What is Motor Insurance?
Motor insurance refers to an agreement between the policyholder and the insurance company where the latter agrees to provide financial compensation against any damage to the insured vehicle. It is also called vehicle insurance or auto insurance. To buy motor insurance, you can follow both online and offline routes.
Different Types of motor Insurance
A car insurance plan provides protection if there is any damage to the car due to an unfortunate event or if it is lost and stolen. If due to the insured vehicle there is any damage to a third-party, then the relevant coverage is offered with car insurance plan. There are three different types of car insurance, third-party car insurance, comprehensive car insurance, and standalone own-damage car insurance.
Bike insurance is a contract between the policyholder and the insurance company wherein the latter agrees to provide financial compensation if the insured vehicle is damaged or causes any damage to a third party. Like car insurance, bike insurance is also of three types, third-party bike insurance, standalone own-damage bike insurance, and comprehensive car insurance.
Commercial Vehicle Insurance
As the name suggests commercial vehicle insurance provides financial coverage to a commercial vehicle if it is lost or damaged due to any unforeseen circumstances. Some of the vehicles that fall under the category of commercial vehicles are trucks, goods-carrying vehicles, and more.
Benefits of Buying Motor Insurance?
As per the late reports, India has recorded one of the highest numbers of deaths due to road accidents. In such a scenario and to ensure protection for your vehicle against unforeseen circumstances, it is important to buy an insurance plan like motor insurance. In addition to providing financial assistance, a motor insurance plan also ensures peace of mind for the policyholder. So, buy motor insurance from the top insurance companies and stay stress-free.
How to Buy Motor Insurance Online?
Listed below are the steps by which you can buy motor insurance.
- Fill Out the Details
First, you need to fill in the details of your vehicle such as its registration number, make, model, and other details.
- Compare the Difference Motor Insurance Plans
Next, compare the different plans available and buy the one based on your budget and requirement, buy a desired motor insurance policy.
- Premium Payment
Proceed with the premium payment of your motor insurance policy. Once your payment is successful, you will receive details on your registered email id or phone number.
Why Choose InsuranceDekho for Motor Insurance Online?
- Quick Policy Issuance of Motor Insurance
With InsuranceDekho, you can buy a motor insurance policy in a matter of a few minutes. By just entering a few details, you will get your motor insurance policy issued with InsuranceDekho in just 2 minutes.
- 50 Lakhs+ Happy Customer
Offering the best services, InsuranceDekho has built the trust of over 50 lakhs customers. It offers a transparent and seamless process so that you can buy a desired type of motor insurance policy with InsuranceDekho in a hassle-free manner.
- Dedicated Team Support
InsuranceDekho offers 24*7 support so that all your queries can be handled. You can reach out to the team of InsuranceDekho anytime for buying a policy, claim settlement, or anything else.
Motor Insurance Coverage
- What is Covered?
- What is not Covered?
If there is any kind of damage to the insured vehicle due to an accident or riots or terrorist acts
If the insured vehicle is lost or stolen
If the insured vehicle is damaged due to fire or ignition.
If there are in-transit damages to the insured vehicle.
If there is any damage to the vehicle and the driver is found riding under the influence of alcohol or any other intoxicants.
If there is damage to the insured vehicle and it is found that the driver is riding without a valid driving license and other essential documents.
If there is any kind of damage that takes place outside the geographical area mentioned in the insurance policy.
Any depreciation value is also not covered under a motor insurance policy.
Motor Insurance Add-ons
- No Claim Bonus Add-on
The no claim bonus add-on protects your no claim bonus benefit even if you have raised a motor insurance claim in a given year. Basically, a No Claim Bonus is a benefit that is given to the policyholder if no claim is raised in a given policy year. You can get a discount of up to 50% with No Claim Bonus.
- Key Loss Add-on
No matter how careful you are, there are chances that you might lose or misplace your vehicle keys. In such a case, key loss cover becomes very important so that you get financial protection in getting a duplicate key or getting it repaired.
- Accessories Cover Add-on
This add-on provides financial compensation in case the different accessories installed in your vehicle get stolen or damaged. These accessories include a reverse camera, stereo system, and more.
- Consumable Cover Add-on
When a vehicle is getting repaired, there are different consumable accessories that might face damage such as nuts, bolts, and more. Typically, a motor insurance policy does not provide coverage for these consumables, however, with a consumable add-on, you will get financial protection against consumables also.
- Roadside Assistance Add-on
In case your car breaks down in the middle of your drive or anytime else, then a roadside assistance add-on becomes very crucial. Roadside assistance add-on provides assistance such as repair of flat tyre, car towing, and more services.
- Return to Invoice Add-on
The return to invoice add-on as the name suggests provides the exact amount which you paid while buying the car insurance policy during claim settlement.
Comparison of Different Motor Insurance Plans
|Coverage||Third-Party Plan||Standalone OD Plan||Comprehensive Plan|
|Third-Party Bodily Injuries|
|Third-Party Property Damage|
|Personal Accident Cover|
|Theft of Car|
How To File A Motor Insurance Claim?
A motor insurance claim can be made in two ways - cashless claim or reimbursement claim. When you visit a network (partner) garage of your insurance provider for your motor’s repair work, the claim is settled in a cashless manner When you visit a non-network garage of your choice, the claim is settled first by you and is later reimbursed to you by your insurance provider. You can follow the below steps to make a motor insurance claim -
- Step 1: Inform your insurance provider about the incident
- Step 2: Get your claim intimation number
- Step 3: A surveyor will visit the place of the incident to assess the damages
- Step 4: Your insurance provider will arrange for towing services for your motor, if required
- Step 5: Get your motor repaired at either a cashless network garage or a garage of your motor
- Step 6: The claim will be settled by the insurance provider in accordance with the garage chosen by you for repairs.
Frequently Asked Questions?
What are the three types of motor insurance?
The three different types of motor insurance are vehicle insurance, car insurance, and bike insurance.
What are the eligibility criteria to buy motor insurance?
The only requirement to buy motor insurance is that you legally have a vehicle registered in your name.
Can I include add-ons to my motor insurance plan?
Yes, you can include add-ons to your motor insurance plan, however, the premium will vary depending on the add-ons.
Can I switch my motor insurance plan from one insurer to another?
Yes, you can switch your motor insurance plan from one insurer to another.
How is the premium of motor insurance calculated?
Depending on the model, fuel type, age, and other factors, the premium of motor insurance is evaluated.
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