What is Motor Insurance?
Motor Insurance is the protection approach for vehicles. It could incorporate Car Insurance and Two-Wheeler Insurance. Vehicles that are utilized for business purposes, similar to transports and trucks, are covered under Motor Insurance.
Motor Insurance is required in India. Therefore, it is mandatory to purchase this protection when you buy a vehicle.
What do all features include in Motor Insurance approach?
When you buy Motor Insurance, the policy will give you monetary assurance against the following:
1. Loss or Damage to your vehicle because of common disasters: It includes fire, blast, lightning, earthquake, tropical storm, typhoon, and landslide.
2. Loss or Damage to your vehicle because of man-made calamities, for example, robbery, burglary, revolt, or a malicious act.
3. Third Party Legal Liability: Protection against lawful risk because of unplanned harms may lead to long-lasting injury or deceased of a man, and harm caused to the neighboring property.
In conclusion, Motor Insurance does not cover depreciation, wear and tear or
How to apply for Motor Insurance?
The documents required to buy Motor Insurance are a statutory list issued by the Insurance Regulatory and Development Authority of India (IRDAI), subsequently making them normal to both private and in addition open area insurance agencies.
The detailed list of documents to be submitted for Motor Insurance is given underneath:
Policyholder’s particulars like name, date of birth, address, gender, occupation.
Policyholder’s driving license information.
Vehicle registration number and certificate (RC) number.
Benefits of Motor Insurance
Motor Insurance provides:
– Advantages to survivors when a mishappening brings about death.
– It covers claims, including legitimate expenses brought against you as the
aftereffect of an accident.
– Covers the bills of vehicle repairs because of harm caused in an accident.
– Covers harm caused by robbery, fire, etc.
– Additional rebates: Motor Insurance arrangements permit premium rebates for theft or for owning more than one policy with a similar guarantor. It also gives the additional advantage to others driving your vehicle with your permission.
– No Claim Bonus: If you don’t make a claim during the time frame, a No Claim
Bonus is offered on renewals gave you fulfill certain terms and conditions.
– Faster Processing
– Complete Processing
– Competitive Pricing
– Option of choosing the best Financial Institution depending upon your eligibility and your requirements.