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  • Writer's pictureTeam ArthaPurna

Motor Insurance

Updated: Oct 3, 2022

A motor insurance policy, often known as vehicle insurance, protects the owner and/or driver of a vehicle from financial losses in the event that those losses are caused by theft, accidents, or natural disasters. Your insurance company agrees to split the cost of fixing losses in exchange for regular premium payments.

Today, almost every Indian household has a car, bike and commercial vehicle. No matter how cautious they are, bad things could still happen to them and their vehicles. They can have to pay exorbitant repair charges after an accident, robbery, or attempted theft, or they might have to get a brand-new vehicle. You won't have to worry about anything if you have motor insurance. Your motor insurance company will contribute to the cost of any repairs or the cost of the vehicle.

However, there are other situations in which your motor insurance policy comes in handy. You won't be responsible for paying for harm done to another person, their motor, or their property either with a vehicle insurance policy that also includes third-party liability coverage. In India, third-party motor insurance is actually required. When driving without third-party liability coverage under your motor insurance policy, you risk receiving a high traffic ticket.

Features of a Motor Insurance Policy: -

  • Financial Security: The expense of your vehicle's repairs is helped by motor insurance coverage. Motor insurance is a crucial component of any sound savings strategy, even while it cannot help you increase your money. The cost of repairs may be covered in part by your motor insurance policy.

  • No-Claim Bonus (NCB): When you go a whole policy year without filing a claim under your motor insurance policy, your insurer will reward you with a No Claim Bonus, or NCB. The benefit is a decreased annual rate for your motor insurance policy.

  • Quick Claims: You can benefit from a quick and simple cashless claims process while having your motor fixed at one of the network garages.

  • Protection Against Damages: Complete damage coverage is offered by a comprehensive motor insurance policy. Your motor insurance coverage will therefore cover any damage brought on by a natural disaster, theft, or accidents.

  • Third-Party Cover: Third-party responsibility offers the vehicle owner protection in the event that an accident results in injury to or damage to another person or another person's property. The third-party costs will be partially covered by the motor insurance policy. To lawfully drive a motor on Indian roads, you must have third-party insurance at the very least.

  • Customizable Add-Ons: Choose from a selection of up to 13 motor insurance add-ons to increase the protection of your vehicle. You have the option to choose extra features like roadside assistance or NCB protection.

Why Should I Buy a Motor Insurance Policy?

  1. Protection from Third-Party Liability - When the insured vehicle unintentionally causes damage to a third party's property or vehicle or injures a third-party person, third-party liability becomes a problem. Vehicle insurance that covers third parties shields the policyholder from having to foot the expense for the other party's medical care or repairs out of pocket.

  2. Security Against Theft - Your motor insurance coverage will help pay for the financial losses and make up for the loss if your motor is vandalized or any of its parts are stolen. In the event that your motor is stolen or irreparably destroyed, your motor insurance coverage can assist cover the cost of replacing the stolen parts or perhaps the entire motor.

  3. Financial Cover Against Damages - Even the most cautious driver could be involved in a collision. Fixing a minor ding in your priceless motor could cost you a lot of money. You don't have to worry about the expense if your vehicle insurance includes own damage coverage. A solid motor insurance plan will assist you in covering the expense of any damage to your motor, making it a crucial component of your financial strategy.

  4. Cover Against Natural Calamities - We learn of a new natural disaster that has caused property damage and fatalities almost every day. You won't be responsible for any financial loss or hardship if your motor is destroyed by floods, earthquakes, or other covered disasters. Your motor insurance will intervene to solve your problems.

  5. Cover for Personal Injuries - Accidents can cause damage to everything besides just your motor. It can end up harming you or the other motor occupants. You may be eligible for financial assistance to deal with injuries that are a direct result of a motor accident, depending on the vehicle insurance coverage you select.

Motor Insurance Types: -

Moving from place to place is tremendously convenient when you have a motor. But operating and owning a motor also carries certain inherent risks. You might have an accident, or someone might intentionally try to steal from you or harm your favorite asset. We provide a variety of insurance, allowing you to choose the one that best fits your risk and requirements:

  • Third-Party Liability Only Motor Insurance Policy: The most fundamental types of motor insurance are third-party liability only policies. They safeguard you against the monetary and legal obligations that result from an accident that damages a third party or their property. You must keep in mind that a motor insurance coverage that only covers third parties will not pay for any damages to your motor.

  • Own Damage Motor Insurance Policy: The financial losses brought on by unintentional damage to your motor are covered by an own damage motor insurance policy. These motor insurance plans just cover your vehicle. They don't offer protection for harm done to a third party, their motor, or their possessions.

  • Comprehensive Motor Insurance Policy: Compared to a simple third-party motor insurance policy, a comprehensive vehicle insurance policy gives substantial coverage. The comprehensive motor insurance policy gives protection against monetary losses resulting from third-party liability and damage to your own vehicle.

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