Motor Insurance

Buy Best Motor Insurance Plan to Make Your Road Journey Safe

Motor insurance is a coverage which is bought for cars, trucks and other vehicles that ply on roads. Its main objective is to give  protection against physical damage or loss from natural and man-made calamities. In India, Third party motor insurance is mandatory

WHAT is an ADD- ON cover?
Add-ons provides users multifold benefits increasing the protective cover for the vehicle as well as the owner. While insurance is thought as a recurring annual expenditure by some, but sometimes having  car insurance is not sufficient enough and various add-ons are increasingly becoming popular

Motor Insurance Add-on provides additional covers on payment of additional nominal premium, along with the vehicle insurance policy, which is otherwise not covered.

WHAT are the TYPES of ADD-ONS available:

1. ZERO DEPRECIATION
   1. Under motor policy flat 50% depreciation is charged for replacement of Rubber, nylon/ plastic parts, tyres, tubes, batteries and air bags and age wise depreciation from 5% to 50% on all other parts in case of any replacement of parts consequent to an accident or other peril
   2. A zero depreciation cover ensures that one  receives full claim value for parts that are replaced after an accident without any deduction for depreciation.
   3. Generally, maximum two claims are allowed under zero depreciation policy for most companies, in a year.

2. CONSUMABLE COVERAGE
   1. Consumable for the purpose of this cover shall include engine oil, gear box oil, lubricants, nut & bolt, screw, distilled water, grease, oil filter, bearing, washers, clip, break oil, air conditioner gas and items of similar nature excluding fuel.

3. RETURN TO INVOICE
   1. In cases of Total Loss* or Theft of vehicle the maximum amount payable by the insurance company is limited by the current IDV i.e. the depreciated value of the vehicle. In such a case this Return to Invoice policy will pay the entire amount that was paid originally by the policyholder at the time of purchasing the vehicle i.e. the Ex-showroom price* + RTO + Road Tax.
   2. *Total Loss refers to a situation where cost of repairs would exceed 75% of the IDV (Insured’s declared value).
   3. * Ex-showroom price refers to the lower of the Ex-showroom price as at the time of purchasing the vehicle or current Ex-showroom price of the same model

4. ENGINE COVER
   1. In case water enter the engine of the vehicle and engine gets ceased or oil seal at the bottom of the vehicle is broken due to some impact and the engine oil gets starts flowing out the, if it goes unnoticed the engine of a running vehicle will get ceased, such damages not covered under a normal insurance policy, hence the need for separate engine cover.
   2. This Add-on pays for repair and replacement expenses or damage to Internal parts of the engine, Gear Box, Transmission or Differential Assembly provided loss or damage is due to ingress of water in the engine or leakage of lubricating oil from engine / respective assembly.

5. LOSS OF KEYS
   1. Covers the cost to replace vehicle keys if the same are lost/stolen and locks and keys both if the vehicle is broken into
   2. Break-in Protection – cover will reimburse the cost of replacing locks and keys if Vehicle is broken into. Covered costs include the labor cost for replacing the lock.

6. LOSS OF PERSONAL BELONGINGS
   1. This cover will pay for the loss or damage to insured and insured’s Family member’s personal belongings while they are in the vehicle at the time of loss or damage to the vehicle.
   2. Any claim under this section will be admissible only when there is a valid and admissible claim in respect of the vehicle arising out of the same accident.and the claim is reported to the nearest police station

7. EMERGENCY TRANSPORT
   1. This cover will pay for the cost of overnight stay and taxi hire charges for returning back to the residence or the nearest town.
   2. Any claim under this section will be admissible only when there is a valid & admissible claim in respect of the vehicle arising out of the same accident.

8. QUICK ASSISTANCE ON ROAD
   1. Enables the help for basic services in case of an emergency while on the road.
   2. Users opting for such add-on policies can avail fuel assistance, taxi and accommodation benefits while staying in a remote location.

9. TYRE COVER
   1. Covers expenses for repair and/or replacement, as may be necessitated arising out of accidental loss or damage to tyres and tubes.
   2. Whenever replacement of tyre will be allowed it will be of the same make and specification and if tyre of similar specification is not available and replaced tyre is superior to damaged tyre then company will not be liable for betterment charges.

If damage to tyre and tube is due to the accidental damage to the insured vehicle covered under “Own Damage” section of the policy and hence this cover will be restricted to the difference of depreciation percentage.

Why You Should Buy Motor Insurance?

Do you know, around 4 lakh people meet with road accidents every month? A survey was conducted by World Health Organization Report, which stated that in 2012, India had recorded the highest number of road deaths in the world.

You will come across many policies. You simply need to compare them and take a quick advice to save time and do not lose your mind.