What is Motor Insurance?
Motor Insurance protects the owner of the vehicle from financial loss that occurs due to theft or damage to the vehicle or its parts caused naturally or due to accidents. Unlike other insurance policies, motor insurance is mandatory for all vehicles such as bikes, cars, and commercial vehicles.
Types of Motor Insurance
Private Car Insurance Policy
Mandated by the Government, this insurance policy should be taken by any individual who owns a private car. This policy takes care of the damage caused by road accidents, fire accidents, and natural disasters like earthquakes, and floods. And a comprehensive insurance policy even covers vehicle theft. It also covers the injuries of the owner as well as the damage caused to a third party; another person’s life or property.
Two-wheeler Insurance Policy
As soon as you buy a two-wheeler, it is mandatory to take this policy as per the Motor Vehicle Act 1988. This insurance policy covers the damage or losses incurred due to accidents, natural calamities and theft. It also covers the injuries and damage caused to third parties.
Commercial vehicle Insurance Policy
This policy is mandatory for all vehicles used for commercial purposes. Buses, trucks, auto-rikshaws, heavy transport vehicles, taxis, agricultural vehicles such as tractors etc. all fall into this category. This policy saves businesses from the probable financial losses incurred due to damage or theft of the vehicle.
What We Do!
Do you know? The insurance provider has to give a discount of about 20% as NCB – No Claim Bonus if you don’t make a claim in the particular year. And it keeps on increasing up to 50% if you don’t claim for five consecutive years. Importantly, the NCB belongs to you and not the vehicle. So, you can transfer that and get a 50% discount on the insurance of the new car. Likewise, we help you with many intricacies of motor insurance.
- Help your vehicle with ideal IDV (Insured Declared Value)
- Guide you to avoid mistakes during renewals
- Ensure that you avail NCB – No Claim Bonus
- Explain what your policy will not cover
- Track the CSR – Claim Settlement Ratio