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Vehicle insurance or motor insurance is similar to any other insurance coverage, except that it is mandatory. As the name implies, it is insurance for all types of motor vehicles - motorcycles, cars, jeeps, commercial vehicles, and so on. The government has made motor insurance necessary for your protection and the safety of others.
Here we will discuss the types of motor insurance in India.
The different types of vehicle insurance are explained below:
The Government of India requires automobile insurance for any private car owned by a person. Private car insurance, among other things, protects the vehicle from damage caused by accidents, fire, natural disasters, and theft, as well as the owner from personal injury. It also safeguards the third party against any losses or injuries.
All vehicles that are not utilised for personal reasons are covered by a commercial vehicle insurance policy. This sort of Insurance covers any automobiles used for business purposes. Trucks, buses, heavy commercial vehicles, light commercial vehicles, multi-utility vehicles, agricultural vehicles, taxis/cabs, ambulances, auto-rickshaws, and other vehicles are covered by this Insurance.
Motor vehicle owners in India have a number of insurance choices available to them. The main purpose is to keep car owners safe from damage and accidents.
As the name implies, a comprehensive automobile insurance policy covers every imaginable component of the vehicle insured as well as the policyholder's interests.
Yet, it is preferable to be informed of the numerous components that these Insurance plans cover. Comprehensive Insurance covers a wide range of issues, including Third-party or animal-induced damage, damage to the vehicle caused by civil disturbances such as riots or theft, and vandalism are all causes of damage.
There are certain add on covers which can be opted under comprehensive insurance as listed below:
1) Zero Depreciation: This is a frequent add-on protection, sometimes known as bumper-to-bumper Insurance. This optional cover is available for all vehicle types. A 0% depreciation cover is critical in calculating claim settlements or reimbursements. When your auto insurance company pays the claim settlement amount or reimburses your bill payments, they normally deduct the car's depreciation value as of the day it was paid. As a result, no insurance will pay the entire claim amount. If you have this coverage, however, the Depreciation factor will not be taken into account when determining claim settlement. This extra cover is perfect for automobiles under the age of five years.
2) Roadside Assistance: If your automobile breaks down while traveling, whether on city streets or highways, you'll need help right away. If you reside in a distant place where finding a repair is difficult, roadside assistance add-on coverage can come in handy. Simply contact the insurer and notify them of the problem. If the engine fails, the insurer will arrange for towing or garage service through its garage network. Few insurers cover this as part of the standard Insurance; otherwise, it is available as an add-on.
3) Tyre Protect: Tyre Protect is an add-on that protects against damage such as in-tire bulges, punctures or bursting of tyres, cuts on a tyre caused by accident, and so on.
4) Consumable Cover: This consumable add-on includes consumable materials not covered by the basic Insurance, such as grease, air conditioner gas, lubricants clip, bearings, fuel filter, engine oil, oil filter, brake oil, nut and bolt, screw, washers, and so on.
All vehicle owners in India are required by law to have third-party car insurance. These insurance plans, in essence, safeguard the policyholder's interests from harm caused by the policyholder to property or individuals. Third-party coverage can be stated to help decrease the policyholder's risk and liability in a variety of situations. This coverage is also advised for low-cost and older automobiles that are easier to fix.
The own damage insurance policy, or the collision damage policy, covers the cost of repairs to the car or reimburses for damage caused. In order to decide the cost of collision coverage, the age and the value of the vehicle will be taken into consideration to arrive at the premium value. IDV is based over the market value of the car. When there is a claim against this kind of policy, the maximum sum payable under the policy is given by the insured declared value after depreciation.
The Motor Vehicles Act of India requires that a bike be insured for any liability that may emerge as a result of any loss or damage suffered by third parties in an accident caused by the covered bike.
This sort of bike insurance is commonly referred to as third-party bike insurance. If the covered bike causes an accident, any damage to the third-party vehicle as well as injury or death to the third party, will be reimbursed under this policy.
As you can see, third-party liability insurance does not cover loss or damage to the insured bike. In any accident, the insured bike may experience some damage, and the rider may also sustain some injuries. You should obtain either a standalone own-damage policy or a complete bike insurance policy to cover the costs of the insured bike.
As the name implies, this coverage provides comprehensive 360-degree protection not just for your bike but also for you against any third-party liabilities.
Comprehensive Bike Insurance is a sort of two-wheeler insurance that provides the owner-driver with own-damage coverage for the covered bike, coverage against any legal and financial third-party obligations, and personal accident coverage. Furthermore, by supplying a list of unique add-ons with your insurance, you can acquire customised coverage against certain circumstances. Popular add-ons include Zero Depreciation Coverage, Roadside Assistance Coverage, and others.
An Independent Damage A two-wheeler insurance policy is a sort of bike insurance policy that protects the insured two-wheeler from damage. It covers natural and man-made disasters, theft of the bike, and total damage to the bike (damaged beyond repair). This policy, however, does not cover any third-party liability. As a result, this policy can only be purchased in conjunction with the legally required third-party liability coverage.