Motor Insurance

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What is Motor Insurance?

With almost 2.5 lakh new cars getting sold every month and an average of 1400 road accidents happening daily in India, motor insurance has become a basic need for a stress-free daily commute. A comprehensive loanswala available online, offers 24x7 assistance, swift claim settlement, cashless facility across 4000+ garages and much more.

  • Reasons to buy Motor Insurance

    • Increase in Road Accidents 4,80,652 road accidents occurred in 2016 resulting in much damage and loss. With 1214 road crashes occurring every day in India, having motor insurance is important. We offer motor insurance coverage for damages caused to your vehicle during such mishaps. • Damage Control Repairing your vehicle is costly. Imagine having to replace your windscreen or giving your vehicle a fresh coat of paint because of someone else's carelessness! Having motor insurance in place is important as it helps you deal with such cases thereby saving your hard-earned money. • Third-Party Liability Insurance Coverage Motor insurance covering third-party liability is mandatory in India. We cover widespread liabilities that are third-party-related. No need to look elsewhere! • Protection against Natural Calamities India ranked 3rd amongst countries that were affected by natural calamities (UN Report: 2015). The recent floods in Kerala caused massive damages amounting to Rs. 21,000 crores. Our motor insurance plans cover your vehicle against damages caused by earthquakes, floods, cyclones and other such natural disasters. • Protection against Man-made Disasters As of 2017, the percentage of riots and man-made disasters in India has risen by 28%. Go with us and enjoy an extensive list of coverage options that protect your vehicle against acts of vandalism.

  • What is covered under your car insurance policy: Inclusions

    • Loss or damage to your vehicle against natural calamities - Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide. • Loss or damage to your vehicle against man-made calamities - Burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity, any damage in transit by road, rail, inland waterway, lift, elevator or air. • Personal Accident Cover - Coverage of ` 15 lakhs for the individual driver of the vehicle while travelling, mounting or dismounting from the car. Optional personal accident covers for co-passengers are also available. • Third Party Legal Liability - Protection against legal liability due to accidental damages resulting in the permanent injury or death of a person, and damage caused to the surrounding property. To understand exactly what all your car insurance policy covers, and be in a much better position to benefit from it, read your carefully.

  • What is not covered under your car insurance policy: Exclusions

    Any claim due to or arising out of pre-existing medical condition/ailment, whether declared or undeclared, is not covered under the policy. Your policy will also not include the following: • Normal wear and tear and general ageing of the vehicle • Depreciation or any consequential loss • Damage to/by a person driving any vehicles or cars without a valid license • Damage to/by a person driving the vehicle under the influence of drugs or liquor • Mechanical/ electrical breakdown • Loss/ damage due to war, mutiny or nuclear risk • Vehicles including cars being used otherwise than in accordance with limitations as to use • Wear and tear • Consumables • Damage to tyres and tubes unless the vehicle is damaged at the same time, in which case the liability of the company shall be limited to 50% of the cost of replacement • Driving the vehicle against the limitations as to use

    How to Reduce Premium for Motor Insurance Policy?

    This question pops up in the mind of various insurance buyers/ renewers. Everyone wants to reduce the insurance premium. Here’s the catch- Less insurance premium means less insurance coverage. When it comes to the reduced insurance premium, insurance experts recommend to not compromise on coverage. If you compromise on coverage, you might save a few pennies on insurance premium but in case of a claim, you might end up spending more from your pocket. It will nullify the basic need of having car insurance in the first place i.e. financial safety of the car buyer. Here is how you can reduce the premium for a motor insurance policy without compromising on the insurance coverage: 1. Install Safety Device(s)- When you install safety device(s) in your vehicle, you enhance the vehicle’s security and diminish the risk of vehicle theft. This, in turn, reduces the risk associated with your vehicle. As a result, the insurance provider offers a discount on the insurance premium. 2. AAI or WIAA Membership- Having membership of Automobile Association of Upper India or Western India Automobile Association has its own perks. The insurance buyers who have AAI or WIAA Membership can avail a discount on their vehicle insurance 3. Refrain from Filing Small Claims- If you keep on filing small claims, you won’t be eligible for No Claims Bonus.As a result, you’ll have to pay a higher insurance premium. 4. Judiciously Opt for Add-ons- Though add-ons provide enhanced insurance coverage, they attract an enhanced insurance premium as well. So, opt for the add-ons that fulfil your insurance expectations. Don’t opt for it just because your friends have opted for it.