Essential questions answered about motor insurance policies in India.
Whether you already own a motor insurance policy or are in the process of buying one, it is imperative that you understand every aspect with complete clarity. Only then will you be able to make the most of all the benefits the plan offers. Below, we discuss answers to some questions that frequently arise on the subject of motor insurance.
1. What is third-party insurance cover?
It is a type of two and four wheeler insurance policy that covers your legal liability in case of any bodily or property damage caused to a third party by your vehicle. According to the Motor Vehicles Act, 1988, it is mandatory for every vehicle owner to have third-party insurance.
2. What is comprehensive insurance cover?
In addition to third-party liability, a comprehensive insurance plan protects your vehicle against risks like theft, vandalism, and fire. It also covers you if your car or bike suffers any loss or damage due to natural or man-made disasters such as floods, cyclones, earthquakes, riots, and so on.
3. What is a cashless claim and where can I avail it?
A cashless claim is a facility offered by the insurer. If any loss or damage occurs to your vehicle and is covered under the policy, you will not have to worry about paying out of your pocket for the repairs upfront. The company will help take care of the costs for you.
This facility can be availed at any network garage your insurer is affiliated with. However, if you go to a non-network garage, it is likely you will have to bear the repair costs and then claim the reimbursement for that amount.
4. What are the benefits of a multi-year two wheeler insurance plan?
A multi-year two wheeler insurance policy allows your vehicle to be insured for a span of three years without requiring renewal. It is beneficial for those who may have trouble remembering renewal dates or don’t wish to renew their insurance every year. Since it is a long-term policy, the premiums are lower, and you are protected for a longer period of time.
5. What are the recommended add-on covers in motor insurance?
For a comprehensive car insurance policy, you can look into adding covers like zero-depreciation, engine protection, and No Claim Bonus Protector.
For bike insurance, the recommended add-ons are personal accident cover, zero-depreciation cover, and cashless hospitalisation.
6. What is a No Claim Bonus (NCB)?
No Claim Bonus is a reward given by the insurer for not making any claims in the preceding years of the policy. This reward is a discount on the premium payable and ranges from 20-50%, depending on the insurer. Even if your policy has expired, you are eligible for NCB as long as you renew it within 90 days of the expiry.
7. What is the process of renewing my motor insurance policy online?
Renewing your two or four wheeler insurance online is a matter of minutes. Just follow these steps:
Log on to the website
Fill up the required details of your car or bike in the renewal form
Receive the premium quote and proceed with online payment
A soft copy of the policy will be mailed to you instantly.
8. What if someone else is driving my vehicle at the time of the accident?
Your insurance policy follows the vehicle, not the driver. If your vehicle is being driven by someone else with your permission, the insurer will still be liable to pay for damages up to the sum assured.
9. Under which circumstances can my claim be rejected?
Your claim can be rejected under the following circumstances:
If it is proven beyond a reasonable doubt that you were driving recklessly or under the influence of alcohol or drugs
If you have exhausted the policy’s sum assured for a given period
If your claim is outside the policy inclusions
10. How long does it take for a claim to be processed?
Once you have intimated the insurer, you will be provided with a claim number. On submitting the required documents, your claim will be processed within a short period of time in accordance with the policy’s terms and conditions.
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