Have you just bought your favorite car? No? Then, maybe you might have bought your dream bike, right? Well, it really doesn’t matter which vehicle you have bought or which you will buy as long as it appeals to you and doesn’t stop working soon after. After all, you are special and so should be your ride. You spent so much on your vehicle so that you can get distinct features, speed, etc. However, what if your dream vehicle gets damaged because of some accident? Now, a road is for public and its obvious there are many out there who drive cars or ride bikes and hence, there is a chance of collision, which can ultimately damage your vehicle and you might require money to either repair it or if it is lost then, at least you get compensation. Moreover, what if you collide with other’s vehicle and ruined it? You need to pay for that too. So, don’t you think you need a policy that you can depend on?
Motor Policy of New India is a policy that can be bought for any vehicle so that if your vehicle gets damaged because of collision or you damage other vehicles by mistake, then the expense for that can be paid on your behalf.
Who Can Buy? - The policy can be bought by any vehicle owner that is registered under the Regional Transport Authority in India.
Selection of Sum Insured- The money you can insure under this plan is also referred as Insured Declared Value, which depends on the vehicle model number, selling price and so on and if the vehicle is 5 or more years old and it has been stopped manufacturing and its parts are unavailable, then money given will depend on the insurer and insured understanding.
Choices You Can Make- There are two types of plans available under this policy-
Liability Only Policy- Under this plan, the money that you are liable to pay is covered. In short, if your vehicle has damaged any property or car or has caused death or injury of person, then the expenses that you had to bear and the compensation that you had to pay to third party will be covered by this policy. (The amount covered depending on the injury, death or damage is Rs.7.5 lac in case of private car and commercial vehicle and Rs. 1 lac in case of bike and scooter.
Package Policy- As the name suggests, it is a package protection for you. Besides, covering your liability towards third party (name as Liability Only Policy), it also covers for the damages caused to your vehicle or the accessories of the vehicle. The vehicle is covered for -
* When damaged is caused due to riot or strike
* When your vehicle gets ruined because of fire accident or lightening
* Damage caused by terrorist attack. Terrorist often use other’s vehicle for activities
* When there is a burglary and your vehicle gets stolen
*Damage caused because of natural calamities which include hailstorm, flood, earthquake, cyclone, storm, landslide, etc.
* When somebody intentionally damages your vehicle because of revenge or hatred.
* When your vehicle collides with another vehicle or somebody’s property and gets damaged, the money to repair it is covered under this plan.
Even When Your Vehicle Gets Towed- In case of accident, your vehicle might get stuck at accident site and you might need to get it towed, which of course will cost you. So, your vehicle towing charges are paid under this plan. You receive Rs.300 in case of scooters and bikes and Rs.1500 in case of car or commercial vehicle like a truck or bus.
Choice of Plans- If you want, you can get a plan that includes the benefits of Liability only Policy and moreover, add on covers for the damage of the vehicle in case of fire accident or theft only. This way you don’t have to pay the amount for Package Policy, which compared to this is high, moreover, you get more than a liability policy plan.
"Motor Insurance Policy is a policy bought in order to protect yourself from the expense that you may have to endure in case your vehicle gets damaged or is lost or stolen. It not only covers the expense of the vehicle, but also the liability that you have towards the third party. In all, it is an apt plan for those who have vehicle."
Why Motor Policy?
Below are the some of the highlights of the Motor Policy plan that makes it appealing-
All Vehicles Covered- Under this plan, no matter which vehicle you own, you can easily cover it and protect yourself from some financial hit. The vehicles covered under this include commercial vehicle like a truck, bus, auto, etc., scooters and bikes and private cars.
You have Options- There are two types of plans available under this policy that you can choose from and can even find a midway and add on some benefits to your liability plan.
Discount Available- In case of no claim, you can receive a discount of up to 50%, depending on the vehicle model number, year of purchase and how many years you have gone through without claim.
Extensions and Add on- Paying extra premium can extend your plan and hence you can enjoy the Coverage benefits such as-
- Damage caused to accessories of vehicles
- Coverage of personal accident in case of car (Includes both driver and the passengers)
- Your legal liability towards the employees is also payable under this.
Exceptions and Flaws
There are a few exclusions that are not covered under this policy. They are-
* If the loss is too big to cover then it is not payable by the company.
* If the damage is caused due to wars, then company won’t pay for it
* No matter which vehicle you buy, it gets depreciated and no company pays for the depreciation.
* If there is contractual liability then, the claim will not be settled by the company.
* Damages caused when you drive the car under the influence of alcohol or when your car gets towed because of invalid driving license.
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