Insurance Guide
Motor Insurance
Financial protection against damages or losses arising from accidents, theft, natural calamities, fire, and third-party liabilities involving vehicles.
Why it is Important
- Legal compliance (mandatory by law)
- Financial protection
- Peace of mind while driving
- Protection against large repair expenses
- Third-party liability security
Types of Motor Insurance
Third Party Insurance
Mandatory by law. Covers third-party damage and injury.
Comprehensive Insurance
Covers own damage + third-party liabilities.
Standalone Own Damage Policy
Covers only own vehicle damage.
What is Covered?
- Accidental damages
- Theft or total loss
- Fire & explosion
- Flood, cyclone, earthquake
- Third-party injury/death
- Third-party property damage
- Transit damages
- Riots & strikes
What is NOT Covered?
- Driving without valid license
- Drunk driving
- Mechanical breakdown
- Wear & tear
- Consequential losses
- Illegal activities
- Driving outside geographical area
Important Terms
IDV (Insured Declared Value)
Current market value of vehicle.
NCB (No Claim Bonus)
Discount for claim-free years.
Deductible
Amount paid by policyholder during claim.
Claim Process
Inform insurer immediately
Register claim
Vehicle inspection
Repair approval
Cashless/reimbursement settlement