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Introduction to Motor Insurance

Whether you own a two-wheeler or a car, it is a prized possession. You spend Lakhs together to buy a motor vehicle. Any damage to a motor car in an accident, costs thousands in repairs. Worse, if the motor car is fully destroyed in an accident, replacing it will be a costly affair. Buying a new motor car in case it’s stolen, costs a fortune. It is important to buy a motor insurance plan to cover the vehicle against accidents, theft, fire, natural calamities and so on.

Whether the vehicle is for personal or commercial use, it is now compulsory to buy third party liability cover called motor insurance, under the Motor Vehicle Act. If you don’t have a valid cover, you will be penalized.

What is Motor Insurance?

Motor Insurance is also called as car insurance, vehicle insurance or auto insurance. As the name suggests, a motor insurance is an insurance for cars, trucks, motorcycles, etc. Motor insurance provides financial protection against physical damage or injury to one’s body as a result of accidents, collisions and also against liabilities arising from such incidents. IT may also offer financial protection against weather or natural disasters, collision with animals, etc.

There are two types of motor insurance plans namely, third party liability cover and a comprehensive motor insurance plan.

Motor Insurance in India is of two types:

  • Third Party Liability Cover:
    Third party liability insurance covers the damages caused by you, to an unrelated third party. In case of accidents, a third party liability insurance plan, covers all the damages that you cause to the third party, their motor vehicle and its accessories. It also covers injuries to the third party. It only covers injuries and damage suffered by the third party and not you.
  • Comprehensive Motor Insurance Plan:
    As the name suggests, a comprehensive motor insurance plan provides coverage for all the damages caused to the third party, as well as suffered by you. The damages caused may be due to human acts or a natural calamity. It covers the damages to your motor vehicle, third-party legal liability, theft and so on. It also provides personal accident coverage. You can also add covers to your comprehensive motor insurance plan like engine protector, accessories cover, zero depreciation cover, and so on.
Why Buy Motor Insurance?

It is Compulsory

Third party motor insurance is compulsory in India. If you avail comprehensive motor insurance, injuries you suffer and damage to your vehicle is also covered.

Low on Price

motor Insurance plans are very cheap in India. If you avail motor insurance online, you can save on premiums.

         

Death Benefits

If the policyholder dies in an accident, his family gets a death benefit. All legal fees due to the accident are also paid by the motor Insurer.

 

You get no Claim Bonus

You get a discount on the car insurance premium, when you renew the car insurance plan, if you have not made a claim on your car insurance policy, in the previous year.

Eligibility for Motor Insurance

Getting a car insured requires minimal documentation.
For a new policy, you must submit the filled up proposal form and copy of the Registration Certificate (RC).
For renewals, you will need the copy of the RC (Registration Certificate) along with the copy of the previous insurance policy.

Key factors to consider for Motor Insurance

What is third party liability insurance?

If your car meets with an accident causing injury to a third party (person not related to you) ,damages his property or his vehicle, causing him a loss (financial loss), then the third party liability insurance pays for the medical treatment and the damages suffered by the third party in the accident. It is compulsory in India to have third party liability insurance.

What about the damages suffered by your car in the accident?

The third party liability insurance does not pay for damages to your car, or for injuries suffered by you in an accident. This means you need more out of your motor insurance plan. You need a comprehensive motor insurance policy.

What is a Comprehensive Motor Insurance Policy?

You are covered for the damages and injury you cause to a third person and his property, if you avail a comprehensive motor insurance policy.

In addition to this

If your car is damaged in the accident and you suffer an injury, then the comprehensive motor insurance policy pays for your treatment. You are recompensed (paid money), for the damage to your car.
Comprehensive motor insurance is extensive and includes damage of car, theft of vehicle, third party legal liability and personal accident cover. The policy coverage can be further extended by opting for add-ons like accessories cover, engine protector, zero depreciation cover, medical expenses and so on. This type of coverage is the most popular as it offers end-to-end coverage and thus less stress for the policyholder.

What is not covered under a Comprehensive Motor Insurance Policy?

The natural wear and tear suffered by your car with age, is not covered by the comprehensive motor insurance policy. Mechanical and electrical breakdown and failures related to this are not covered by the comprehensive motor insurance policy. Damage to your car caused by you driving under the influence of alcohol and drugs. These are not covered under a comprehensive motor insurance policy.

How can you reduce the premiums you pay for the Comprehensive Motor Insurance Policy?

If you do not make any claims under your comprehensive motor insurance policy for the previous year, you are rewarded with a no claim bonus. When you renew the policy you are given a higher coverage for the same premium. You could get a cover (increase in the insured amount), by up to 50% under the no claim bonus.

If your vehicle suffers a small damage (say a scratch), it is best that you get the repair done yourself. The cost is insignificant.

If you make a claim on the comprehensive motor insurance policy you would lose the no claim bonus. You must use the comprehensive motor insurance policy only in an emergency (serious damage suffered to your car).Otherwise it is best not to make a claim.

Exclusions In A Third Party Motor Insurance Plan:

A third-party motor insurance plan doesn’t cover:

  • A third party liability plan doesn’t cover your injuries suffered in the accident. Only the third party can claim on your third party insurance. You receive no compensation or coverage for your injuries.
  • It doesn’t cover damages caused to your car. Whether your motor car is damaged in an accident or stolen, no compensation is given to you.
  • If the damage is caused when the policy has lapsed, no cover is provided.

Exclusions Of A Comprehensive Motor Insurance Plan:

A comprehensive motor insurance plan doesn’t cover:

  • Damages in an accident suffered when the policy has lapsed.
  • Any damages caused to the motor car due to war, radiation, terror attacks or an invasion.
  • If the driver is driving under the influence of alcohol.
  • Damages incurred due to willful destruction of the vehicle.
  • If the driver is underage or found driving without a valid license or was driving on the wrong side of the road.
  • There are separate policies for private and commercial motor vehicles. No manipulation in this regard is entertained.

Deductibles In Comprehensive Motor Insurance

Just like some Health Insurance Policies, a deductible is the amount of money you pay towards repairs, before the insurance policy kicks in.

Types of deductibles:

There are two types of deductibles under comprehensive motor insurance:

  • Compulsory deductible:This is a fixed amount required to be paid compulsorily by the insured, whenever any claim arises. The amount of compulsory deductible varies from Rs 50 for two-wheelers to Rs 500 for four-wheelers. The amount of deductible may increase if the motor vehicle is old or if there are more chances of claims arising.
  • Voluntary Deductible:This is the deductible that has to be paid by the policyholder, who chooses the limit as per affordability. Opting for a higher deductible reduces premiums.
 

Concepts & FAQ's Motor Insurance

What is Motor/Vehicle Insurance?

Motor or Vehicle insurance is also mandatory by law along with any vehicle a person owns. motor Insurance guards a person against the financial loss in case there is an accident or theft of the vehicle.

Why is Motor Insurance mandatory by law?

Motor insurance is mandatory by law in the form of third-party insurance. That is at least one has to have a Third party motor insurance for his/her vehicle. This is done to at least take care of the injury / damage you cause to the third party in case of an accident.

Types of Motor/Vehicle Insurance

Third party Motor/Vehicle insurance: This type of insurance gives protection against the claims arising due to damages/injury/death caused by accident, to a third party (person). Third party motor insurance does not cover expense due to the damage/theft to the vehicle or the person driving/riding it. The premium amount on this type of motor insurance will be lower than that compared to a Comprehensive insurance.

Comprehensive Motor/Vehicle insurance: Comprehensive policy includes both Third party liabilities and also loss/damage caused to the vehicle by way of accident, theft and covers the medical expense of the person driving/riding the vehicle.

Benefits Of Motor Insurance

  • Motor Insurance provides death benefits to family members if an accident results in death.
  • It covers legal fees arising as a result of an accident.
  • It covers expenses of vehicle repairs arising due to an accident, natural calamity and so on.
  • Covers damage arising out of theft, fire, and so on.
  • If you haven’t made a claim on the policy in the previous year, you get a discount on the insurance premium on renewal.
Thinking of buying a Motor Insurance?

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Frequently Asked Questions

Ways To Renew Motor Insurance?

To enjoy continued benefits of a motor insurance plan, it is necessary to renew an insurance policy before the due date. If not, your insurance policy will lapse and will no longer cover your motor vehicle, until you get a new insurance policy or make the renewal.

You can renew your motor insurance policy in two ways:

  • Online renewal:Online renewal of a motor insurance policy can be done on an insurer’s website. You just need to follow the steps to renew a policy. Keep your old insurance policy documents handy, in case you want to refer the old policy number.
  • Steps To Renew Motor Insurance Online:

    • Visit the insurer’s website.
    • Select renewal of a policy.
    • Provide your login credentials.
    • Fill the application form that you receive. Furnish accurate details. Keep the old policy handy as the application form will require old car insurance details.
    • Once you have finished filling the form, make the submission online.
    • Pay the premium for policy renewal through credit or debit cards.
    • Take a printout of the acknowledgement, for the policy renewal request.

    Online renewal of motor insurance has its own perks. You get notified on your due dates, well in time. So, you tend to avoid delays in renewing your motor insurance plan.

  • Offline renewal: Offline renewal is quite simple. Time is the only constraint. If you can find the time, the rest is simple.
    For offline renewal, you have to visit your insurer’s branch. It is good to carry your old motor insurance policy papers along.

What are the events covered in this comprehensive policy?

The motor Insurance policy is very comprehensive vehicle insurance, as mandated by the government, which covers you for:

  • Any Loss or damage to your vehicle
  • Third Party Liability
  • Any permanent injury / death to a person caused by your car.
  • Any damage caused to the property (excluding vehicle) of some other individual by your vehicle.
  • A Personal Accident Cover for the owner of the vehicle while he is driving.

In case of loss or damage to the vehicle or the accessories insured, the Insurance Company covers the insured if the accident occurs due to the following hazards:

  • Fire, explosion, self ignition or lightning
  • Burglary, housebreaking or theft
  • Riot and strike
  • Flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost
  • Accident by external means
  • Malicious act
  • Terrorist activity
  • Whilst in transit by road rail inland-waterway lift elevator or air
  • Landslide and rockslide

What is Personal Accident cover? What are the rules governing it?

The insured is adequately covered in case of an occurrence due to the specified hazards leading to bodily injury/ permanent disability or death. The motor insurance policy essentially has a PA cover for the owner-driver, as per tariff, for which no extra premium is to be paid. For a person other than the owner and driver, the PA cover has to be taken separately paying an additional premium. The amount paid as compensation depends upon the extent of cover opted for. And for the driver, the extent of the cover is in accordance with the Work men's Compensation Act.

What if someone else was driving at the time of the accident? Is that person covered by my policy? Will I still be covered?

If the person driving the vehicle is a valid license holder, the vehicle is insured for all the accidents that occurred due to the hazards specified. To insure the person driving the vehicle, who is not the owner; an additional personal accident cover has to be taken for unnamed passengers. For the owner-driver, the policy compulsorily has a personal accident cover, as per tariff. To know more about the owner-driver clause in your motor insurance policy, call us on 022 61816111.

Can the accessories of the vehicle be insured? If yes, to what extent?

You can insure your vehicle accessories under electrical and non- electrical items (accessories) whose amount is not included in the showroom price of the vehicle but are fitted separately to the vehicle. For that you need to declare the value of such items separately, which will be added to the sum insured over and above the IDV. (Insured's Declared Value).

What documents are needed to make a claim?

You will need to submit a claim form along with the following:

  • A copy of the vehicle's registration book.
  • A copy of the driving license of the person driving the vehicle at the time of the accident.
  • An estimate of the repairs.
  • A copy of the police FIR in case of theft or any third party personal injury/death or property damage. If the vehicle is declared a total loss, either due to an accident or theft, you will also have to provide the following documents - RTO transfer papers, original RC book, original Insurance policy, the vehicle's original keys, a no objection certificate from you for transfer of the vehicle, a letter of indemnity on judicial stamp paper and a letter of subrogation on judicial stamp paper.

How do I file a claim?

As soon as your vehicle meets with an accident or injures a third party or damages the property of a third party, inform your insurance company. If your vehicle is involved in an accident which injures a third party or damages a third party's property, you must report the matter to the police. If your vehicle is stolen and/or has been damaged by miscreants, terrorists or arsonists report the matter to the police and obtain a FIR (First Information Report). Take the vehicle to a reputed workshop for repair and get a repair estimate from the workshop. Submit the estimate to the insurance company. A surveyor from the insurance company will come for an inspection of the vehicle, and to assess the cost of restoring the vehicle to its pre-accident condition. Based upon the surveyor's report, the insurance company will make a final settlement of the estimate and the deal is closed. To know the parameter's to be considered, before choosing an motor insurance plan, call us on 022 61816111.

What Motor Insurance cover should I buy? Should I buy Comprehensive Insurance or Liability Policy only?

Third Party Liability insurance is mandatory for all vehicles plying on public roads in India. This covers Liability for injuries and damages to others that you are responsible for. In addition, it is prudent to cover loss or damages to the vehicle itself by way of Comprehensive/Package policy, which covers both "Liability" as well as "Own damage" to the insured vehicle. Liability Only cover is also known as Act Only cover.

How is the premium determined?

Many factors determine the premium you will pay. For Own Damage cover different insurance companies charge different premiums for similar coverage. Shop around; getting three or more comparison quotes is worthwhile. Check various insurers's websites; it will help you compare premiums. Do not forget to compare deductibles, coverage and IDV's as premium may be lesser of one insurer but with higher deductibles, lower coverage and lower IDV, which will adversely impact you in the event of claim settlement. Be prepared to give your agent information about the following items that are commonly used to determine your premium: Vehicle registration details with Engine No., Chasis no., Class of vehicle, cubic capacity, seating capacity, etc. (In fact, all relevant details are in the RC book/card and a copy of same may be handed over) Tax paid details; Certificate of fitness, Driver details - age, gender, qualifications, licence validity Previous insurance history, if any. The Own Damage coverage is left to be rated by individual insurance companies after duly filing rates with the Insurance Regulatory and Development Authority. The same is determined on following factors amongst others -- Age of vehicle; Discounts / loadings- Appropriate Bonus / loading/ discounts along with past claims experience are taken into account while calculating premium. IDV (Insured Declared Value). Third Party Liability Premium rates are laid down by IRDA. In case of break in insurance, vehicle inspection would be required and extra charges will have to be incurred for the same.

What coverage limits meet my needs?

The sum insured for the vehicle is called "Insured's Declared Value" and should reflect the current market value of the vehicle. Under Liability insurance, Third Party Liability insurance is covered. There is unlimited coverage to Third parties injury and Third party property damage is covered up to a sum of Rs 7,50,000. The Insured has the option to restrict coverage for Third Party Property damage to Rs 6,000 and this will result in a lower "Liability Only" premium.

What is the period of the policy?

A motor policy is usually valid for a period of one year and has to be renewed before the due date. Pay the premium on time. No Insurer offers a grace period for paying the premium. In case of lapse of policy by even one day, the vehicle has to be inspected. Moreover, if a comprehensive policy is allowed to lapse for more than 90 days, the accrued benefit of NCB (No Claim Bonus) is also lost.

What is "No Claim Bonus"?

No Claim Bonus (NCB) is the benefit accrued to an insured for not making any claims during the previous policy period. As per current norms in India, it ranges from 20% on the Own Damage premium (and not on Liability premium) and progressively increases to a maximum of 50%. If, however, a claim is lodged, the No Claim Bonus is lost in the subsequent policy period. NCB is given to the insured and not to the insured vehicle. Hence, on transfer of the vehicle, the insurance policy can be transferred to new owner but not the NCB. The new owner has to pay the difference on account of NCB for the balance policy period.The original owner can, however, use the NCB on a new vehicle purchased by him.

Will my No Claim Bonus get migrated if I want to change my insurance company?

Yes, you can avail of the NCB facility if you change the insurer on renewal. You would have to produce proof of the NCB earned by way of renewal notice from the current insurer. Alternately, you can produce your original, expiring policy along with a certification that you have lodged no claims on the expiring policy. For this the proof can be in the form of a renewal notice or a letter confirming the NCB entitlement from the previous insurer.

Are there discounts that will lower my premium?

In addition to NCB, there are additional discounts available under Own Damage Premium for membership of Automobile Association of India, Vintage Cars (Pvt. Cars certified by the Vintage and Classic Car Club of India); Installation of anti-theft devices approved by Automobile Research Association of India (ARAI), Pune and whose installation is approved by AAI; Concessions for specially designed/modified vehicles for the Blind, Handicapped and mentally challenged persons, which are suitably endorsed in the RC by the RTA concerned; - opting for voluntary additional deductible/excess. Under "Liability Only Section", discounts are available for reduction in Third Party Property Damage (TPPD) from Rs. 750,000 to Rs. 6,000..

Is Service Tax applicable and how much is it?

Yes, Service Tax is applicable and would be as per prevailing rule of law.

What is deductible?

Deductible or "excess" is the amount over and above, which the claim will be payable. There is a normal standard/compulsory excess for most vehicles ranging from Rs 50 for two-wheelers to Rs 500 for Private Cars and Commercial Vehicles which increases depending upon the cubic capacity/carrying capacity of the vehicle. However, in some cases the insurer may impose additional excess depending upon the age of the vehicle or if there is high frequency of claims.

What is the procedure for recording any changes in the policy?

If there are any changes in the policy like change of address or modifications to the vehicle or its use, it will be done by an Endorsement by the insurance company. Submit a letter to the insurer with proof for the changes and obtain the endorsement. Some endorsements may require you to pay additional premium. Check the correctness of the endorsement.

If I am using the car in a particular city, what premium rate is applied?

For the purpose of applying premium rate, the place where the vehicle is registered is reckoned (not the place where the vehicle is used). If your vehicle is registered in Chennai, the rate applicable for Zone A is charged. Even when you shift to a different city / town, the same rate will continue to be applied. Similarly if a vehicle is registered in a town, it attracts Zone B premium rate. Subsequently if the owner shifts to a metro, he will continue to be charged the Zone B rate.

What is a Certificate of Insurance under Motor Vehicle Act?

As per Rule 141 of Central Motor Vehicle Rules 1989, a certificate of Insurance is to be issued only in Form 51. It is only in Motor Vehicle Insurance, apart from the policy, that a separate certificate of insurance is required to be issued by insurers. This document should always be carried in the vehicle. The policy should be preserved separately at home / office.

If I fit CNG or LPG kit in my vehicle, is it necessary to inform the Insurance Company??

If a CNG / LPG kit is fitted in the vehicle, the (Road Transport Authority (RTA) office where the vehicle was registered should be informed so that they make a note of the change in the registration certificate (RC) of the vehicle. The insurance company should also be informed so that the kit is covered on payment of extra premium on the value of the kit under "OD" section and also under "LO" section.

What are the documents to be kept in the vehicle while plying in public places?

  • Certificate of Insurance
  • Xerox copy of Registration Certificate
  • Pollution Under Control Certificate
  • Photocopy of Driving Licence of person who is driving the vehicle

Can I transfer my insurance to the purchaser of my vehicle?

Yes, the insurance can be transferred to the buyer of the vehicle, provided the seller informs in writing of such transfer to the insurance company. A fresh proposal form needs to be filled in. There is a nominal fee charged for transfer of insurance along with pro-rata recovery of NCB from the date of transfer till policy expiry. It may be noted that transfer of ownership in comprehensive/package policies has to be recorded within 14 days from date of transfer failing which no claim will be payable for own damage to the vehicle.

Can I continue the insurance in the name of the previous owner even after the vehicle is transferred in RTO records in my name?

No. Registration and insurance of the vehicle should always be in the same name with the same address. Otherwise the claim is not payable. A fresh proposal form needs to be filled in. There is a nominal fee charged for transfer of insurance.

I have lost the insurance policy. Can I get a duplicate one?

Yes, please approach the same office, which had issued the policy, with a written request. A nominal fee is charged for issuing a duplicate policy copy.

What are the documents that are required to be submitted for a Motor Insurance claim?

Generally, the following documents are required to be submitted. However, read through your policy to see the complete list - duly filled in claim form, RC copy of the vehicle, Original estimate of loss, Original repair invoice and payment receipt. In case cashless facility is availed, only repair invoice would need to be submitted and FIR, if required. For theft claims, the keys are to be submitted. Theft claims would also require non-traceable certificate to be submitted.

 

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Premium for third-party motor insurance to be raised from June 16

Thursday, June 6, 2019, 11:18 AM

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Wednesday, May 22, 2019, 6:08 PM

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What is a Third-party Insurance?

Saturday, September 8, 2018, 2:03 PM

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