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MOTOR INSURANCE

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  • Tips for choosing motor insurance for first timers

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Motor Insurance

What is Motor Insurance?

Motor Insurance or automotive insurance is a contract between the owner of a vehicle and the insurer where the latter takes on the risk that the former may have due to damage to the vehicle, persons or third party property on account of any accidents. There are several types of motor insurance available, which cover various types of risks. The insurer pays the expenses incurred by the insurer (vehicle owner) in case of accidents or loss of the vehicle under agreed conditions.

Types of Motor Insurance in India

Comprehensive Private Car Insurance- Car insurance encompasses damage/losses insurred to a car which is registered as a private vehicle. It covers financial loss arising out of damages due to fire, accidents, riots, lightning, hurricanes, earthquakes, terrorist attacks, third party claims, explosions, damages (liability for death/third party injury/liability to paid driver) and theft. This also covers damages or loss with regard to electronic or electrical accessories.

Comprehensive Two Wheeler Insurance- Two wheeler insurance offers financial protection against damages arising to two wheelers, out of manmade and natural calamities such as road accidents, rockslide, fire, storm, landslide, flood, hurricane, burglary, earthquake, riots, theft or damages in transit. This offers personal accident coverage and legal issues arising from damage/death/injury of third party.

Comprehensive Commercial Vehicle Insurance- This insurance offers coverage for vehicles registered as taxis and commercial purpose vehicles. Usually it offers covers for buses, trucks, light and heavy commercial vehicles, agricultural vehicles, multi-utility vehicles and ambulances. Cars registered as taxis will also come under this policy. The premium is worked out based on the make and model of the commercial vehicle in question.

Third Party Insurance Third party insurance is a mandatory insurance for all vehicles as per the Indian Motor Vehicles Act. It offers financial protection against any liabilities arising from damages caused to a third party or third party's property in the event of an accident.

Importance of Motor Insurance

The motor insurance is mandatory and important as there is always the risk of accidents and fatalities while driving the vehicle on the road.

  • Motor insurance gives you and enhanced sense of security ensuring you to drive confidently.
  • Third party part of the insurance offers financial and legal cover for any damages to any third party or vehicle while driving.
  • Motor insurance offers personal accident cover for the driver of the insured vehicle
  • It offers protection from any losses or damages to your insured vehicle in the event of any accident or natural disasters like flood
  • Coverage against loss of theft of the insured vehicle

How to compare Motor Insurance Online

Today, there are multiple insurers offering various insurance cover benefits and add-ons, allowing you to choose the most suitable and budget-friendly one. You can compare them online to shortlist the best insurer for your needs with few simple steps.

  1. Enter your car details like Make, Model, Year Of Manufacture, CC, Price / IDV and State Of Registration
  2. You will get quotes instantly once you have entered all details
  3. Next step is to compare insurance quotes of different companies. It gives an insight into the various protections being offered by each insurer along with an active price comparison.
  4. Read user reviews to choose the most customer friendly insurer.
  5. Check other features like add-ons, additional covers etc
  6. Choose the plan you want and make payment online
  7. A cover note will be issued by the insurer instantly and the insurance policy will be issued in a day and will be mailed to your email and hardcopy to your address
  8. Comparing insurance details and quotes on an insurance aggregator site is the best way to do it

Premium wise Top 10 Motor Insurance Companies in India

Insurer Net Earned Premium Number of Cashless Garage Incurred Claims Ratio Special Feature
Cholamandalam GIC 134687 3750+ 78.42% 24/7 assistance for roadside emergencies
Ifcco Tokio 216092 2700+ 76.09% Up to 50% discount
New India Assurance 650000 NA 81.76% 10% digital discount for first time customers
Oriental Insurance 295944 NA 68.68% NA
Shriram General Insurance 146204 NA 101.56%
  • Nil Pending Complaints as on 31st March 2017
  • Unnamed passenger Cover
  • Multi car rebate
United India Insurance 417281 NA 72.22% 10% Discount in Premium (max upto Rs.2000/-) per Policy
National Insurance 517057 NA 89.91% NA
Reliance General Insurance 129625 3800+ 87.30% Upto 60% discount on premiums
Bajaj Allianz General Insurance 288564 4000+ 72.07%
  • Avail 24x7 call assistanc
  • Drive Smart telematics Device to keep checking one's driving pattern and behavior

Documents required for filing a motor insurance claim
  1. New Motor Insurance Policy:-The documentation process for buying motor Insurance is most simple as compared to other insurance policies ,to purchase an auto Insurance we only need to submit the copy of the Registration Certificate (RC) and duly-filled proposal form. Any vehicle owner must have attained an age of 18 year or more in order to buy Motor Insurance policies in India.
  2. Renewal of Motor Insurance Policy:- While renewing your motor insurance policy from the same Insurer you need to submit the previous policy documents and copy of Registration Certificate (RC) along with duly filled proposal form. Please ensure that the details filled are correct and updated in all respect including your last claim status.
  3. Must Read: Any misrepresentation or concealment of information weather intentional or unintentional  while buying the motor Insurance policy can be the strongest reason for the Insurer to repudiate your claim or even can terminate the policy during the policy tenure and the whole purpose of buying Vehicle Insurance gets defeated. This is in our best interest to file the true and complete details to our Insurer to avail the services when it is needed most.
Steps to file a motor Insurance claim
Step Own damage claims Theft claims Third party claims
1 Inform the police and car insurer by calling on their toll-free number Inform the police about the theft and file a police FIR. Report the accident to the police and the insurance company immediately
2 Do not move your vehicle from the accident spot unless permitted by the police and the insurance company. Inform the insurance company using their toll-free number. Make use of the toll-free number issued by your insurer to get in touch with them if needed.
3 Once approved, you can move the vehicle to a garage depending on your policy. Inform the RTO about the theft through a letter Inform the insurer about the details of the accident
4 Move your car to a “In Network” garage in the event of cashless insurance. The insurer will wait for the police to submit a “non-traceable report” before approving any claims. File a police FIR for the incident and obtain the charge sheet.
5 A surveyor from the insurance company will then inspect your vehicle and give an approval and possible claims. Submit the duly signed claim form by attaching the relevant documents like copy of registration certificate (RC), driving license, policy documents, FIR, and details of intimation to the RTO. Approach a motor claims lawyer and file a case with the Motor Accident Claims Tribunal.
6 For claim reimbursements, you will need to submit all original repair invoices and payment receipt along with other car documents. If the car was taken on loan, the insurer will reimburse the payout amount to the financing institute or bank. The court will examine the evidence and fix liability.

How you can save on Motor Insurance premium.
Choice of vehicle: The model, make, cubic capacity, mileage all these things go on to decide your IDV and in turn, your premium.

Compare- Comparing motor insurance policies online will help you get the lowest possible premiums from insurers.

No Claim Bonus- This is the discount that is offered to the owner if he/she does not claim any damages throughout an entire year. It can be between 20-50% depending on the number of years in succession that one has not made any claim.

Avoid Minor Claims: Avoid leveraging your NCB advantage for minor claims to save more money while renewal

Deductibles: You can opt for deductible to save premium. But you have to hit a right balance there without keep it high

Being member of Automobile Association of India- If you get membership of the automobile association of India, you will get car insurance premium discounts.

Anti-theft devices- Installaing ARAI certified anti-theft devices will help you get discounts to the tune of 2.5% of premiums.

Mode of payment: Check with your insurers for discount on an upfront payment and for opting for 2 year policies

Documents required to buy Motor Insurance
Own damage claims
For own damage claims where your vehicle is damaged due to an accident, you will need to have a comprehensive car insurance policy in place for claiming any protective cover.

  • Inform the police and car insurer by calling on their toll-free number and disclosing details of the incident in the event of a collision claim.
  • Do not move your vehicle from the accident spot unless permitted by the police and the insurance company.
  • Once approved, you can move the vehicle to a garage depending on your policy.
  • Move your car to a “In Network” garage in the event of cashless insurance.
  • A surveyor from the insurance company will then inspect your vehicle's damage at the garage and give an approval of damages and possible claims.
  • For claims, you will need to submit all original repair invoices and payment receipt for cashless garage along with other car documents for a successful claim.
Third party claims
If you have a third party insurance or are seeking third party claims where your vehicle is involved, filing of claims should be done as per the following mentioned steps.

  • Report the accident to the police and the insurance company immediately.
  • Make use of the toll-free number issued by your insurer to get in touch with them if needed.
  • Inform the insurer about the details of the accident and keep a record of the conversation if possible.
  • File a police FIR for the incident and obtain the charge sheet.
  • Approach a motor claims lawyer and file a case with the Motor Accident Claims Tribunal.
  • The court will examine the evidence and fix liability.
Theft claims
For a theft claim where your vehicle has been stolen, follow the below mentioned steps for filling a successful claim.

  • Inform the police about the theft and file a police FIR.
  • Inform the insurance company by giving them the details using their toll-free number.
  • Inform the RTO about the theft using a letter addressed to the RTO of your area.
  • The insurer will wait for the police to submit a “non-traceable report” before approving any claims. Seek the non-traceable report and submit it to the insurer along with RTO transfer papers, original car keys, and other documents as listed below.
  • Submit the duly signed claim form by attaching the relevant documents like copy of registration certificate (RC), driving license, policy documents, FIR, and details of intimation to the RTO.
  • If the car was taken on loan, the insurer will reimburse the payout amount to the financing institute or bank.
General Inclusions and exclusions in Motor Insurance
Inclusions Exclusions
Damage due to accidents, fire, riot, earthquake, flood, storm, lightening etc Damages to the vehicle due to ageing and wear and tear
Theft or loss of the vehicle Electrical or mechanical breakdowns
Liability to third parties - If in case your car cause any damage to someone, resulting in physical injury to him or her, or damage to his or her property, your insurance agency will make all the legal settlements, claims, and expenses Damage caused under influence of intoxicants like drugs or alcohol
Personal accident cover - for owner-driver with Rs.2 lakhs insurance coverage Damage caused while driving without valid license
Vehicle having a bi-fuel arrangement or the CNG kit will be covered Damage or loss outside India
Loss or damage to a car may occur any time while the car in transit through air, water, rail, or roadways If it is proved that the accident was a deliberate one, or by breaking traffic signal, driving from the wrong side of the road, using the car for racing, etc. are illegal activities

How Rightpolicy helps in comparing best Motor insurance Policies
Right Advice- Rightpolicy has a skilled and experienced team to guide you towards choosing the most suitable motor insurance policy for your needs. You get all necessary data and reviews that help you decide on the best policy.

Unbiased and clear information- You will always get comparative lists of insurers, their premiums and all other details. There is a completely unbiased approach followed here in order to help you compare and choose the right motor insurance policy that suits your needs.

Extensive listing of multiple products: As a premium online insurance aggregator, Rightpolicy has an extensive listing of all insurance products offered by various public and private insurers. Post sales service- Rightpolicy also offers services like management of claims and assistance with insurance renewals even after your insurance policy has been sold.

No push sales technique- At Rightpolicy, there will be no one hounding you to choose any particular insurance policy or plan from the outset. You can easily take your time to read, compare and decide along with receiving all possible assistance from Rightpolicy at the initial stages. You only purchase a motor insurance plan when you are convinced about it.

Availability of insurance premium calculators: Rightpolicy offers an accurate insurance premium amount calculator to help you choose the right policy as per your budget and financial needs.

24/7 Helpline for any policy-related queries: Rightpolicy offers a dedicated helpline channel should you need any help in choosing the right insurance plan for your needs.

Various channels of buying Motor Insurance Policies
Comparison Between Agent V/S Dealer V/S Broker
Parameters Agents Dealers Brokers
Choice of Insurers Insurance agents represent a 1 or 2 insurance company and sell products of those company only Car dealers sell cars to the customer and they provide insurance for 2-3 company only Brokers are the IRDAI licensed entity and can offer insurance plans of all the insurers
Area of Expertise Agents generally have an expertise on 1-2 Insurers Dealers usually have tie up with 2-3 Insurers. Brokers showcase products and Plans of all the Insurers and hence they are Insurance subject matter experts.
Knowledge Spectrum Limited to particular insurers(may be 1 or 2) Limited to particular insurers(may be 2-3) Wide knowledge spectrum since they represent whole Insurer  fraternity at single platform
Insurance Portfolio Management Agent can offer Product and plans of few selected insurers and hence no concept of Insurace Portfolio management Limited Insurance portfolio services Broker can manage customer`s Insurance portfolio for the life time and evaluate/review it periodically.
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