#India #motor #insurance
India motor insurance
Buy Best Motor Insurance Plan to Make Your Road Journey Safe
Motor insurance is a coverage which is bought for cars, trucks and other vehicles that ply on roads. Its main objective is to give complete protection against physical damage or loss from natural and man-made calamities. In India, motor insurance is mandatory to ply a vehicle on road.
Types of Motor Insurance
Motor Insurance can be broadly classified under below heads:
- Car Insurance: Car Insurance gives coverage against accidental loss or damages to own car or to a third party. While choosing a car insurance policy, a person should always compare premium offered by various insurers to ensure that he got the best deal. The amount of premium would depend on the make & value of car, state from where it is registered and manufacturing year.
- Two Wheeler Insurance: It provides protection to bikes and scooters. The features of two wheeler policy are similar to car insurance.
- Commercial Vehicle Insurance: Commercial vehicle insurance helps all commercial vehicle drivers to reduce losses they might incur due to damage to their vehicle. Here commercial vehicles include those which are not used for personal purposes, like goods carrying vehicles.
- Third Party Insurance Policy: It covers third person who has been injured in an accident involving you and your car. The policy doesn’t provide any direct benefit to the insured. As per Insurance Regulatory and Development of India (IRDA), no insurer can decline to underwrite third party insurance.
- Comprehensive Insurance Cover: This cover is an add on to the third party insurance plan and protects the owner from financial losses caused by damage or theft of the insured vehicle. Besides insuring vehicles, it also provides third party coverage.
Parameters that Decide Premium
- Age of the person
- Driving history
- Make of the vehicle
- Profession of the person
- Geographic location
Inclusions: What is Covered in Motor Insurance?
The damages to the vehicle due to below perils are covered in motor insurance-
- Riot & strike
- Fire & burglary
- Terrorism act
- Land slide
- Flood, storm, cyclone
Exclusions: What is not Covered in Motor Insurance?
Always remember your motor insurance will not provide coverage in below situations-
- If driver is under the influence of drugs or abuse
- Vehicle is used for illegal activities or for purpose otherwise stated in the policy
- Not having valid driving license
- Any loss or damage to the insured vehicle if it happens outside India
Why You Should Buy Motor Insurance?
Do you know, around 4 lakh people meet with road accidents every month? A survey was conducted by World Health Organization Report, which stated that in 2012, India had recorded the highest number of road deaths in the world.
Considering the high number and poor conditions of road, motor insurance has become a necessity to drive on the Indian road. Motor insurance gives financial protection not only to you but it also covers third party damages. A few private insurers offer a large number of other utilities to the policyholders, like:
- Direct settlement or cashless claims at network garages
- Depreciation Cover
- Engine Protection Cover
- 24X7 Road Side assistance
- Towing Facility
How to File a Motor Insurance Claim?
The document and formalities involved in a motor insurance claim settlement will depend upon the type of vehicle and nature of loss.
Filing for a Claim in Case of Damage to Owned Car
To initiate the process, insured is required to submit a detailed estimate of loss to the insurance company. Independent automobile surveyors with engineering background are given the task of assessing the reason and extent of loss. They carefully inspect the damaged vehicle and submit their survey report with the insurance company who will review and examine it in accordance with the recommendations mentioned therein The usual practice is to authorize repairs with the repairer to whom letter is issued in this regard.
Apart from Claim form, Other Documents Required for Processing Claims are-
- Fitness Certificate (Commercial Vehicles)
- Driving License
- Registration Certificate Book
- Final Bill from repairers
- Police Report
Third Party Claims
On receipt of the notice from the insured or third party, the matter is transferred to the advocate. Complete information about the accident is obtained from the insured along with following documents-
- Police Report
- Driving License
- Medical Certificate
- Death certificate in case of fatal claim
Tips to Lower Motor Insurance Premium Rates
Soon your premium may go up as IRDA floated a draft proposal seeking an increase in third party insurance premium. To save you from shelling out extra money on auto insurance premium, our experts at PolicyBazaar have come up with some tips to ensure that you get better deal on your policy.
1. Know all about Exciting Discounts
While most of us are eager in availing no-claim bonuses (a discount in premium at renewal if no claim is made during the policy term), but we hardly pay attention towards other smaller discounts which can add up to a substantial amount. All comprehensive insurance plans offer reward for good claim history, with a discount which could be 50% of the premium.
Also, concessions are given to customers who have a valid membership of recognized automobile associations, like Western Automobile Association, Automobile Association of Eastern India, Automotive Research Association of India and Automobile Association of Southern India. If you have an excellent claim free driving record, then you should opt for a high ‘voluntary deductible’ amount. It is an amount which you need to pay before the insurer pays claim amount. Also, you should check for loyalty discounts if you are renewing the insurance policy with your present insurance company. Professionals like doctors, chartered accountants and government employees are entitled to avail special discounts. It is noteworthy to state that you will become eligible to get discounts only if your policy is not lapsed.
2. Installation of Anti-Theft Device
Installation of anti-theft device is a win-win situation for both insurers and insured. When you install ARAI (Automobile Research Association of India) approved anti-theft device, then it makes you entitled to get discounts on your premium.
It is pivotal to note that adding riders to a motor insurance will add to premium rates. If already you have sufficient coverage, for instance, your driver is having adequate life insurance coverage, there is no point in buying similar riders. However, in the absence of complete protection, it is worthwhile to opt for these riders.
4. Compare, Compare and Compare
Finally, at last never forget to compare prices before applying. Every insurance company charges different rates and therefore, a little bit scouting will go in your way.
Just Starting Off to Buy Motor Insurance? Compare it on PolicyBazaar
Sadly, very few motor insurance policyholders know that by doing a simple comparison they can save up to 55% on their insurance premium. So whether you are a newbie who is buying a policy for the first time or an experienced buyer who is interested in renewing a policy, come at PolicyBazaar, where after putting basic details, like make of the car, previous claim reports, your age, profession, etc, you can get a long list of top motor insurance providers of the country. Moreover, you don’t need to run from pillar to post to buy a policy because we give you a safe and easy platform where insurance policies can be bought and renew at mere mouse click. So wake up to the easiest way of buying a motor insurance!
Which motor insurance plan should I purchase- comprehensive insurance plan or third-party insurance plan only?
Having a third-party insurance plan is compulsory for all automobiles plying on the Indian roads. This insurance plan provides the coverage arising out of for injuries or damages caused to other people. The beneficiary is third-party only. The prudent way to get coverage for the losses or damages caused to the insured vehicle is buying a comprehensive insurance plan. It provides the coverage for third-party liability along with own damage caused to the insured automobile.
How is the insurance premium calculated?
There are many factors such as IDV, deductibles, seating capacity, cubic capacity, previous insurance history etc. that affect the insurance premium that you would pay. For comprehensive insurance plans, premium charges vary insurance provider per insurance provider on the basis of the coverage provided. Compare insurance premiums so that you get the best quote.
Third-party premium amounts are decided by IRDA.
What coverage would meet my insurance needs?
The sum insured for the automobile is Insured’s Declared Value. It reflects the present market value of the automobile. If you buy a third party insurance, you get covered against third-party liability specifically. The offered coverage is unlimited for the third-party’s injury and the offered coverage is of Rs. 7, 50,000 for third-party’s property damage.
There is an option for the policyholder to limit the coverage for third-party property damage to Rs. 6,000. It will reduce the liability only premium.
What is the period of the motor insurance policy?
Generally, a motor insurance policy is valid for one year and it has to be renewed prior the due date in order to avoid any lapse in the policy. For a smoother insurance experience always pay the insurance premium before the due date. If your policy has lapsed then the automobile would undergo an inspection. In addition to that, if a comprehensive insurance policy remains lapse for a time period of more than the benefit of “No Claim Bonus” isn’t provided.
What is “No Claim Bonus”?
“No Claim Bonus” is the benefit accumulated to a policyholder in case he hasn’t filed any claim throughout the policy period. According to the present Indian norms, it varies from 20-50 percent for the comprehensive insurance plan. NCB isn’t applicable for a third-party motor insurance plan.
If a claim is filed, then the “No Claim Bonus” is lost for that policy period.
NCB is provided to the policyholder and not to the insured automobile. At the time of the vehicle transfer, the insurance plan could be transferred to a new owner but NCB can’t be transferred. The responsibility of paying the remaining balance falls on the shoulders of the new buyer. The original/former owner of the vehicle can use the NCB at the time of purchase of a new automobile.
In case I change my insurance provider, would my No Claim Bonus be migrated?
Yes, you surely can avail the NCB if you change your insurance provider at the time of renewing the policy. All you would need to do is producing a proof of the earned NCB from your current insurance provider. You can produce the original copy of your expiring policy and a certification that you haven’t filed any claim for the (expiring) insurance plan. A renewal notice or a letter stating that you’re entitled to the NCB from your previous insurance provider can be a proof for this.
Is there any kind of discounts that would reduce my premium?
Apart from the NCB, there are a few discounts available as per Own Damage Premium for having a membership of the Automobile Association of India, Vintage Cars- private cars that are certified by the Vintage and Classic Car Club of India, installment of any anti-theft equipment that is approved by the Automobile Research Association of India (ARAI), Pune and its installation is acknowledged by AAI. There are concessions offered specifically for especially modified or designed automobiles for the visually challenged, physically challenged or mentally challenged individuals that are aptly certified in the Registration Certificate by the concerned RTA. When you select additional voluntary deductible, your insurance provider offers you attractive discounts.
As per the Liability Only Section, there are discounts available for the decreasing the third-party property damage from Rupees 750,000 to Rupees 6,000.
Is service tax applicable on the motor insurance premium?
Yes, service tax is levied as per the prevailing law rule(s).
What is a deductible?
The deductible is the amount of which the claim would be payable. Generally, a normal standard or compulsory deductible for most of the automobiles that range from Rupees 50 for the two-wheeler automobile to Rupees 500 for private four-wheelers and commercial automobiles that enhance according to the carrying capacity or cubic capacity of the automobile. Though, there could be cases where the insurance provider might enforce extra deductible which depends on the vehicle’s age or if the claims frequency is comparatively higher.
What is the process for getting the changes done in the policy?
In case there are any changes that need to be made in the policy such as address change or any particular changes regarding the automobile or its usage, it could be done by an endorsement by the insurance provider. You need to submit a letter to your insurance provider along with the proof of the changes so that you could obtain the endorsement. There are few endorsements that might charge an extra premium from you.
If I am driving my car in a specific city, how the premium rate would be applied?
For the sole purpose of applying the premium rate, the specific location where the automobile is registered is considered. Don’t confuse the place of registration with the place where the automobile is used.
For instance, if your automobile is registered in Chennai, the applicable charges for Zone A would be charged. Even if you shift to another town or city, the same charges would be applied. Likewise, if an automobile is registered in a town, Zone B premium charges are applicable. Later on, in case the vehicle own moves to a metro city, he would be charged the rate of the Zone B only
In case I fit LPG or CNG kit in my automobile, Is it necessary to update the insurance provider about that?
If a LPG or CNG kit is installed in your automobile, you must inform the Road Transport Authority’s office, from where the automobile was registered so that they can modify the necessary changes in the registration certificate of the automobile. The insurance provider should be informed as well so that it can provide the coverage to the kit on the payment of additional premium as per the kit’s value under Own Damage Section.
Can I get my insurance transferred to the buyer of my automobile?
Yes, motor insurance is transferable to the purchaser of the automobile. All you have to do is inform in writing about the transfer to its insurance provider. The original owner of the car needs to fill out a new proposal form. A nominal fee is charged for the insurance transfer along with the recovery of No Claim Bonus from the transfer date till policy expires on a pro-rata basis.
Keep in mind that ownership transfer in comprehensive insurance plans has to be updated within 14 days from the date of transfer. If the original buyer fails to do so, no claim would be payable regarding the Own Damage.
If I lose my insurance policy, would I get a duplicate copy?
Yes. You have to approach the office of your insurance provider from where you have purchased your policy and submit a request in writing. A nominal fee would be charged for the issue of a duplicate policy.
What documents are required to submit a motor insurance claim?
For most of the insurance providers, the documents mentioned below are required. Although, read the fine print of your policy carefully and cross check.
1. Duly filled claim form
2. Photostat copy of automobile’s Registration Certificate
3. Original estimate of loss
4. Original invoice and payment receipt of the repair. If you have availed the cashless facility, repair invoice is required to be submitted.
5. FIR is required if you file a claim for vehicle loss/theft
6. The keys are required to be submitted along with a non-traceable certificate in case you are filing theft claims.
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