Motor Insurance
This type of insurance provides a substitute to your vehicle when it is damaged by a natural or man-made calamity. It’s important to secure your vehicle with this kind of insurance policy for the safety of your automobile.
Also known as car insurance, motor insurance is a type of insurance policy that covers the vehicles. It is usually personal, however, it can be purchased for businesses as well. Motor insurance covers damage to cars, bikes, three wheelers, and truck during accidents. It also covers damages incurred due to natural calamities such as cyclone, earthquake, accident, and storm.
Different kinds of insurance policies
There are basically two kinds of car insurance policies.
Private car insurance- is for drivers with a private car only to cover them in case the car gets stolen or vandalized. Commercial insurance covers all vehicles, whether they are vintage or not.
A third- party insurance policy provides a means for assessing liability in terms of compensating third party injuries or damage arising out of use of family owned or hired vehicles.
Motor insurance can be categorized in to three categories.
Electric bikers: This insurance delivers protection for motorbikes and motorcycles, which function on battery power. They are safer than two-wheelers because of the lack of engine noise.
Drivers as a class are probably fortunate that they don’t have to deal with the risks and complications associated with commercial vehicle insurance…vehicle owners as a whole are probably more fortunate that they are not as limited in their options as this. Commercial vehicle insurance, which protects us as a class from the risks and complications associated with commercial vehicle ownership, is a commercial business that
Get personal safety insurance cover Provides loss or damage cover Provide indemnity for third-party property Provides liability cover
So, you need to get an insurance cover for your car, but which one to opt for – Auto Insurance, Car Insurance, Car Insurance with Collision, Car Insurance with Third Party, Is it worth getting Car Insurance? Knowing the different pros and cons of all the insurances will help you make a better choice.
Protection for when cover is lost or damage has occurred. Personal accident cover Personal accident cover is for when you have been injured/injured by someone else. Legal protection. Liability cover
What all is covered under a vehicle insurance policy?
Property damage Accidental damage, due to third party’s negligent acts, caused by a storm, landslide, burglary, housebreaking, theft, or terrorist activities. Personal accident cover protects people in case they have an accident and are injured or die.
What isn’t covered under motor insurance policy?
mechanical and electrical breakdown/Depreciation, wear and tear and consequential loss/Damage caused due to radioactive or nuclear-related activities. Reasons for personal auto accident/damage will not be considered by the insurance company. Any accidental claim made regarding a vehicle driven by an individual driving under the influence of alcohols/drugs, or without a valid license
How to file a motor insurance claim?
This is a step checklist of what to do next after a personal injury:
- The first step in most auto insurance claims is to contact the insurance agency for details about reimbursing you for the loss and to get a loan for the repairs.
- A physical inspection of the vehicle will be conducted by an independent surveyor and an estimate of repairs will be provided by a repair facility.
- This estimate will be discounted to compensate for the inconvenience of the insurance company’s handling of the claim.
- If the facilities turn out to be legitimate, the claim form will be turned in along with necessary evidence such as police reports, etc.
Benefits of buying motor insurance online?
There are several advantages to buying insurance online –
It is simple and convenient for consumers to purchase insurance through the Internet. It can save you time in that it saves you from having to meet an insurance representative. You can compare and buy policies online, without meeting anyone, to save yourself time. It also offers greater discounts.
Most Indians have an unwritten law that every man should have automobile insurance. The source of that law is often a desire for safety but it may also be a need to avoid the other man’s anger for being out of pocket.