Motor Insurance Safeguarding Your Vehicle With BimaSure
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Upon acquiring your cherished car or motorcycle, the quest for the optimal motor insurance company in India commences. Why is this endeavour crucial? The Motor Vehicle Act, 1988, mandated by the Indian Government, necessitates the possession of valid vehicle insurance. Failure to comply may result in penalties for vehicle owners. The challenge lies in selecting one motor insurance company from a pool of over 20. To assist you in making an informed choice, we’ve curated a comprehensive list of the top 10 motor insurance companies, providing invaluable information for your decision-making process.
- Great Advisor Expertise
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- Affordable Premiums
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What is Motor Insurance?
Motor Insurance policies are the ones which are obligatory for all vehicles like four-wheelers, two-wheelers, including personal and commercial vehicles that run on the roads.
Motor insurance is a financial arrangement that provides coverage for vehicles against potential damages, theft, or third-party liabilities.
It acts as a protective shield, offering financial support during accidents or unforeseen incidents.
A motor package policy protects the insured vehicle against the damages caused due to accidents and natural disasters.
In addition to the own vehicle damage, motor vehicle insurance also provides the mandatory coverage for third-party liabilities.
Simply put, comprehensive vehicle insurance allows for worry-free drives by curbing your vehicle repair expenses and helping you adhere to the law when on road.
Need and Importance of Motor Insurance
Believe it or not, driving in India has many associated risks. Millions of people own a driving licence, and there is at least one vehicle in the household. Vehicles have become a crucial means of transportation, eliminating people’s need to travel via public transport. At the same time, we also know that an increased number of private vehicles also increases the risk of road accidents and rule-breaking. Accounting for such factors, it becomes critical to own a vehicle insurance policy. Besides that, let’s review the primary reasons to buy a comprehensive motor insurance policy
Below is the importance of Health Insurance:
To Comply With Law
Motor insurance is a legal requirement enforced by the government, ensuring that vehicle owners comply with the Motor Vehicle Act of their respective countries to avoid legal penalties.
Financial Protection
In the event of accidents, theft, or damage to the vehicle, motor insurance provides essential financial protection. It covers repair or replacement costs, preventing a significant financial burden on the vehicle owner.
Third-Party Liability Coverage
Motor insurance protects against liabilities arising from damage to third-party property or injuries. Liability insurance will pay the cost of an attorney to protect you if you’re sued.
To Protect Your Assets
Auto insurance can provide bodily injury and property damage liability coverage for accidents that happen to others. Auto insurance also may cover the cost of accident-related repairs to your insured car, as well as your accident-related medical bills and lost wages.
Peace of Mind
Having motor insurance offers peace of mind to vehicle owners. It allows them to drive confidently, knowing that they are financially protected in case of unexpected events on the road.
Comprehensive Security
Comprehensive motor insurance provides a broader scope of protection, encompassing own vehicle damage, theft, and third-party liabilities. This comprehensive coverage ensures a more thorough safeguard for both the vehicle and its owner.
Types of Motor Insurance Plan
Motor Insurance can be broadly divided into three categories, and as per your needs, You may choose the motor insurance online plan that best matches your needs.
Car Insurance
- Most Indian households today own one four-wheeler. Cars allow us to enjoy long road trips across the length and breadth of India and a car insurance policy will keep you protected.
- A car insurance protects you from denting financial losses and covers your vehicle in the case of unfortunate situations such as accidents, fires, natural calamities and other mishaps.
We offer three types of car insurance; one is the Third-Party Policy, that covers only losses against damage caused to third-party vehicles/people/property, the Comprehensive policy; that covers losses against third-parties and your own damages as well, and the standalone Own damage policy which solely covers your vehicle.
The insurance premium of every car is different and depends on factors such as the make and model of the car, fuel, engine type, and previous policies, among other factors.
Two-Wheeler Insurance
The two-wheeler is the preferred mode of transport for most Indian families. A bike insurance plays an important role in preventing you from financial losses.
It offers protection against damages or loss caused to bikes and other two-wheelers against third-party liabilities for both property and individuals.
We offer two types of bike insurance; one is the Third-Party Policy, that covers only losses against damage caused to third-party vehicles/people/property, and the Comprehensive policy; that covers losses against third-parties and your own damages as well.
Your insurance premium largely depends on your scooter/bike model and registration year.
Commercial Vehicle Insurance
Any vehicle that is used for business purposes must have commercial vehicle insurance by law.
Commercial vehicle insurance is a specific type of motor insurance since it covers losses and damages to or caused by a commercial vehicle in the event of an accident. All businesses must have commercial vehicle insurance, including those using tractors, pick-up trucks, school buses, auto-rickshaws, and other vehicles.
Commercial vehicles differ across industries and so do their policies. For more details and customizations, feel free to get in touch with our team at info@bimasure.co.in
Types of Coverage Offered by Motor Insurance in India
You can determine the motor insurance policy you want according to your needs. Once you do that, motor insurance offers two types of coverages. Here are some key benefits of getting motor vehicle insurance online.
Third-Party Insurance Plan
An individual is protected from financial damages by a third-party insurance policy if their covered vehicle is involved in an accident resulting in property damage, bodily injury, or death to a third party. The third-party consists of both a person and a vehicle.It is mandated to have a motor insurance policy in India
StandAlone Own Damage Motor Insurance Plan
Recently introduced by IRDAI, an own damage motor insurance policy provides coverage for financial losses caused to their vehicle due to natural or man-made disasters. These vehicle insurance policies are solely for your vehicle. They do not provide cover for damages caused to a third party, their vehicle or their property.
Comprehensive Insurance Plan
A comprehensive vehicle insurance policy offers extensive coverage as compared to a basic third-party motor insurance policy. The comprehensive motor insurance policy offers protection against financial losses due to damage to your own car and third-party liabilities.. It is evident that comprehensive is the superior choice.
Key Benefits of Motor Insurance
Buying Motor Insurance in India is mandated by the Government of India, but there are reveral benefits while you buy motor insurance. Let’s glance at some of the reasons to buy vehicle insurance;
Financial Protection Against Damages or Loss to Insured Vehicle
Provides financial support against loss or damage to the vehicle or its accessories due to fire, explosion, self ignition, accidental damage, and various other man-made or natural calamities.
Cashless Repairs
Larger Cashless Garages for you to choose from across India for private cars two wheelers.
Legal Compliance
Ensures compliance with legal requirements, as motor insurance is mandatory, helping vehicle owners avoid legal penalties.
Third-Party Liability Coverage
Coverage against third party liability in case of injury/death of any third party or damage caused to third party property by the insured vehicle.
Peace of Mind
Knowing one is covered by motor insurance brings peace of mind, allowing drivers to navigate with confidence on the roads.
Comprehensive Coverage
Emphasizes the significance of opting for comprehensive coverage, which includes a wide range of protections for holistic security.
Enhanced Coverage for Accessories
Provides additional coverage for accessories or modifications made to the insured vehicle, ensuring comprehensive protection.
Personal Accident Cover
Compulsory personal accident cover of ₹15 lakh for individual owners of the vehicle while driving.
Addons/Rider Benefits
Add-on covers broaden the coverages and enhance the motor insurance policy's depth. Getting the proper add-on coverage helps in maximising the benefits of the insurance.
Benefits of Buying Motor Insurance Plans Online
Not long ago, people had to visit the stores to learn about insurance policies. But with the digitisation of all services, customers can now avail the benefits of buying motor insurance online. It is far better than the traditional method of getting insurance and also presents the simplest way to compare and finalise your decision. Here are some key benefits of getting motor vehicle insurance online.
Time-Saving
No more wasting time to go through the extensive paperwork! The vehicle insurance online services work by collecting fewer details and make the entire process less hectic. The information is processed smoothly, and issuance is provided without further delay.
Immediate Policy Issuance
If you buy vehicle insurance online, the time taken for processing all documents is reduced to a few minutes. You can get the policy instantly, and the details you submit will be saved to the insurers
Secure Transactions
Offline purchase of motor insurance policies involves a lot of paperwork that contains confidential data. Online processing removes that risk, and transactions are done without documentation making it secure.
Multiple Payment Modes
Most companies offer multiple payment modes to avail cashless transactions and premium payments for the insurance policy. You can even renew the policy online now.
Less Premium
Since you can compare motor insurance policies online, you can select the best motor insurance policy with the lowest premium possible.
Customisation Option
Customers can opt for any coverage plan and get add-ons on the policy as you want. Moreover, you can learn all about the features and policies of different companies to figure out the best plan.
Transparency
Unlike the conventional searches that were confusing and dealing with motor insurance agents is not necessary now. The agents used to leave out many specifications to convince potential buyers. But with vehicle insurance online covers, the process is transparent now
Satisfying Experience
With significant technological advancements, you can now have a satisfying insurance experience while buying, renewing, comparing, etc. Online insurance is the next big thing in the insurance industry.
Factor to Consider Before Buying Motor Insurance
Given the number of options available today. It is important to pick an insurance that is simple, reasonable, protects and covers you in all possible situations and most importantly, guarantees to settle claims as soon as possible. Here are a few tips that will help you pick the right motor insurance online for your vehicle:
NCB (No Claim Bonus)
Find out whether the motor insurance providers offer a good No Claim Bonus and other benefits when you need to renew the policy after expiration. With each year that you spend without claiming the insurance, the discount for the next year’s plan progressively increases.
Policy Coverage
Evaluate the extent of coverage offered by the policy, ensuring it aligns with personal protection needs and preferences.
Premium Affordability
Consider the affordability of insurance premiums, striking a balance between adequate coverage and budget constraints.
Claim Settlement Process
Understand the efficiency and transparency of the claim settlement process, a critical factor for a seamless experience.
Zero Depreciation Cover
A car’s value becomes almost half the moment it steps out of the showroom. To maintain the monetary value of the vehicle, you must opt for zero depreciation cover to combat the loss that will result after depreciation.
Reputation of the Insurance Provider
Research and assess the reputation of the insurance company, ensuring reliability and efficient claims processing.
Customer Reviews and Ratings
Explore customer reviews and ratings to gauge the satisfaction levels and experiences of policyholders with the insurance provider.
Review Add-Ons
Add-on covers broaden the coverage's application and enhance the motor insurance policy's depth. Getting the proper add-on coverage is crucial to maximising the benefits of the insurance.
Factors that Influence the Cost of Motor Insurance
Here are the parameters that will impact the vehicle insurance premiums on both the short-term and long haul.
Model/Make/
Variant
Age & Engine Type
Demographics
Cover
Add-Ons
No Claim Bonus
Deductibles
Anti-Theft Features
Online Purchase
Inclusion and Exclusions in Motor Insurance Plan
The kind of motor insurance chosen will determine the scope of a motor insurance policy's coverage. Below are coverage details;
Motor Insurance Riders/Addons
Different motor insurance companies in India offer various add-on covers to enhance the protection of your vehicle. Some common add-ons include:
Zero Depreciation Cover
Ensures full claim amount without depreciation deduction, especially beneficial for new vehicles.
No Claim Bonus Protection
Safeguards earned no claim bonus, allowing policyholders to retain their discount even after making a claim, encouraging responsible driving.
Consumable Expenses
With the consumable expenses coverage, let us take care of the expenses involved in the use of consumables for your car at the time of servicing or post-accident like engine oil, brake oil, coolant etc
Roadside Assistance
Offers support for breakdowns, providing services like towing and flat tire assistance, enhancing overall coverage.
Personal Accident Cover
Extends coverage for accidental injuries or death, providing financial assistance and peace of mind to the policyholder and their family.
Return to Invoice
Ensures reimbursement of the vehicle's original invoice value in case of total loss or theft, bridging the financial gap between insurance payout and actual vehicle cost.
Engine Protection
Covers damages to the vehicle's engine, offering additional protection not included in standard policies.
Tyre cover
Reimburses the cost of replacing damaged tyres for vehicles fitted with run-flat technology, subject to policy conditions.
Lock & Key Replacement
Covers the cost to replace vehicle keys if the same are lost/stolen and locks and keys both if the vehicle is broken
Pay as you drive Cover
This cover makes the policyholder eligible to avail discount on the premium of Own Damage cover of the base policy based on the opted plan.
Daily Conveyance Allowance
Compensates for transportation costs during the period when the two-wheeler is under repair, subject to applicable time excess.
Driver & Passenger Cover
You get coverage in case any of the driver or passenger gets injured in the accident. The insurance company shall provide the financial aid for medical expenses
Our Partners
India's insurance sector has seen a remarkable growth due to the increased awareness about insurance policies and providers. The recent pandemic has highlighted the need for insurance coverage, and high claim ratios offered by insurance companies have incentivized individuals to opt for insurance as a means of supporting their well-being and livelihoods. Presently, there are numerous insurance companies operating in India. Let’s have a look at few of them listed below.
FAQ's
As the need for insurance increases, doubts and queries also increase. Navigating insurance complexities can be overwhelming. To help you with this, We have tried to address common doubts for a seamless journey with Bimasure;
You can potentially lower your premium by maintaining a clean driving record, choosing a higher deductible, and exploring discounts such as no-claim bonus or multi-policy discounts.
Third-party liability insurance covers the financial liabilities arising from injuries or damages caused to third parties by your insured vehicle. It does not cover damages to your own vehicle.
The cost is influenced by factors such as the type of coverage, vehicle model, driver’s history, geographical location, and the inclusion of additional coverage options or add-ons.
NCB is a discount on the premium for each claim-free year. NCB protection ensures that, even after making a claim, you retain your NCB discount, promoting safe driving behavior.
Yes, motor insurance policies are transferable. During the vehicle’s ownership transfer, the insurance policy can be transferred to the new owner, ensuring continuous coverage
In case of an accident, prioritise safety and seek medical help if needed. Exchange details with the involved parties, take photos of the scene, and inform your insurance provider as soon as possible to initiate the claims process.
We need to pay only once while buying the policy post which yearly payment is required for policy renewal
NCB is the No Claim Bonus that you receive when you haven’t made any claims for the policy term, i.e. you’ve been a safe driver and therefore, your premium at renewal will be discounted by your insurer. Know more about NCB in Bike Insurance & NCB in Car Insurance.
Below are the types of insurance:
- Third-party insurance
- Comprehensive Insurance
- StandAlone Own Damage Insurance
