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What is Motor Insurance?
Motor insurance, or vehicle insurance, is an insurance policy that offers coverage to the vehicle’s owner and/or driver against financial losses in case of losses due to theft, accidents or natural calamities. In return for the regular payment of premiums, your insurance provider promises to share the cost of repairing damages.
A vehicle insurance policy that also offers third-party liability cover ensures you don’t have to pay for damages caused to another person, their vehicle or their property either.
We provide Motor Insurance of HDFC Ergo and Tata AIG
Why Should You Buy a Vehicle Insurance Policy?
- Protection from Third-Party Liability
- Security Against Theft
- Financial Cover Against Damages
- Cover Against Natural Calamities
- Cover for Personal Injuries
- Financial Security
A motor insurance policy helps take care of the cost of repairs for your vehicle. So, while it cannot help you grow your money, motor insurance is an important part of every good savings plan. You can rely on your vehicle insurance policy to help take care of the cost of repairs.
- No-Claim Bonus (NCB)
A No Claim Bonus or NCB is a reward that your insurer provides you whenever you complete a policy year without making any claims against your vehicle insurance policy. The reward is a reduced premium for your motor insurance plan for the following year.
- Quick Claims
When you get your vehicle repaired at a network garage, you can enjoy a quick and easy cashless claims process against your motor insurance policy.
- Protection Against Damages
A comprehensive vehicle insurance plan provides complete damage cover. So, any damage caused by a natural calamity, theft or accidents will be taken care of by your motor insurance policy
- Third-Party Cover
Third-party liability provides the vehicle owner with cover in case another person or another individual’s property is harmed or damaged in an accident. The motor insurance policy will help cover the expenses for the third party. In India, you must have at least third-party vehicle insurance to operate your vehicle legally on the road.
- Customisable Add-Ons
Enhance your vehicle’s protection by choosing from a range of up to 13 motor insurance add-ons. You can opt for additional benefits such as roadside assistance or NCB protection.
- High Claim Settlement Ratio
At TATA AIG, we’re proud of our ability to serve you. We ensure that claims are settled quickly without too many hassles. For the last financial year, our claim settlement ratio was 98% FY 20-21.
Having your own vehicle makes it incredibly convenient to move from place to place. But, owning and using a vehicle also has inherent risks. It’s possible that you meet with an accident or somebody may try to steal or damage your prized possession on purpose. We offer a range of policies, so you can pick the one that best suits your risk and needs:
- Third-Party Liability Only Motor Insurance Policy
Third-party liability only vehicle insurance policies are the most basic motor insurance policies. They protect you from the financial and legal liabilities that arise after an accident causes damage to a third party or their property. You must remember that a third-party liability only motor insurance policy will not cover any damages to your vehicle. - Own Damage Motor Insurance Policy
An own damage motor insurance policy provides coverage for financial losses caused due to accidental damage to your vehicle. These vehicle insurance policies are solely for your vehicle. They do not provide cover for damages caused to a third party, their vehicle or their property. - Comprehensive Motor Insurance Policy
A comprehensive vehicle insurance policy offers extensive coverage as compared to a basic third-party motor insurance policy. The comprehensive motor insurance policy offers protection against financial losses due to damage to your own car and third-party liabilities.
- Theft of the Vehicle
- Natural Disaster Damages
- Man-Made Calamity and Fire Damages
- Accidental Damages
- Transit Damage
- Third-Party Liability
- Personal Accident Cover
There Are A Few Things That We’re Unable To Help With. Here’s A Look At Some General Exclusions Under Our Motor Insurance Policies:
- Damages suffered after driving without a proper license
- If the vehicle is used outside the geographical area i.e. outside India
- Damages caused due to driving under influence of alcohol or drugs
- Ordinary wear and tear due to regular usage and depreciation
- Costs insured towards general maintenance of the vehicle
- Damages caused due to negligence of the driver
- Using a private vehicle for commercial usage
- Damages caused due to speed racing, crash testing, etc.
- Damages caused due to war or war-like situations in the country, and nuclear peril
- Damages covered under a specific add-on when the add-on is not included
- Reimbursement of only 50% cost for the replacement of consumables due to wear and tear