Motor Insurance Plans

Car Insurance

Car Insurance

Bike Insurance

Bike Insurance

What Is Motor Insurance?

Motor Insurance is also known as vehicle insurance, it is purchased for cars, trucks, bikes, etc. It provides coverage against theft, physical damage, etc to the vehicle that are caused due to the man made or natural calamities. You work hard to buy a vehicle to enjoy its ride for business or personal needs. However, an unfortunate incident can take place any time and can cause heavy damage to your vehicle. The cost of repairing the vehicle or to replace it will be high; hence it is important to have vehicle insurance for providing complete care to your vehicle. Your motor insurance plan document is one of the most vital documents for your vehicle, as it is compulsory to have a motor insurance under Motor Vehicles Act. In India if you have any vehicle, then it is obvious that you must be carrying a vehicle insurance plan, mostly the third party insurance coverage which is compulsory. If you own a vehicle, then you must know a bit about vehicle insurance. You may have heard about a deductible or premium. However, are you really aware about the different sections of an auto insurance policy and do you know how to choose the best Insurance plan?

In India, we have two types of vehicle insurance products -Third party cover and a Comprehensive insurance plan. It may be confusing for you to choose the best vehicle Insurance plan, but if you know the features and benefits of theses insurance plan then you can select the best policy easily. Third party insurance is a type of insurance policy that provides coverage for the damages caused to the third party by you. It means that in the case of an accident, the third party insurance plan would cover all the damages that were caused to the third party, his/her car & its related accessories by you. It also provides coverage for injuries that were caused to the third party during the accident. It provides coverage for the third party liability, not on yours. Whereas, in the case of comprehensive insurance plan, it would provide coverage for all the damages that were caused to your vehicle and third party coverage is also included in it.

How to Compare Motor Insurance Online?

Buying the best motor insurance plan might seem a difficult process, but at PolicyX.com we make it easier and hassle free for you. We provide simple ways to compare quotes from leading motor insurance providers. We provide all quotes free of cost that helps you in choosing the best plan as per your requirement. At PolicyX.com you can get free information of the desired products in few minutes. All you need to do to get the best motor insurance plan is fill some basic details, compare free quotes, make payment and get the policy documents through e-mail. This will hardly take 10 minutes. Compare free quotes and get the desired policy in few minutes without much documentation.

For Buying New Policy:

Filled up proposal Form

Copy of Registration Certificate (RC)

For Motor Insurance Renewal:

Filled up proposal Form

Copy of Previous policy

Copy of Registration Certificate (RC)

Importance of Vehicle Insurance

Nowadays, everyone has a busy schedule. People have to complete several tasks in a single day. The growing responsibilities related to work, family and society as well has left no time for them. For saving their time, people are purchasing a car. Car helps them in saving much time and they enjoy the comfort of the car while traveling on the road. Just as purchasing car is unavoidable, a motor insurance plan too is a requirement. With the rapid growth in the number of accidents on the road and theft of cars, it has become an obligation for vehicle owners to buy a car insurance plan.

Motor insurance is mandatory on purchase of a new vehicle, whether it is a two wheeler or four wheeler acquired for private or commercial use under Motor Vehicle Act. A person is liable to pay penalty if he is found without a valid cover. An accident can take place at any time and this may result in severe damages to the car or two wheeler and cause harm to the person as well. In such cases, a motor insurance plays a beneficial role. If the driver is responsible for the accident which results in heavy damages to the third party, the owner has to pay all such expenses. In this case a third party liability coverage acts like a savior and protects the owner from financial losses. Your vehicle may be an expensive investment for you, and an accident can turn it into a huge loss, hence it is vital to have a motor insurance. It will provide coverage against accidents like theft, fire etc.

Types of Vehicle Insurance Products

Basically, in India we can categorize vehicle insurance into two categories: car insurance and two wheeler insurance.

Car Insurance

Car insurance is an arrangement between the insured and insurer. After purchasing a car with your hard earned money, you also need to pay for its repairs and damages with the same money, which can be quite painful on your pocket and affects your savings as well.

In India, it is mandatory to have an insurance policy for your vehicle as it provides financial coverage for any damages or theft of the vehicle and provides you peace of mind in case of a mishap which might include you or a third party.

What It Covers?

Car insurance is compulsory to have by law. It is a legal necessity to have a minimum level of insurance before driving a car in India. The coverage depends upon the type of plan and the insurer. However, following are the basic coverage, which you will get with a car insurance policy.

Basic Car Insurance

Basic Insurance Cover

This cover includes comprehensive car insurance plan (if your car is stolen, damages by any accident or fire). It also includes personal accident cover as well.

Unit-Linked Plan

Third Party Liability

It is helpful in cases where any other person makes a claim against you related to any injury caused to their car because of you

moneyback

Roadside Assistance

Many insurers provide roadside assistance in which they offer all the above benefits along with several roadside benefits such as towing, repairing of minor breakdowns, lost key coverage etc.

Two Wheeler Insurance

A two-wheeler insurance plan provides financial coverage against scooter, motorcycle damage, theft and liability coverage as well. Two-wheeler insurance is a necessity because of poor road conditions and deteriorating traffic situation in India, which may lead to mishaps and accidents which are beyond your control. You can renew expired Two-wheeler insurance online. Buying online vehicle insurance can save you time and money also.

What It covers?

Majorly two covers come under this

 
Comprehensive Insurance

Comprehensive

Comprehensive insurance plan provides coverage for all the damages that are caused to your vehicle and third party coverage is also included in it.

Third party insurance

Third Party Liability

Third party insurance is a type of insurance policy that provides coverage for the damages caused to the third party by you.

 

Personal Accident cover is also available.

Things to Consider Before Buying Motor Insurance Plan

There is no doubt that the easy access to the internet has provided an easy medium of purchasing a motor insurance plan. Currently there are two factors which you should pay attention to while purchasing motor insurance-the insurer and you. As the insurer decides which plan he can offer you, it is for the customer to decide which insurance plan he should purchase to meet his/her requirements. At the time of purchasing a policy, check if your motor insurance plan provides coverage on physical injury or not. If the answer is yes, then check out the extent of the coverage. Also make sure that the policy provides coverage on liabilities with respect to the damages of the vehicle in case of any mishap.

Purchasing the appropriate motor insurance is a difficult task. Hence, you need to do some research for getting the best out of them. Nevertheless, for carrying out such a research, you should know about the things you need to look. There are some things that you must check while buying motor insurance plan, such as Company’s reputation, Claim ratio, network garages, budgeting and much more. Apart from that you should read the whole terms and conditions of the policy that will help you in choosing best and hassle free ways at claim time. With the help of free quotes that are available on our portal you can compare motor insurance policies easily that will directly lead you towards the best plan.

Importance of Motor Insurance

Motor insurance is mandatory on purchase of a new vehicle, whether it is a two wheeler or four wheeler acquired for private or commercial use under Motor Vehicle Act. A person is liable to pay penalty if he is found without a valid cover. An accident can take place at any time and this may result in severe damages to the car or two wheeler and cause harm to the person as well. In such cases, a motor insurance plays a beneficial role.

If the driver is liable for the accidents which results in heavy damages caused to the third party, the owner has to pay all such expenses. In this case a third party liability coverage acts like a savior and protects the owner from financial losses. Your vehicle may be an expensive investment for you, and an accident can turn it into a huge loss, hence it is vital to have a motor insurance. It will provide coverage against accidents like theft, fire etc.

List of Motor Insurance Companies In India


Information About Motor Insurance Companies In India

Motor insurance in India is the largest segment in general insurance with an annual premium of 29,542 Cr in FY13. There were 18 companies offering motor insurance plans of which 4 are public and 14 are private companies. In terms of market share, public companies contributed about 13,883 Cr of premiums with a market share of 47%. Third party motor insurance is mandatory for all vehicles plying on Indian roads. This is one of the primary reasons for colossal market size of motor insurance in India. IRDA allowed private companies to enter the market only in the year 2001. Since then, private companies have been rapidly increasing their market shares. Most companies now also offer online motor insurance plans. Online insurance plans reduce both distribution and marketing costs for companies and therefore is a win-win for all the stakeholders.


Public Motor Insurance Companies (Premium)


Private Motor Insurance Companies (Premium)

Following chart provides market size in terms of premium for all private companies offering motor insurance plans in India. Click on the logo to know more about the company and its product offerings.


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