Guidance for Motor Insurance in India

Guidance For Motor Insurance In India

Now 3rd party Motor insurance is mandatory in India. Every user needs 3rd party Motor insurance for their motorcycle, car, commercial vehicle. Some things need to ensure before purchasing motor Insurance in India.

Based on consumer’s need every user need a different policy. Sometimes it depends on the service of an insurance company is good in some area and unreachable in other areas. Also, the cashless policy option is not valid at every location. it becomes a headache for the policyholder. In 2023, the situation is showing more improvement as insurance companies keep adding new Cashless service points.

Every vehicle insurance has its validity. for convenience, the user needs to renew a policy before it has lapsed. You can cover your two vehicle with customized benefits.

The validity of your vehicle’s insurance is up to a certain period only. The period depends on the date on which the policy was purchased and needs to be renewed before the policy expires. If policyholder misses the deadline to renew a vehicle insurance policy, it lapses. A lapsed motor insurance policy is fraught with risks and penalties. So it is important for the policyholder to avoid this situation.

Now it becomes a legal offense to drive vehicle which is an uninsured vehicle. Also, It has a risk of financial liabilities in case the vehicle is involved in an accident.

Buy Motor insurance in India

There should be awareness campaign for motor insurance. As Every vehicle needs motor insurance for safety purpose and to tackle uncertain situations. The PhonePe runs advertisement regarding fast issuance of motor insurance policy. The UI of PhonePe is very simple when it comes to buy motor insurance.

I had experince of buying motor insurance from different portals like Paytm, PhonePe, Policybazzar, Acko and Godigit. I will not recommended Policybazzar, others are best in case you want to purchase policy online. Remember, Motor insurance policy is mandatory as per the Motor Vehicles Act, 1988 for all vehicle owners.

Types of Motor Insurance In India

There are two options available to buy Motor Insurance

• Third-party insurance
• Comprehensive insurance (Third party+ own damage)

Remember, many online portals are offering customized insurance policies for the motor Insurance. Thus you can buy motor insurance in India conveniently.

 

What is Third Party Insurance?

• It is the mandatory policy for the motor insurance holders.
• it covers the liability that a person would have to bear in the event that he/she damages someone else’s property or injures or causes the death of another person with his/her vehicle.

What is Comprehensive Insurance? (Third party+ own damage)

• It covers Third party insurance as well as own damages.’
• Most Customers prefer comprehensive insurance policy because of its features.
• It Covers damage, injury or death to third party
• Also, It covers damages of driver or passenger death/injury and loss or damage to the insured vehicle and its accessories due to various reasons such as fire, explosion, lightning, burglary, housebreaking, theft, flood, typhoon, storm, hurricane, cyclone, hailstorm, riot, strike, damage while in transit, landslide, earthquake, malicious act, terrorist act.

How the Motor Insurance Premium is decided?

The motor insurance premium is decided based on

• The year of the vehicle manufacturing
• Model Number of Vehicle
• Sum insured amount
• Fuel type of vehicle
• Insured Declared Value

Insuregrams is happy to help in choosing a policy.