Motor Insurance

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Motor Insurance
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What Is Motor Insurance?

• Motor insurance, also known as auto insurance, is
  an insurance coverage for bikes, cars, trucks and
  other commercial vehicles.
• It offers to pay for or compensate you for any
  loss or damage to your vehicle. It also covers
  any damage caused to another individual, vehicle
  or property.

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When Does Motor Insurance Come Handy

• A motor insurance policy covers damages to the
  vehicle due to
• Accidents/collisions
• Theft
• Fire
• Vandalism or sabotage
• Riot and strike
• Earthquake
• Terrorism acts
• Flood, storm, cyclone
• Landslide

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Types Of Motor Insurance

• Third-Party Policy It covers damages caused to
  another person, their vehicle or property due to
  collision or accidents.
• Comprehensive Policy It covers damages caused
  to you, your vehicle, or a third party due to
  collisions, theft, sabotage, natural calamities,
  or even fire.

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What Does Motor Insurance Cost?

• The amount that you pay as premium depends on
  factors such as
• The value of the vehicle
• The type of insurance
• Your claim history
• Add-on covers
• Security features

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How Do I Buy Motor Insurance?

• Follow these 4 easy steps and you will have your
  insurance
• Assess your needs
• Make comparisons
• Select the right plan
• Pay the premium

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How To File A Third-party claim?

• If your vehicle causes damage to a third-party,
  ensure that you immediately report the accident
  to the police as well as your insurance company.
• If you are the victim of the accident, you must
  get the insurance details of the third-party
  vehicle and inform their insurer.
• After getting a notice from the third-party or
  the insured, the insurer will transfer the matter
  to a tribunal.
• The tribunal decides the penalty amount. The
  insurance company then pays or compensates this
  amount.

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How To File A Own Damage Claim?

• In case of damage to your vehicle, inform your
  insurance company within a week.
• Any delay could result in claim rejection.
• An independent surveyor examines the vehicle to
  assess the reason and the extent of the damage.
• You or the insurance company will then take the
  vehicle to the nearest garage.
• After a thorough examination of the incident,
  your insurer will send an approval.
• You pay a minimum amount of the bill. The rest
  will be taken care of.
• Or if you pay the whole bill amount, the insurer
  will compensate you.

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How To File A Theft Claim?

• Inform your insurer and the police.
• Submit documents such as the copy of your
  vehicles registration certificate, your driving
  licence, etc.
• Some insurance companies also ask you to submit
  the keys of your vehicle.
• After a reasonable amount of time, if the police
  still cannot locate your car, it issues a
  non-traceable certificate.
• Your insurance company then proceeds towards
  settling your claim.
• It will compensate you for an amount equivalent
  to your cars value.

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