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MOTOR INSURANCE


As per the Motor Vehicles Act, 1988, Motor Car Insurance is mandatory in India

Motor insurance is no longer a formality for your vehicle's upkeep and maintenance! It is the legal minimum to have your two-wheeler and four-wheeler out on the road.

So, while you invest your best in buying that perfect car or bike model, we will invest our best to offer you the perfect cover to protect your vehicle against financial liabilities arising out of unforeseen contingencies.

Be it new buy or renewals, two-wheeler or four-wheeler,

Car Insurance is a vehicle policy to protect yourself from financial losses arising from unforeseen risks such as accidents, thefts or Third Party Liabilities
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    Most people think of Four Wheeler Insurance as an expense. On the contrary, it should be considered a wise investment on account of following key benefits it offers:

  • Coverage against
    • Damage or loss to your car against accidents.
    • Damage or loss due to manmade disasters such as theft, fire and riots.
    • Damage or loss due to natural calamities such as flood, earthquake and storms.
    • Damage or loss of life of owner-driver.

  • Financial and legal liability arising out of death, bodily injury or loss/damage caused to property owned by a third party.

  • The repairs of vehicles in case of damages due to an accident.

  • Benefits to survivors in case of death due to an accident.

  • Avoid a dent in personal savings in case of loss and damage due to unfortunate events related to your car-little savings today can save you from big financial trouble tomorrow!

  • Saving time in finding garages and claim settlements which can be tedious and stressful in the aftermath of accidents.

  • Availability of Add-On Covers to provide life coverage to co-passengers, meet medical and hospital cash expenses, cover expenses of replacing lost and stolen key, counter depreciation and more.




    Here is a list of various Add-On Covers:

  • Zero Depreciation cover: This add-on saves you from paying depreciation on the expenses of repair or replacement of parts such as glass, fiber, rubber or plastic.

  • Roadside Assistance (RSA Cover): Just in case you get stranded in the middle of the road due to a car breakdown, you can fetch help with just one call at any time of the day or night. Roadside assistance cover includes towing service, repairs, changing flat tyres and emergency fuel refilling.

  • Invoice Price Cover: When you make a claim, it is settled against the depreciated value of the car. However, this Add-On Cover enables you to get the invoice value as well as registration fees, road tax and insurance.

  • Medical expenses: This Add-On Covers medical expenses up to Rs10,000 in case the owner-driver and co-passengers are injured during an accident.

  • Key replacement: This add-on reimburses you for the cost incurred due to the replacement of lost or stolen car lock or key. It holds validity up to 2 claims during a policy period.

  • Consumables cover: All expenses incurred on car consumables such as nuts, bolts and oil that unfit for further use can be reimbursed under this add-on.

  • Hospital cash: If you are admitted to a hospital in the event of an accident, you can get Rs.1000 every day up to 30 days of hospitalization.

  • Engine and gearbox cover: If there is a vehicle breakdown due to the internal parts of engine and gearbox, this Add-On Cover can pay for the expenses.

  • Ambulance charges: This add-on provides coverage against the transportation cost of the ambulance carrying the insured person to the hospital




Inclusions Exclusions
Natural Disasters:

Floods, earthquakes, cyclones, etc.

Drink and Drive:

Damages caused to the car if you or anyone else was caught driving under the influence of alcohol at the time of accident.

Manmade Disasters:

Fire, terrorism, riot, strike, and accidents etc.

Staged Accidents:

Deliberate accidental loss is not covered. If it is proven that the accident was entirely staged, the claim would be rejected.

Personal Accident Cover for owner-driver:

Coverage of Rs. 15 lakhs for the owner-driver of the car and optional personal accident covers for passengers.

Illegal Activity:

Driving on the wrong side of the road or without a valid license, or if the car's driven by an underage person.

Third-Party liability:

Compensates for injury or damages to a person or property caused by you to another person in a car accident.

Commercial Activity:

Driving your private vehicle for commercial purpose and vice versa

Other reasons:

An expired policy, consequential damages, electrical and mechanical failure, regular wear and tear, and driving outside geographical limits are other reasons for claim rejection.





    COMMON TERMINOLOGY/FAQs :-

  • What is IDV?
    Insured Declared Value (IDV) is the maximum sum assured amount that the insurance company will compensate for the claim. It is the current value of your car. It is considered during the calculation of premium and changes every year after adjusting the depreciation.

  • What is No-Claim Bonus (NCB)?
    NCB is the discount that insurance company offers if the policyholder does not make a single claim during the policy period. You can accumulate up to 50% NCB discount for every claim-free year till 5 years.

    • No. of Years Discount
    One claim-free year 20%
    Two consecutive claim-free years 25%
    Three consecutive claim-free years 35%
    Four consecutive claim-free years 45%
    Five consecutive claim-free years 50%

  • What is zero depreciation cover
    Zero depreciation cover is a benefit under which the depreciation of the car is not factored by the insurance company. So, if there are damages to your car due to an accident, the insurance company will pay the complete coverage of the policy.

  • How is Car Insurance premium calculated?
    There are a number of factors that determine the Car Insurance premium:
    • Car - the model, make, fuel type, cubic capacity, years of use and purpose of use. Insured Declared Value (IDV) - Lower the IDV, lower the insurance premium. However, you should choose IDV which provides adequate coverage to you and your vehicle.
    • No-Claim Bonus (NCB) - You get a discount on Car Insurance Renewal premium if you haven't made any insurance claims during the previous policy period.
    • Location - area of registration, whether the vehicle will be used in the urban locality, on highways or in non-metro areas. For example, the premium amount is higher if the location is prone to thefts or accidents.
    • Driver- age, experience, gender, marital status and background of the driver also matters. If the car is being driven by more than one driver, then the premium will be higher. If the driver is experienced, the premium will be lower.

  • What are electrical/electronic and non-electrical/non electronic accessories in a private car?
    • Electrical accessories: Any equipment electrical or electronic which has not been factory-fitted with the automobile is covered under electrical accessories at an additional premium. The value of such accessories is to be declared by the insured, at the invoice value.
    • Non-electrical accessories: Any equipment which is non-electrical/non-electronic and not factory-fitted with the vehicle is covered under non-electrical accessories at an additional premium of invoice value (at Own Damage rate). The value of such accessories will be set as per the one declared by the insured, at the invoice value.