Financial protection against physical damage to your vehicles
Secure your Vehicles with Motor Insurance
According to a report by the World Bank, India accounts for about 4.5 lakh road crashes per annum, in which 1.5 lakh people die. With just 1 percent of the world’s vehicles, India accounts for 11 percent of the global deaths in road accidents which is the highest in the world. Because of the poor condition of roads and the high number of accidents, motor insurance is a must. It gives financial protection to you and covers third party damage.
What type of policy can you get under motor insurance?
- Liability only policy: It covers third party liability for bodily injury and/ or death and property damage. Personal accident cover for the owner driver is also included.
- Private car package policy: It covers loss/ damage to the vehicle insured (own damage) along with third party liability cover which includes bodily injury and/or death and property damage, personal accident cover for owner-driver and passengers.
What is covered under a comprehensive motor insurance policy?
- Accidental damages caused by external means
- Fire, explosion, implosions, self-ignition, lightning
- Natural calamities like flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost.
- Whilst in transit by road, rail, inland waterway, air, lift or elevator.
- Act of terrorism
- Burglary, theft, housebreaking
- Earthquakes (fire & shock damage)
- Landslide & rockslide
What is covered under third-party liability?
A third-party liability cover is as per the requirements of the motor vehicle act, 1988. The insurer will indemnify the insurance against all claims which he may become legally liable to pay to the third parties for injury, death or property damage. The insurer shall be reimbursed the legal cost and expenses incurred by such third parties and recoverable from the insured. In addition, the expenses related to defense costs incurred by the insured are also reimbursed.
- Death or bodily injury to a third party
- Damage to a third party property
- Accidental death of the vehicles owner or driver
- Permanent total disability suffered by the vehicle owner or driver.
What is excluded from the coverage?
Though the cover is a comprehensive plan as it comprises third-party motor insurance as well as the own-damages cover. But, here are the major exclusions from your Motor insurance policy.
- Wear and tear, depreciation or any consequential loss.
- Mechanical/ electrical breakdown.
- Damage caused by a person driving the car without a valid license.
- Damage caused by a person driving the car under the influence of alcohol or drugs.
- Other exclusions as per the policy terms and conditions.