Automobile insurance is the type of insurance purchased by people who own cars, trucks, and other road vehicles. In a nutshell, it provides protection against physical damage that may result from traffic collisions, as well as liability that could arise from them.
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In India, automobile insurance covers loss or damage caused to the automobile or its parts by natural and artificial disasters. Besides providing accident coverage for the vehicle owner while driving, it also covers passengers and third parties.
An owner/driver of a motor vehicle must have motor vehicle insurance. It is intended to protect the insured vehicle from damage caused by natural or artificial disasters.
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Motor Insurance is a type of insurance policy that covers any losses or damages sustained by the policyholder due to an accidental event. Four-wheeler insurance, commercial truck insurance, two-wheeler insurance, and other road vehicle insurance are all types of motor insurance.
All four-wheeled and two-wheeled vehicles, including cars, scooters, and trucks, must have vehicle insurance in India. Motor insurance is also available for commercial vehicles.
Policyholders of vehicle insurance policies can benefit from several available features. You should be aware of the following features
Motor insurance can be purchased online without any hassle.
Your insurance plan can be renewed online at the convenience of your home.
Add-ons can be added or removed based on your needs. Adding or removing them can be done when purchasing an insurance plan or renewing it.
Theft, natural catastrophes, fire damage, vandalimd, and unnatural disasters are also covered by auto insurance.
When you provide enough evidence in cases of accidents and theft, you can benefit from a cashless claim.
Motor insurance companies also offer No-claims bonuses. Using this feature will receive a specified discount from the insurer if you are not claiming the policy tenure. The value varies from company to company.
Different insurance companies offer other plans and add-ons to provide better coverage and assistance if you get stuck during the claim process.
Motor Insurance can be broadly classified under the below heads
An accident insurance policy covers the owner against loss or damage to their vehicle or that of a third party. A person should always compare car insurance premiums from different insurers before choosing a policy in order to make sure that he gets the best deal. Depending on the make and value of the car, the state where it's registered, and its year of manufacture, the amount of premium varies.
Bikes and scooters are protected by bike insurance or two-wheeler insurance. The policy covers two-wheeled vehicles for damage caused to their property and damage caused to third-party property or persons. Two-wheeler insurance premiums depend on the age of the bike, its make & model, and the registration year.
By purchasing commercial vehicle insurance, commercial vehicle drivers can minimize their losses because of damage to their vehicles. Commercial vehicles include cars that aren't used for personal purposes, such as goods-carrying vehicles, trucks, etc.
As per the Motor Vehicle Act in India, it is mandatory to acquire Third-Party Motor Insurance (TPI) on purchasing a new vehicle for commercial or private use. Drivers who do not possess a valid policy can be penalized.
Anyone can be involved in an accident, even if they are not at fault. This could cause a great deal of damage to both the person and the car. Motor insurance becomes very useful in such cases.
A driver responsible for an accident that results in bodily injury to a third party must pay for those expenses. Fortunately, third-party motor insurance can save you from a catastrophic financial loss in such a case.
Individuals invest a lot of money in cars. If an accident occurs, this investment can be ruined. Therefore, motor insurance is crucial.
Moreover, it also covers damages resulting from causes other than accidents, such as fire, theft, etc.
The following are covered by motor insurance
An external cause of an accident
Calamities caused by men, such as explosions, burglaries, thefts, strikes, riots, terrorism, etc.
When traveling by rail/road, air, or water.
Liability of third parties.
Owner-driver coverage in the event of death
The normal wear and tear on a vehicle occur as a result of regular use.
Depreciation-related loss or damage to a vehicle.
A malfunctioning electrical or mechanical system.
The wear and tear of consumables such as tires and tubes.
Losses or damages incurred outside the geographic area.
Insurance for the loss of a motor vehicle.
Every month, around 4 lakh people are involved in road accidents. An international survey conducted by the World Health Organization revealed that in 2012, India had the highest number of road deaths worldwide.
Motor insurance has become a necessity when driving on Indian roads due to the streets' high number and poor conditions. The financial protection offered by motorcycle insurance extends not only to you but also to your passengers. A few private insurers provide policyholders with several other utilities, such as
In-network garages, direct settlement, or cashless claims are available
Coverage of depreciation
Covers for engines
Roadside assistance 24x7
Towing Facilities
In India, it is mandatory to obtain third-party insurance coverage. Third-party plans provide a range for third-party liability and come with a specific set of fields. It is essential to consider several things when purchasing a comprehensive insurance plan to make the most of it. The following are some factors to consider when shopping for motorcycle insurance.
Coverage: Make sure the motor insurance policy you purchase provides you with the range you need.
Add-on: If you are not satisfied with your comprehensive insurance plan’s coverage, you can always purchase an add-on from your insurer.
Personal Accident Cover: Check whether the motor insurance you plan to purchase includes personal accident coverage.
Claim Settlement Ratio: Check the claim settlement ratio of your desired insurance company before purchasing insurance for a motor vehicle policy.
Network Garages: Make sure the insurance company you choose has a good network of garages.
No Claim Bonus: Find out whether the insurance company offers an excellent no-claim bonus.
Read Terms & Conditions Properly: Before signing any documents, you should carefully read the terms and conditions.
A car's price drops to almost half of what you paid for it the moment it leaves the showroom. Choosing the zero-depreciation add-on will help maintain the monetary value of your vehicle after it has depreciated.
The following parameters can affect insurance for motor vehicle premiums.
The depreciation value, as well as the declared value of your vehicle, is determined by its age.
The type of engine, whether a petrol engine or a diesel engine, will impact the IDV, resulting in a higher insurance premium.
The premium amount of your vehicle will vary depending on its place. For example, if you live in a metropolis, your motor insurance premium will be higher since you are more likely to be involved in an accident.
Insurance plans generally come with specific coverages; however, the companies also offer add-on coverages for those not satisfied with the range they provide.
Insurance companies award discounts for not filing a claim during the previous policy period.
Purchasing the policy online provides the convenience of comparing different plans and purchasing the one that suits your requirements and budget.
Online motor insurance allows you to compare different plans from the comfort of your own home. Several insurance companies have launched mobile apps to make your insurance buying experience even more accessible due to digitalization. As insurance plans have validity, the policyholder must renew the policy before it expires. The benefits of renewing online are numerous. Here are a few
You do not have to pay any insurance agent fees as you are doing it yourself.
The website offers a variety of add-ons for you to choose from.
Add-ons can be added or removed according to your needs.
Renewal of an insurance plan does not require a visit to the insurer's office.
It saves you a lot of time since you can do it on your computer by visiting the insurer's website or using their mobile application.
The payment for the insurance plan can be made online through secure gateways when you renew it online.
As soon as you make the payment, the insurer will issue you an updated insurance plan.
You can compare different insurance plans in one place by comparing various insurance plans online at square insurance brokers private limited. Using our insurance comparison tool, you can reach your desired goals and understand your coverage deeper. Using the online premium calculator, you can check add-ons provided by various insurance companies and calculate the insurance premium. You can also use Square Insurance's mobile application to make your buying experience even more accessible.
DUI (alcohol/drugs) damage caused by driving under the influence (DUI)
A person without a valid driving license damages or loses a vehicle without authorization
Nuclear risks can result in loss or damage
Unlawfully used vehicle. A vehicle that has been used in an illegal manner.
War/mutiny/nuclear risks-related losses/damages
Damages resulting from speed testing/racing
Deliberate or known accidental damage
It varies from insurer to insurer.
Generally speaking, car insurance policies fall into one of the following categories
Automobile Insurance is a legal requirement for all new cars. This type of insurance is for non-commercial vehicles. The premium amount depends on factors such as the make and value of the car, the state where it is registered, and the year it was manufactured.
Two-Wheeler Insurance: It provides accidental coverage to drivers of two-wheelers.
Commercial Vehicle Insurance: It protects vehicles of all sizes not used for personal purposes, such as trucks, tempos, and HMVs.
Third-party Insurance Policy: This policy only covers third parties who have been injured or damaged in an accident caused by the owner. In case of an accident with the insured's auto vehicle, it covers the insured's liability for third parties' losses. Auto Vehicles Act 1938 (Act Liability) specifies the minimum risks that must be protected. Damages, thefts, and injuries to the owner are not covered. In India, this type of insurance is mandatory.
Comprehensive Insurance Policy: This type of plan covers all the liabilities mentioned above, as well as the insured person's expenses and injuries resulting from an accident. The maximum benefits can be increased as an optional feature.
Third-party liability policy: This covers bodily injury and property damage caused by third parties. Owners are also covered for personal accidents.
For the best rates on comprehensive coverage, you need to consider the following factors.
Make sure you have comprehensive coverage or third-party liability insurance on an urgent basis. Our opinion is that comprehensive vehicle insurance online is always a better choice.
Add-Ons: Explore the company's add-on options and select the coverage that fits your specific needs.
Personal Accident Cover: In your vehicle insurance online check, you check whether your buying policy includes personal accident coverage.
Claim Procedure: Find out how complex the claim procedure can be if you have to file a claim at some point.
Most motor insurance providers have a network of garages where vehicles can be serviced and repaired more affordably than locally owned garages. They must be considered because you will need to service the car more frequently as you travel.
Zero Depreciation Cover: As soon as a new car leaves the showroom, its value is cut almost in half. When choosing a zero-depreciation policy for your vehicle, you will minimize the loss from depreciation.
No Claim Bonus (NCB): Is a discount in premium offered by insurance companies if a vehicle owner has not made a single claim during the term of the motor insurance policy.
IDV: Only reliable insurers will provide you with the best market value of your vehicle after deducting depreciation. In the case of theft or destruction of your car, you can receive the Sum Insured compensation.
Policy document: Don't sign any documents without reading and reviewing the policy document. It contains many clauses that you might find confusing. You should always read the document carefully before you finalize your purchase.
Get details about how your motor insurance premiums are calculated online from the company. Clear your doubts without hesitation by being aware of all the factors involved.
The documents required to avail of motor insurance online are given below.
Obtain a government-issued photo ID (passport/driving license/Aadhaar/PAN card).
You can prove your address with a passport, driver's license, bank statement, or government-issued photo ID.
A passport photo was taken recently.
License to drive.
Certificate of Registration for vehicles.
There are rules and regulations regarding driving in India contained in the Motor Vehicle Act. Considering the number of auto accidents in the country every year, all drivers and vehicle owners need motor vehicle insurance.
By the Motor Vehicle Act, all vehicles operating in public spaces must possess adequate motor vehicle coverage without exception. To cover other people in case of accidents or mishaps, the primary motor insurance policy must include a minimum amount of third-party liability coverage.
One of the primary reasons to purchase motor vehicle insurance from SQUARE INSURANCE is to eliminate the costs associated with accidents. And don't forget that India is a country whose population is growing uncontrollably. Vehicles are, therefore, on the rise as well. Vehicle insurance is the best way to deal with the dangers on the road.
As a result of the 1988 amendment, it is now essential to carry various documents on the road, such as a driver's license, a vehicle registration document, permits, liability coverage and insurance cover. As of recent changes, failure to fulfill these obligations will lead to fines and penalties ranging from INR 500 to 25,000, along with additional sentences that lead to you losing your documents.
By using our online portal, you can apply for motor insurance with Square Insurance in minutes. By filling out the form on our website or by using the app, you can submit the necessary documents to complete the application. As soon as we verify your documents, you will be able to choose a plan that suits your budget and finalize your vehicle insurance policy.
Typically, auto insurance policies are valid for one year. A vehicle owner needs to make sure that their policy is renewed before the due date to avoid losing their NCB discounts or increasing their premium rates.
There is a need for a Proposal Form when
1. The creation of new businesses
2. Renewing other companies
3. In the case of a transfer of interest
4. Converting a Liability Only policy to a complete package policy
5. Vehicle substitution/change
6. During the current policy period or renewal, if the vehicle was modified or improved
The Insurance Declared Value (IDV) is the amount that is usually paid by an insurance company when your vehicle is stolen or in case of total loss (when repair cost is 70% above of vehicle IDV )
Vehicle pre-inspections are conducted in the following situations
1. Insurance coverage for break-in
2. Conversion of the TP cover to the OD cover
3. Vehicles imported from outside the U.S.
4. A fresh payment is received after a bounced check
5. A representative of the underwriting department conducts vehicle inspections.
If you already have an insurance policy, you cannot switch to another plan and get the same services from another insurer. If you renew the policy, you can switch between the policies and the provider.
Insurance can be purchased online in the fastest and easiest way possible. Online vehicle insurance purchase usually takes less than five minutes. Make sure to do your homework before purchasing a plan.
Users can add electrical or electronic accessories coverage to the existing insurance policy by signing up for an online vehicle insurance policy.
Dispensations are available for vehicles specially designed and modified to accommodate the blind, disabled, or other persons with special needs. Consequently, these individuals can purchase motor insurance policies online at lower rates.
An additional PA cover is included in the motor insurance policy in India;
Pay to the driver who is an owner, as well as to the driver who is paid. In addition, you can obtain PA coverage for named and unnamed occupants.
Motor insurance is not subject to any special conditions. Square Insurance offers motor insurance policies for legally acquired vehicles if you own them.
