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Vehicle Insurance

Vehicle insurance is a financial safeguard that provides coverage against losses or damages to your vehicle due to accidents, theft, natural calamities, or third-party liabilities. It ensures that you are financially protected in case of unforeseen circumstances on the road.

Why is Vehicle Insurance Important?

Having vehicle insurance is not just a legal requirement in India; it is also a crucial step in protecting yourself from unexpected financial burdens. Whether it’s a minor dent or a major accident, the right insurance policy can save you from costly repairs and legal troubles.

Types of Vehicle Insurance

Third-Party Insurance:

Mandatory as per the Motor Vehicles Act, 1988. Covers damages to third-party property, injuries, or death.

Comprehensive Insurance:

Covers both third-party liabilities and damages to your own vehicle. Provides protection against natural calamities, theft, and fire.

Own-Damage Insurance:

Covers damages to your own vehicle due to accidents, theft, fire, or natural calamities. Available only if you already have a third-party insurance policy.

Key Benefits of Vehicle Insurance

Financial protection covers damages, theft, and liabilities. Stay legally compliant and avoid fines. Get personal accident cover, cashless repairs, and No Claim Bonus (NCB) discounts for claim-free years.

What is Covered Under Vehicle Insurance?

Covers repair costs for accident damage, theft, fire incidents, and natural disasters like floods or earthquakes. Includes third-party liabilities and personal accident cover for injury, disability, or death.

What is Not Covered?

Driving without a valid license, drunk driving, illegal activities, regular wear and tear, electrical or mechanical breakdowns, war, nuclear risks, or government-imposed damages are not covered under standard insurance policies.

How to Choose the Right Vehicle Insurance Policy?

Assess your vehicle type, usage, and risks. Compare policies for coverage, premiums, and benefits. Choose insurers with a high claim settlement ratio. Consider add-ons and read policy terms to understand inclusions and exclusions.

How to Claim Vehicle Insurance?

Inform Your Insurer: Report the incident to your insurance provider immediately.
Submit Documents: Provide claim form, policy details, FIR, and repair bills.
File an FIR: Mandatory for theft and major accidents.
Survey and Approval: Insurer assesses the damage before approving the claim.
Submit Documents: Provide claim form, policy details, FIR, and repair bills.

Frequently asked questions

Yes, as per the Motor Vehicles Act, 1988, third-party insurance is mandatory for all vehicles in India.

NCB is a discount on the premium for not making any claims in the previous policy year. It can go up to 50% over consecutive claim-free years.

Yes, vehicle insurance can be transferred to a new owner upon sale. The new owner must apply for a policy transfer within 14 days of purchase.

 

Driving without valid insurance can lead to fines, license suspension, or even legal action.

Yes, but there may be a penalty or vehicle inspection required if the policy lapses for a long duration.

 

Opt for voluntary deductibles, maintain a good driving record, install anti-theft devices, and renew policies on time to avail discounts.