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About Motor Insurance

Motor insurance is a vehicle insurance policy that is mandatory for vehicles like trucks, cars, jeeps, bikes, scooters, etc. This policy offers coverage to the vehicle owner/driver against financial losses that may occur due to accidents or other kinds of damages.

Having valid motor insurance is compulsory in India to protect vehicle owners from potential financial risks. It is the best form of security that you can acquire to prevent significant expenses that result after an accident. The Government poses the compulsion for the safety of the individuals who travel via motor vehicles daily.

The yearly premiums that you pay for the motor insurance policy are meagre as compared to the advantages and protection the coverage will offer you in case of mishaps. Though there are many misconceptions regarding the policy, it will most certainly compensate you against the physical damage that arises under different circumstances.

Types of Motor Insurance Coverage

In addition to the own vehicle damage, motor vehicle insurance also provides the mandatory coverage for third-party liabilities.

Comprehensive motor insurance

A comprehensive vehicle insurance policy provides coverage against the third-party legal liabilities as well as the losses or damages to the insured vehicle during an accident or mishap. It covers the vehicle against natural and man-made disasters, including road accidents, fire, theft, earthquake, storm, flood etc.

Standalone OD cover

Introduced by the IRDAI, the standalone Own Damage (OD) cover policies allow the vehicle owners to get coverage against the losses or damages caused to their vehicle due to natural or man-made disasters. This type of policy can be purchased by those who already have a third-party cover from a different or the same insurer.

Third-party motor insurance

Third-party motor insurance is mandatory in India as per the law. It protects the policyholder against legal liabilities arising due to an accident involving his/her vehicle. It means that in case an insured vehicle causes bodily injuries, death or property damage to a third-party, the insurer will take care of the legal liability.

Why Should You Buy a Vehicle Insurance Policy?

Believe it or not, driving in India has many associated risks. Millions of people own a driving license, and there is at least one vehicle in the household. Vehicles have become a crucial means of transportation, eliminating people’s need to travel via public transport. Accounting for such factors, it becomes critical to own a vehicle insurance policy. Besides that, let’s review the primary reasons to buy a comprehensive motor insurance policy.

Legal Requirement

The first reason is, of course, to follow the laws and regulations of the Government. A person should oblige to buy a motor insurance policy with minimum coverage before taking the vehicle out on the road.

Third-party Damage Coverage

With sufficient coverage, you can pay for the damages that occurred after a collision with a third-party. Without motor insurance, you’ll have to pay from your pocket, and an appropriate amount of coverage can take care of such expenses.

Security Against Theft

Theft is one of the most significant threats on a vehicle. But with a vehicle insurance policy, you are protected against theft, vandalism, and all man-made harmful activities.

Insurance against Personal Injuries

Not every vehicle owner is lucky to get out of accidents without suffering from injuries. The motor insurance policy will pay for all the minor and major injuries that might occur due to accidents.

Motor Insurance