Auto / Motor Insurance
1988. There are 4 type of broader classification
Car Insurance
All Kind of Private cars
2 Wheeler Insurance
All Kinds of 2 Wheelers
Commercial Vehicle Insurance
All Kind of Commercial Vehicles like Taxis, School Buses, Good Carrying Vehicle & Passenger Carrying Vehicles etc.
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
- Injury or death of a third party.
- Property damage caused to a third party.
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 -
- Damage to your own vehicle due to accidents, fire, theft, natural calamities (like floods, earthquakes), and man-made events (like riots, vandalism).
- Personal accident cover for the owner-driver.
- Third-party liability coverage.
- Optional add-ons like zero depreciation cover, engine protection, consumables cover, etc.
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.
Engine and Gearbox protection
It covers damages to the engine due to water ingression or hydrostatic lock.
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.
NCB (No Claim Bonus) Protection
Protects your NCB discount even if you make a claim during the policy period.
Roadside Assistance
Provides help in case your vehicle breaks down on the road. It includes services like towing, tire change, and fuel delivery.
Key & Lock Cover
This add-on ensures that you receive the original invoice value of your vehicle in case of theft or total loss.
Loss of personal belongings
Protects your NCB discount even if you make a claim during the policy period.
Tyre Protect
Provides help in case your vehicle breaks down on the road. It includes services like towing, tire change, and fuel delivery.
