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Vehicle insurance or motor insurance offers financial coverage to cars, bikes, trucks, autorickshaws, electric cars or any other vehicle plying in India. It is also mandatory to have a valid motor insurance policy to drive legally in India. A vehicle insurance policy offers coverage against third-party liabilities and accidental damages sustained by your vehicle due to unforeseen events like accidents, calamities, theft, etc. Having at least third-party insurance is mandatory as per the Indian motor laws.
A vehicle insurance policy comes with several features that can be very beneficial for the policyholder. Here are some features that you should know:
Motor vehicle insurance can be broadly classified under below heads:
Car insurance gives coverage against accidental loss or damages to own car caused due to accidents, fire, natural calamities and other unforeseen events. A car policy also covers third party liabilities caused due to the insured car. When choosing a car insurance policy, a person should always compare the premium offered by various insurers to get the best deal. The premium amount would majorly depend on the make & value of the car, the state from which it is registered and the manufacturing year.
Two wheeler insurance or bike insurance provides financial and legal protection to bikes and scooters. It covers two-wheeler vehicles against any own damages such as accidents, fire, theft, etc, as well as any accidental loss caused to third-party property or person. Similar to car insurance, a two-wheeler policy's premium depends on the bike's age, its make & model, registration year, etc.
Commercial vehicle insurance helps all commercial vehicle drivers to reduce losses they might incur due to accidental damage to their vehicle. It covers a commercial vehicle from unforeseen damages like theft, fire, collisions and third-party damages as well. Here commercial vehicles include vehicles that are not used for personal purposes, like goods-carrying vehicles, trucks, auto-rickshaws etc.
The main three types of motor insurance policies offered in India include:
It is a mandatory vehicle insurance policy and covers a third person who has been injured in an accident involving you and your vehicle. It compensates against third-party death, injury and property damage. The policy doesn’t provide any direct benefit to the policyholder’s vehicle.
Recently introduced by the IRDAI, a Standalone own damage cover protects the insured vehicle against any own damages arising out of unforeseen incidents like accident, theft, fire etc. This motor insurance policy can be purchased if you already have a third-party cover and also want to cover own vehicle against financial losses.
This cover is an add-on to the third-party insurance plan and protects the owner of cars, bikes, scooters and trucks from financial losses caused by accidental damage or theft of the insured vehicle. Besides insuring vehicles, it also provides third-party coverage. Thus, comprehensive motor vehicle insurance provides wider coverage and also carries a higher premium.
| Points of Differences | Third Party Insurance | Own Damage Insurance | Comprehensive Insurance |
| TP Property Cover | Yes | No | No |
| TP Death | Yes | No | No |
| OD Cover | No | Yes | Yes |
| Premium | As per IRDAI | Less than Comprehensive | Higher |
| Fire Cover | No | Yes | Yes |
| Theft Cover | No | Yes | Yes |
| Add-ons | No | Yes | Yes |
| PA Cover | Yes | Yes | Yes |
Do you know that around 4 Lakh people meet with road accidents every month? A survey was conducted by the World Health Organization Report, which stated that in 2012, India had recorded the highest number of road deaths globally
Considering the high number and poor conditions of the road, motor insurance has become a necessity to drive on the Indian roads. Motor insurance gives financial protection not only to you but also covers third party damages. Moreover, having a motor insurance policy is also mandatory in India. So without one, you will have to pay hefty traffic fines. You may also have to face imprisonment for not driving without a vehicle insurance policy.
A few private insurers offer a large number of other utilities to the policyholders, like:
It is mandatory to get your vehicle insured with a third-party insurance plan in India. As the name suggests, a third-party plan provides cover for the third-party liability and comes with a specified set of coverage. But when you decide to purchase a comprehensive insurance plan then it is suggested to consider several things to make the most out of that insurance plan. So here are the things that you need to consider while purchasing a motor insurance plan.
Several factors are taken into account when determining the premium of a motor insurance policy. These are:
If you have purchased a new vehicle, you can easily compare and buy motor insurance for your vehicle from Policybazaar.com. Here is how to so it:
When you purchase motor insurance online, you get to compare different plans in the comfort of your home. Due to digitalization, several insurance companies have launched their mobile app to make your buying experience even smoother. Since an insurance plan comes with validity, the policyholder is required to renew vehicle insurance before expiration. Renewing the insurance plan online has its own advantages. They are as follows:
In an initiative to make motor insurance more affordable for buyers, IRDAI updated the rules in 2018 and 2020. Check the table below to learn about those updates.
| Insurance Cover | IRDAI 2018 Regulation | IRDAI 2020 Regulation Update |
| Third-party Only | 3 years third-party insurance for carsand 5 years third-party cover for bikes | Retained |
| Standalone OD Cover (With Mandatory third-party cover) | 3 years & 5 years OD cover | 1-year Own Damage cover |
Here are some other updates made by the Insurance Regulatory & Development Authority of India.
With multiple online ways of purchasing insurance plans, Policybazaar.com lets you compare different insurance plans in one place. Some other advantages of purchasing motor insurance from us include:
The documents and formalities involved in a vehicle insurance claim settlement will depend upon the type of vehicle and nature of the loss.
To initiate the process, the policyholder is required to submit a detailed estimate of the loss to the insurance company. Surveyors then carefully inspect the damaged vehicle and submit their survey report with the insurance company who will review and examine it. Once the survey has been done, the insured vehicle is taken to the network garage for repairs. After repairs, the insurer will settle the claim directly with the garage.
Apart from claim form, other documents required for processing claims are:
On receipt of the notice from the insured or third party, the matter is transferred to the Motor Accident Claim Tribunal. Complete information about the accident is obtained from the insured along with the following documents-
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Read more#Rs 2094/- per annum is the price for third-party motor insurance for private cars (non-commercial) of not more than 1000cc
*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.
##Claim Assurance Program: Pick-up and drop facility available in 1400+ select network garages. On-ground workshop team available in select workshops. Repair warranty on parts at the sole discretion of insurance companies. Dedicated Claims Manager. 24x7 Claim Assistance.
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