Auto / Motor Insurance
1988. There are 4 type of broader classification
Car Insurance
Car Insurance provides financial protection against damages to your vehicle / Car, third-party liabilities, and personal accidents. In India, it is mandatory under the law.
2-Wheeler Insurance
2-Wheeler Insurance is a policy that offers financial protection for motorcycles and scooters against accidents, theft, and third-party liabilities. It is mandatory in India under the Motor Vehicles Act.
Miscellaneous - D
Miscellaneous - D refers to a category of vehicles that includes specialized commercial and utility vehicles like ambulances, loaders, tippers, forklifts, and other similar types. These vehicles are typically used for specific purposes such as medical emergencies, construction, logistics, and industrial tasks. They are essential for various industries and are often insured under special vehicle insurance policies tailored to cover their unique risks and usage.
Commercial Vehicle Insurance
Commercial Vehicle Insurance provides coverage for vehicles used for business purposes, such as taxis, school buses, goods-carrying vehicles, and passenger-carrying vehicles. This insurance covers damages caused to the vehicle, third-party liabilities, and personal accidents. It is essential for businesses to protect their assets and comply with legal requirements. The policy ensures financial protection against accidents, theft, natural disasters, and legal liabilities, keeping businesses secure from unforeseen expenses related to their fleet.
Car Insurance
All Kind of Private cars
2 Wheeler Insurance
All Kinds of 2 Wheelers
Commercial Vehicle Insurance
All Kind of Commercial Vehicles.
Miscellaneous - D
All kinds Ambulances, Loaders, Tippers, forklift etc.. comes under this.
There Are Primarily Two Types Of Motor Insurance Policies Available
Third-Party Liability Insurance
This is the minimum legal requirement for all vehicles in India. It covers the liability of the vehicle owner or driver towards a third party for injury, death, or property damage caused by the insured vehicle.
Coverage
Comprehensive Insurance -
Also known as “Package Policy” or “Own Damage Policy,” this type of insurance provides coverage for damage or loss to your own vehicle in addition to third-party liability coverage. It is not mandatory but highly recommended, especially for new and expensive vehicles.
Coverage -
Additional Coverages And Add-Ons That You Can Opt For Under Comprehensive Insurance Include
Zero Depreciation Cover
This add-on eliminates the deduction of depreciation from the claim amount for parts replaced in case of damage.
Consumables Cover
This covers expenses for consumable items like engine oil, nuts, bolts, and screws that are not typically included in a standard policy.
Return to Invoice
This add-on ensures that you receive the original invoice value of your vehicle in case of theft or total loss.
Engine and Gearbox protection
It covers repairs or replacement due to issues like oil leakage, water ingress or hydrostatic lock. This cover is especially useful for vehicles in flood-prone areas or for costly repairs, ensuring that expensive engine or gearbox breakdowns don't result in significant out-of-pocket expenses.
Tyre Protect
Tyre Protect is an add-on in vehicle insurance that covers the repair or replacement costs of tyres damaged due to accidents, cuts, bursts, or other unforeseen incidents. This coverage helps avoid out-of-pocket expenses for tyre-related damages.
Key & Lock Cover
This add-on ensures that you receive the original invoice value of your vehicle in case of theft or total loss.
Roadside Assistance
Provides help in case your vehicle breaks down on the road. It includes services like towing, tire change, and fuel delivery.
NCB (No Claim Bonus) Protection
Protects your NCB discount even if you make a claim during the policy period.
Loss of personal belongings
Loss of Personal Belongings coverage in vehicle insurance provides compensation for personal items stolen from or damaged in the insured vehicle. This add-on ensures that the policyholder is financially protected against such losses.
