Buy Motor Insurance Policy Online Save Up to 75%*
Motor insurance is an agreement where the insurance company provides financial help for any damage to your vehicle. It is also called vehicle insurance or auto insurance and can be bought online or offline. As per the Motor Vehicles Act of 1988, motor insurance is mandatory. It covers third-party liabilities, own damage, and more. Many motor insurance companies in India offer car and bike insurance plans to protect them. Read on to learn more about motor insurance.
Features of Motor Insurance
A vehicle insurance policy has many useful features for vehicle owners and others on the road. Here’s what it offers:
- Easily buy motor insurance online with minimal effort.
- Get both comprehensive and third-party insurance for full protection.
- Get your motor insurance renewal online without traveling or filling out paper forms.
- Protect your vehicle from natural and man-made events like floods, theft, accidents, and vandalism.
- Cover third-party losses with liability coverage.
- Make cashless claims by providing necessary proof in case of accidents or theft.
- Access a network of garages for repairs and vehicle evaluations after mishaps.
- Enjoy the no-claim bonus, which can be transferred to other insurers.
- Receive customer support to stay updated on your policy and claims.
- Add extra coverage to your policy anytime with add-on features.
Importance of Buying Motor Insurance
Here are the main reasons to get a comprehensive motor insurance policy:
- Legal Requirement: It is mandatory by law to have motor insurance with minimum coverage before driving your vehicle on the road.
- Third-Party Damage Coverage: Motor insurance covers costs if your vehicle damages someone else’s property or vehicle. Without it, you would have to pay these expenses by yourself.
- Protection Against Theft: Insurance protects you if your vehicle is stolen or damaged due to theft, vandalism, or other harmful activities.
- Coverage for Repair Costs: Repairing vehicle damage can be expensive, but motor insurance helps cover these costs, even for major repairs.
- Personal Injury Cover: If you get injured in an accident, motor insurance coverage can help to meet medical expenses, either for small or severe injuries.
Different Types of Motor Insurance
Car Insurance
Car insurance helps to safeguard your car from damage due to collision, fire, natural disaster, or unforeseen events. It also covers third-party liabilities caused by your car. The car insurance premium is influenced by car make, model, value, registration state, and year of manufacturing. Please always compare premiums from various motor insurance companies in India so as to get the right one.
Bike Insurance
Bike insurance provides financial protection as well as legal protection for bikes and motor scooters. It covers damage to your two-wheeler due to accidents, fire, theft and others, and damage to others, etc. The level of premium is influenced by the bike's age, model, and year of registration.
Commercial Vehicle Insurance
Commercial vehicle insurance covers vehicles for business use, including trucks, auto-rickshaws, and goods-carrying vehicles. It addresses losses for business vehicle owners, i.e., those from accidents, fire, theft, and third-party liabilities, therefore mitigating financial losses.
Types of Vehicle Insurance Policy in India
Three main types of vehicle insurance policies are:
- TP
Third-Party Insurance Cover
This type of insurance is required by law. It covers damages or injuries caused to someone else (a third person) in an accident involving your vehicle. It helps pay for third-party deaths, injuries, or property damage. However, it does not cover damages to your own vehicle.
- OD
Standalone Own Damage Cover
This is a separate insurance policy that protects your own vehicle from damages caused by accidents, theft, fire, or other unexpected events. It was recently introduced by IRDAI. You can buy this if you already have third-party insurance and want extra coverage for your own vehicle.
- CP
Comprehensive Insurance Cover
This is an all-in-one insurance plan. It covers damages to your own vehicle as well as third-party coverage. It protects you financially if your vehicle is damaged in an accident, stolen, or affected by other incidents. Since it offers more protection, it costs more than other types of insurance.
Difference Between Third Party, Comprehensive, and Own Damage Insurance
| Features | Standalone Own Damage Insurance | Party Insurance | Comprehensive Insurance |
|---|---|---|---|
| Coverage type | Covers damages to your own bike | Covers third-party liabilities (injury, death, and property damage) | Covers both damages to your own bike and third-party liabilities |
| Third-party liability coverage | Not included | Included | Included |
| Own damage cover | Included | Not included | Included |
| Coverage for theft | Included | Not included | Included |
| Natural & Man-made disaster coverage | Included | Not included | Included |
| Fire damage coverage | Included | Not included | Included |
| Personal accident coverage | Not included | Usually Included | Usually Included |
| Premium cost | Moderate | Lower | Higher due to broader coverage |
| Optional add-ons | Available | Not Available | Available |
| Best for | Those who already have third-party insurance and want to protect their bike | Meeting legal requirements with basic coverage | Complete protection for both own bike and third-party liabilities |
Benefits of Buying Motor Insurance Online
Easy to Compare Plans
With online motor insurance, you can compare prices and features from many companies in one place. You don’t need to visit different offices or deal with agents. Companies explain their plans clearly, so it’s easy to pick the best one for you.
Saves Time
Buying insurance online means less paperwork and a faster process. You only need to give a few details, and your policy will be ready in no time without any delays.
Many Payment Options
Furthermore, you can purchase or renew your insurance online through various payment options. It’s quick, cashless, and convenient.
Customize Your Plan
You can choose a plan that suits your needs and add extra features if you want. Online platforms also explain everything clearly, helping you pick the right option.
Get Your Policy Instantly
When you buy insurance online, the process is very fast. Your policy is ready within minutes, and your information is stored safely for future use.
Buy Anytime, Anywhere
You can buy or renew your motor insurance at any time, no matter where you are. Whether at home, work, or traveling, it’s easy to do everything online.
Easy Renewal
Online insurance helps you keep track of your policy and reminds you to renew it before it expires. This ensures you always stay covered.
Buying motor insurance online makes the whole process simple, fast, and stress-free. It saves you time and offers many options to choose from.
Inclusions and Exclusions Under Motor Insurance
What is Covered (Inclusions):
1Accidents or Riots
If your vehicle is damaged because of an accident, riots, or even terrorist acts.
2Theft or Loss
If your vehicle is lost or stolen.
3Fire Damage
If your vehicle is damaged because of fire or catching on fire.
4Transport Damage
If your vehicle is damaged while being transported.
What is Not Covered (Exclusions):
1Drunk Driving
If the driver was drinking alcohol or using drugs when the damage happened.KJHGFDSAO9I8U7Y
2No License
If the driver didn’t have a valid license or necessary documents at the time of the damage.
3Out of Coverage Area
If the damage happens outside the areas mentioned in your policy.
4Wear and Tear
Normal wear and tear or decrease in the value of the vehicle over time is not covered.
Things to Consider While Buying Motor Insurance Online
1Coverage
Make sure the insurance plan covers everything you need.
2Personal Accident Cover
Check if the plan includes personal accident cover for your safety.
3Claim Settlement Ratio
Look at how often the insurance company pays claims successfully.
4Network Garages
See if the company has a large number of garages in its network for easy repairs.
5Add-On Options
If the basic plan doesn’t cover enough, check for extra coverage options.
6No-Claim Bonus (NCB)
Check if the company offers a bonus for not making claims and lets you transfer it if you switch insurers.
How to Buy Motor Insurance Online?
Need to discuss the process
Factors that Affect the Vehicle Insurance Premium
1Type of Car
The kind of car you have, like its model, make, and engine size, can change how much you pay for insurance.
2Age and Engine Type
Older cars lose value over time, which can lower the insurance cost. The type of engine (petrol or diesel) also affects the cost.
3Where You Live
Driving in big cities can be more expensive because there's a higher chance of accidents.
4Type of Coverage
Full coverage insurance costs more than basic liability insurance, which doesn't cover as much.
5Extra Features
Adding extra safety features or insurance options like coverage for no depreciation or for passengers can increase the cost.
6No Claim Bonus
If you haven't made an insurance claim recently, you might get a discount on your insurance.
7Deductibles
Paying more out of pocket in case of an accident will make your insurance cheaper.
8Anti-Theft Features
If cars have certified anti-theft devices, you may be eligible for a discount on your insurance.
8Online Insurance
Insurance plans bought online are more feature-rich and less expensive than traditional insurance.
How to File a Motor Insurance Claim?
For Damage to Your Car, Motorcycle, or Commercial Vehicle:
Start the Claim: First, tell the insurance company how much you think the damage will cost to fix.
Inspection: An inspector (surveyor) will check your vehicle and write a report about the damage.
Repair: Take your vehicle to a repair shop that the insurance company agrees to work with (network garage).
Settle the Claim: After the repairs, the insurance company will pay the garage directly.
Documents You Need:
Claim form
For commercial vehicles Fitness Certificate
Driving License
Vehicle Registration Certificate
Final bill from the repair shop
Police report (FIR) if available
For Claims Involving Other People (Third-Party Claims):
- Report the Claim: Tell the insurance company or third party about the accident.
- Legal Process: The case will go to the Motor Accident Claim Tribunal.
- Provide Documents: You’ll need to give a police report, your driving license, and a medical certificate. If the accident was fatal, a death certificate is also needed.
Why Buy Motor Insurance from Square Insurance?
Many Choices
Square Insurance works with many insurance companies; hence, you have numerous choices. This way, you find the perfect car insurance for you.
Good Prices
They compare prices from various insurers to find you the best deals, helping you save money.
Helpful Advice
Their experts explain all the options clearly, so you can pick the insurance that fits your needs best.
Easy Claims Process
Square Insurance handles all the paperwork and talks to the insurance company for you, making it easier to get your claims paid quickly.
Customized Service
They look at your driving history and what kind of car you have to offer insurance that fits just right.
Convenient
You can handle everything from home and get help from Square Insurance with just a call or email.
FAQs
Motor insurance is insurance that helps pay for damages or theft of your vehicle. It also covers costs if your vehicle hurts someone or damages something.
- Third-party insurance This covers damage your vehicle causes to other people or their stuff but doesn’t cover damage to your own vehicle.
- Comprehensive insurance This covers damage to your vehicle, theft, and also covers damage your vehicle might cause to other people or their stuff.
- Own Damage insurance This covers damage to your vehicle from accidents, theft, and disasters like floods, but it doesn’t cover damage your vehicle might cause to others. It's usually bought along with third-party insurance.
- 1st party insurance is when your insurance covers damage or loss to your own vehicle.
- 3rd party insurance is when your insurance covers damage or injuries your vehicle causes to other people or their property.
Motor insurance covers money lost from accidents, vehicle theft, damage from disasters like floods, and any damage your vehicle might cause to other people or their things.
Motor insurance is important because it protects you from big costs if there are accidents, theft, or damages. It also follows the law, as you usually need to have some insurance to drive.
You must have third-party motor insurance. This covers damage your vehicle causes to other people or their property.
MV Act stands for the Motor Vehicles Act. It's the law that controls everything about vehicles on roads in India.
Under the MV Act, the owner is the person who has the vehicle registered in their name. They must follow all rules about the vehicle.
The MV Act 147 is part of the Motor Vehicles Act that says all vehicles must have third-party insurance. This insurance covers any damage or injuries your vehicle causes to others.
The 304 A MV Act deals with what happens if someone is careless driving causes someone else to die. This part of the law outlines the legal consequences for that person.
Section 177 of the Motor Vehicles Act is about the general punishment for small wrongs under the act that don’t have a specific penalty listed. It usually means you have to pay a fine.
Section 1 of a motor policy describes what the insurance covers regarding damage to your vehicle. It tells you when you can ask for money for damages to your vehicle.
LMV stands for Light Motor Vehicle. This includes smaller vehicles like cars, small vans, and trucks used for personal things or carrying light goods.