Tag: Motor Insurance

Mandatory Third Party Insurance for Vehicles to Benefit Consumers, Insurers: Experts

Even as customers buying cars and two-wheelers post-September 1 need to shell out more as premium with IRDAI making long-term third party insurance mandatory, industry and experts feel it will ultimately benefit consumers besides the insurers. It addresses the issue of under-insurance and inculcate a sense of compliance among those who otherwise evade the law […]

What does my Bajaj Allianz motor insurance policy cover?

Bajaj Allianz offers a comprehensive cover that is designed to offer protection to you and your vehicle. The comprehensive cover comprises of:- a) Damage to your vehicle– The policy covers you against any loss or damage caused to your vehicle or its accessories due to natural and man made calamities as defined in the scope […]

Components of Motor Insurance

IDV means Insured’s Declared Value. It is the current market value of your vehicle. IDV is arrived at by adjusting the current Manufacturer’s Listed Selling Price(*see below) of the vehicle with depreciation percentage listed in the table below: VEHICLE % OF DEPRECIATION Not exceeding 6 months 5% Exceeding 6 months but not exceeding 1 year 15% […]

Your Safeguards to Check Fake Motor Insurance Policies

Insurance frauds have been prevalent over the years, and fact is that it cannot be completely eliminated. Various estimates claim that the Indian general insurance industry would be losing between Rs. 2,500-3,500 crore in a year due to such frauds. Evidently, it would be disappointing for a customer to discover that the motor insurance policy […]

Opt for Add-on Covers for Comprehensive Motor Insurance Benefits

Abhishek has bought a new car, and paid a basic policy premium of Rs. 15,000. Due to the rainy weather, he had a mishap where he ran into a tree. Due to this accident, there has been extensive frontal damage to the vehicle. In such a situation, while a large part of repair costs would […]

Customer Checklist – Motor Insurance Renewal Process

Your motor insurance policy should be renewed before the expiry date and time. Failure to do so can lead loss of the motor insurance renewal benefits. We take every effort to send reminders to all our policy holders to remind them about expiry of their motor policy. Company executives or agents will contact you in […]

How Motor Insurance Add-on Covers Can Benefit You

It was monsoon season when one of my friends who was driving his three-year-old BMW on flooded streets of Mumbai met with an accident damaging windshield, bumper and hood of the car. As the streets were waterlogged, he tried to start the car resulting in hydro-static lock. He was more than 100 kms from his […]

Motor Insurance Online – Dos and Don’ts

Today, cars and two wheelers have moved beyond being just a status symbol to being a necessity for every household. And if you have car or a two wheeler, you will also need to get motor insurance. Motor insurance is a necessity, not just by law, but also for keeping your precious vehicle secure from […]

7 Frequently Asked Questions on Motor Insurance

1. What is a third party risk policy? A third party risk policy is a mandatory insurance policy that covers the vehicle owners against risks as per Section 146 of Motor Vehicles Act 1988. The scope of the cover of the third party insurance is to pay compensation for the damage caused to the property […]