auto policies.

5) Breaking traffic laws

If you want to be a responsible driver, you must follow all traffic rules. During that time There will be no compensation for any damages. If you violate traffic rules Driving drunk and driving Or run a red light.

6) No coverage when using another person's vehicle

If you have an accident while driving someone else’s car or a rental car Your claim will be rejected. Only claims for automobiles registered in the insured’s name will be covered by the insurance company. If your partner or a close relative drives your car and causes an accident. Insurance will deny claims for the same reason.

7) Your motor insurance coverage not being renewed

Keep in mind that you must always have an up-to-date car insurance policy. You should consider your policy renewal date. Even if your insurance company sends you renewal notices, You must renew before the policy expires. If your coverage expires or has expired and is involved in an accident. Your insurance company will not consider your claim.

8) Modifying the vehicle

Many people like to add accessories to customize their cars. Be sure to notify your insurance company if you add any components or accessories. to your car Otherwise, your claim will be denied because these changed items were not covered when you purchased your policy.

9) Consumables

Car supplies are not included in your comprehensive car insurance policy. This includes things like nuts and bolts. Oils and Lubricants and gases that have a limited lifespan You will need to place these consumables in your own bag at the point of claim settlement.

How to File Claim under Motor Insurance Policy -

Although car accidents can be annoying and unwanted, But you should always make a claim before leaving the scene of an accident. Therefore, the steps that must be followed in filing a car insurance claim are as follows.

Tell Your Insurer

Notify your car insurance company as soon as possible. This is because most insurance companies have a time frame for submitting their accident information. If you do not meet the deadline Your claim may be denied.

Then, file an FIR with the nearby police department. After lodging the FIR, the police will visit the crime scene and try to ascertain why the driver and other passengers’ records were obtained. who was in the car at the time. Please note that the FIR can only be stopped if you file a complaint. Claim dents and scratches with your car insurance company.

To record a collision It is important that you take photos of the accident scene and your vehicle. If you do this You can easily pay your car insurance claims.

You can file a car insurance claim only after providing all required documents to the insurance company. You must provide the insurance company with some important documents. This includes the following documents: A preliminary information report (FIR) filed with the police station. Copy of insurance contract Copy of driver’s license and vehicle registration documents

After submitting the required documents You must request that the insurance send a surveyor as soon as possible to begin the inspection process. If you submit a claim without cash A surveyor will determine the extent of your car’s damage and help you choose a fake auto repair shop.

Car repairs can be started after following the above steps. It depends on the claim type you choose. The car will need to be repaired. Here are two possibilities for resolving car insurance claims.

You can easily take your damaged vehicle to a partner repair shop recommended by your insurance provider for a cashless claim. In the case of cashless car insurance claims The policyholder must pay the first portion of the damage only. The insured person will bear the remaining costs.

The policyholder will be responsible for all expenses related to compensation out of his own pocket in the event of a claim. The insurance provider must receive an original copy of the bill. Receipts, medical records, pictures, etc. after deducting the total deductible. The insurance company will refund the entire cost of repairs. Policyholders can get their vehicle repaired by a mechanic of their choice using the claim option.

Things To Keep In Mind When Making A motor Insurance Claim -

There are a few factors to consider when making a car insurance claim. Some of which are listed in the section below.

  • After the accident Inspect yourself and your vehicle to see if you or the insured vehicle has suffered serious injuries or property damage. Depending on the severity of the damage or injury, you may be able to seek medical or other assistance.
  • Don’t delay filing a claim because doing so may lead to your car insurance claim being rejected later.
  • Try to record the vehicle number in the event of an accident due to a collision with another vehicle to check later.
  • Avoid providing false or inaccurate information when submitting a claim. Doing so will result in your request being automatically rejected.
  • Do not physically harm or verbally abuse third parties in case of any danger. Report the situation to the police immediately.
  • Keep all of your documents handy to ensure that filing a car insurance claim with your insurance company goes smoothly.
  • In addition to everything mentioned above. Try to remain calm and collected when filing a car insurance claim. Because the process can sometimes be tedious.

Frequently Asked Questions:-

Which type of motor insurance is best in India?

Good car insurance in India provides comprehensive coverage. It covers both third party liability and damage to your own vehicle.

Before choosing the car insurance plan you want to buy The type of coverage must be considered first. Additional protection Excess discount Value declared insured Claim payment ratio And customer reviews are additional variables used to compare car insurance.

The government has made it compulsory to purchase car insurance to prevent anyone from suffering financial loss in an accident. When they do, they should be fairly compensated.

If you choose to claim cashless Your insurance company won’t have to worry about finding the money to pay for car repairs before waiting for a refund. And the insurance carrier pays the claim amount directly to the net auto repair shop through cashless auto insurance.

In the event of a claim for compensation The policyholder must pay all expenses related to compensation from his own funds.