Motor Insurance in India

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What is Motor Insurance?

Motor insurance is just like any other insurance policy, but unlike other insurances, it is ‘Mandatory'! And, as the name suggests, it is an insurance that is related to all types of motor vehicles-motorcycles, cars, jeeps, commercial vehicles etc.

Motor insurance has been made mandatory by the government for your safety and the safety of others. And the yearly premium you pay is just a meager sum when compared to the advantages it has to offer you in case of, god forbid, any mishap.

Here’s yet another misconception many people have, Motor Insurance covers only the motor vehicle. Wrong again!

So first, let's start with the types of Motor Insurance policies, and by and large what they cover! Motor insurance can be classified on 2 things

    • The type of vehicle for which you are taking insurance
    • The amount of coverage that you want to cover your vehicle for

So, what are the different types of vehicle insurances in India based on the type of vehicle owned?

Types of Motor Insurance in India

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Private Car Motor Insurance Policy

This is motor insurance that needs to be taken for any private car owned by an individual and is mandated by the Government of India. It covers the vehicle for damages against accidents, fire, natural disasters, theft among others and also covers for any injury to the owner. It also covers any damages and injuries caused to the third party.

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Two-Wheeler Insurance Policy

This insurance policy covers two-wheelers like a scooter or a bike and is mandated by the Government of India. The two-wheeler is covered against damages from accidents, disasters, fire, theft, etc. as well as any damages and injuries to the third-party. It also offers a mandatory personal accident cover for the owner rider and can be taken for passengers too.

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Commercial Vehicle Insurance Policy

This insurance covers all vehicles that are not used for personal use. his type of insurance covers all those vehicles which are not used for personal purpose. Trucks, buses, heavy commercial vehicles, light commercial vehicles, multi-utility vehicles, agricultural vehicles, ambulances, etc. are some vehicles that are covered under this insurance.

Types of Motor Insurance Policies in India

There are basically two types of Motor Insurance policies for two-wheelers and four-wheelers.

Comprehensive Insurance

Covers third-party losses, damages caused by accidents to your vehicle and Personal Accident for the owner driver

As the name suggests, this is the ‘complete package’ that covers any damage to the vehicle, it’s occupants and the ‘third party’, in case of any mishap. You also have the liberty to choose from various ‘Add on’ covers to enhance your coverage (which we’ll come to a little later).

Covered

  • Damage to your vehicle due to an accident
  • Personal injury during an accident
  • Theft of your vehicle
  • Damage to your vehicle due to fire
  • Damage to your vehicle due to natural disasters
  • Damage to the vehicle or property of the third party in an accident
  • Injury to the third party during an accident

Third Party

Covers third-party losses and Personal Accident for the owner driver

Unlike Comprehensive Insurance, Third Party Insurance does not cover you, your vehicle or yourself.

Covered

  • Damage to the vehicle or property of the third party in an accident
  • Injury to the third party during an accident

Not Covered

  • Damage to own vehicle due to accident, theft, fire etc
  • Add-ons like Parts Depreciation, Breakdown Assistance etc.

Note: We recommend a Comprehensive or Standard Package policy to most customers. But, in some cases the Third-Party Liability only may not be a bad idea either. Especially in case you rarely ride your vehicle or its too old already.

Add-ons with Comprehensive Insurance Policy

Listed below are few of the ‘Add on’ covers that can be availed at a slight premium over the basic motor insurance policy cost.

Zero Depreciation: Age comes with its drawbacks. The same applies to your vehicle. The older it gets, the more the value of your car or bike drops or ‘depreciates’. But, not to fret, this ‘Add on’ ensures that the value of your vehicle will remain as valuable as the day you bought it. After all, the insurer will not consider depreciation during final settlement!
Engine Protection Cover: This is an ‘Add on’ that offers financial protection for damages caused to the engine of the vehicle. Any damage caused, from water entering the engine to leakage of the lubricating oil, is covered under the policy.
Roadside Assistance: How do you fancy your set of wheels breaking down on a lonely dacoit-infested road at the stroke of midnight? Fear not, roadside side assistance is there to rescue. All you need to do is give them a call and they’ll come to the spot and repair your vehicle. If not possible, they will tow it to the nearest service station. At least you’ll be dacoit-free!   
Consumable Cover: Nowadays, motor insurance companies even cover the service costs of your vehicle, from the new engine oil put into your vehicle right to that missing nut on your engine cover.
Loss of Personal Belongs: This ‘Add on’ covers all your expensive personal belongings like your smartphone, laptop, camera, and other expensive stuff. This cover is valid ‘only’ if the above mentioned is stolen from your own vehicle!

So, you might be wondering why someone would go in for this insurance when they aren’t going to personally benefit anything out of it. Right?

Well, it makes sense to take Third Party insurance if you use your vehicle only occasionally and not as your daily commute, so there will be lesser chances of a mishap happening right.

Also, if you are planning on selling your car in a couple of days or months, it doesn’t make sense to pay such a high premium for Comprehensive Insurance for the entire year!

Another point to be noted is that the hefty premium that comprehensive insurance demands eventually takes its toll on the buyer with a limited budget! This is the reason why they choose to go with Third Party Insurance.

That said, we still recommend Comprehensive Insurance over Third Party Insurance, for the simple reason that its benefits are well worth the slight premium you pay.

At the end of the day the good old holds true when it comes to choosing your Motor Insurance- “NEVER BE PENNY WISE AND POUND FOOLISH😊!”