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About Motor Insurance
Motor insurance is a vehicle insurance policy that is mandatory for vehicles like trucks, cars, jeeps, bikes, scooters, etc. This policy offers coverage to the vehicle owner/driver against financial losses that may occur due to accidents or other kinds of damages. Compare & Buy Motor Insurance from Coverbox.
Having valid motor insurance is compulsory in India to protect vehicle owners from potential financial risks. It is the best form of security that you can acquire to prevent significant expenses that result after an accident. The Government poses the compulsion for the safety of the individuals who travel via motor vehicles daily.
No one can deny that buying a vehicle is the second most expensive investment in a person’s life after home. Thus, protecting the investment against unforeseen events is crucial. Considering the hike in the vehicle repair charges and the risks involved in driving, an unfortunate accident can put a big hole in your pocket.
The yearly premiums that you pay for the motor insurance policy are meagre as compared to the advantages and protection the coverage will offer you in case of mishaps. Though there are many misconceptions regarding the policy, it will most certainly compensate you against the physical damage that arises under different circumstances. So now Compare & Buy Motor Insurance from Coverbox.
Types of Motor Insurance in India
Whether you are buying a private car, two-wheeler, or a commercial one, the types of motor insurance plans are broadly classified into :
- Comprehensive Insurance Policy
With this policy, you can pay for damage to your vehicle as well as others, including motorbikes, private cars, scooters, and commercial vehicles. Lets Compare & Buy Motor Insurance from Coverbox. - Third-party Insurance Policy
The third-party motor insurance policy is liability coverage that is uniformly applicable to all vehicles. As per the Motor Vehicles Act of 1988, third party car insurance and third party insurance for bike are compulsory for vehicles plying on Indian roads. Failure to comply with this rule would result in an individual to paying hefty fines according to the Motor Amendments Act, 2019. Lets Compare & Buy Motor Insurance from Coverbox.
Pay As You Go
It is a new type of policy that allows the policyholders to pay by calculating the kilometers driven. Lets Compare & Buy Motor Insurance from Coverbox.
The types of vehicle insurance are categorized as below:
Car Insurance
The ideal choice to secure your private four-wheeler is getting car insurance. It is a contract that is drawn between the vehicle owner and the insurance company that covers both comprehensive policy and third-party liability. With this plan, you will get benefits like:
- Cashless claims
- Personal accident cover
- Loss/damage protection
- Unlimited liability for third-party injuries and death claims
Two Wheeler Insurance
As the name suggests, two wheeler insurance or bike insurance is meant for scooters, bikes and other two wheelers. It is a type of vehicle insurance that will ensure a safe ride as two-wheelers have slightly more risks of personal injuries. The benefits included in the plan are:
- Comprehensive coverage
- 2/3 years of own damage motor insurance
- No claim bonus protection
- Inflation protection
Commercial Vehicle Insurance
The risks of damage to commercial vehicles are more than private vehicles. Hence, commercial vehicle insurance allows drivers to reduce the losses that incur in unfortunate events. It involves vehicles like tractors, cranes, taxies, goods carrying vehicles, passenger-carrying vehicles, etc. The benefits will include:
- Unlimited liability coverage for injury and death claims
- Personal accident cover
- Offers loss and damage protection
- Indemnity for other’s property
You can purchase a suitable vehicle insurance policy that protects all kinds of vehicles in worst-case scenarios. Be it fire, burglary, vandalism, earthquake, flood, storms, or accidents; you can feel secure under all circumstances.
Documents Required for Motor Insurance
For a new car, you need to provide us with the following information to calculate the motor insurance premiums.
- Name of the vehicle manufacturer
- Car model
- Registration state of the car
- Manufacture year
- Car Owner details
For a used car, the vehicle insurance calculator needs slightly variable information given below:
- Type of car and fuel used
- Previous car motor insurance plan details
- Registration Number
- Change of Ownership documents (if applicable)
- History of Claims
- Proof of Identity (Passport/Driving License/Aadhaar/PAN Card/Government Issued Photo ID)
- Proof of Address via Passport/DL/Bank or Post Office Passbook/Government Issued Photo ID
- Recent Passport size photo
- Driving License
- Vehicle Registration Certificate
- Nominee Details
With these details, we can calculate the best value of premiums for the insurance coverage you wish to buy. Lets Compare & Buy Motor Insurance from Coverbox.
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