The damages to the vehicle due to the following perils are usually covered under OD section of the Motor Insurance policy: Fire, Explosion, Self- Ignition, Lightning. Burglary/Housebreaking / Theft. Riot & Strike.
What are the 3 types of motor insurance?
Types of Motor Insurance
- Private Car Insurance Policy. This is motor insurance that needs to be taken for any private car owned by an individual and is mandated by the Government of India. …
- Two-Wheeler Insurance Policy. …
- Commercial Vehicle Insurance.
What are the coverage of different types of motor insurance?
What are the Five Types of Car Insurance Coverage in India?
- Third-Party Liability Only Cover.
- Collision Damage or Own Damage (OD) Cover.
- Personal Accident Cover:
- Zero Depreciation Insurance:
- Comprehensive Car Insurance:
What should be covered in vehicle insurance?
Bodily injury liability- It covers bodily injury claims of people who get injured in an accident. Property damage liability- It covers property damages to third parties such as another person’s car. Medical payments- This payment is done to the policy owner and other passengers in the policy owner’s car.
What are the benefits of motor insurance?
Here are five major car insurance benefits.
- Damage or loss to insured vehicle. In case your vehicle is damaged due to an accident, fire, or self ignition, you are protected. …
- Personal accident cover. …
- Large network of garages. …
- Third party liabilities. …
- No claim bonus. …
- Quick and hassle-free process. …
- Customer support.
What are the features of motor insurance?
The plan offers cover against damage caused by the car to the third party or his/her property. It covers against listed damage and destruction done to the car due to floods, earthquakes, typhoons etc. It covers damage and destruction caused to the vehicle due to theft, burglary, strikes, riots, etc.
What is motor liability period in car insurance?
Irdai, in its circular states, that this is in line with the Supreme Court’s order, dated 20 July, 2018, where it had said, “We make it clear that the third party insurance cover for new cars should mandatorily be for a period of three years and for two-wheelers, it should mandatorily be for a period of five years.
What is the motor insurance policy?
Motor insurance is a unique insurance policy meant for vehicle owners to protect them from incurring any financial losses that may arise due to damage or theft of the vehicle. Whether you have a private car, a commercial vehicle, or a two-wheeler, you can purchase a motor insurance policy.
What is not covered under Motor Insurance?
Any damage to the car due to war, terror attacks, invasion, foreign enemy action, civil war, mutiny, rebellion, hostilities, radiation or nuclear material/weapons are not covered under a standard motor policy.
Which risks Cannot be insured?
An uninsurable risk is a risk that insurance companies cannot insure (or are reluctant to insure) no matter how much you pay. Common uninsurable risks include: reputational risk, regulatory risk, trade secret risk, political risk, and pandemic risk.
Is TYRE damage covered under insurance?
Normally, damage to tyres and tubes are covered only if the vehicle has met with an accident resulting in damage to the tyres and/or tubes. Damage to the tyres and tubes without the vehicle meeting with an accident, is not covered under the Private Car Package Policy issued to cover your car.
What are the disadvantages of car insurance?
Each insurance provider can record different metrics. However, the most common tracked metrics are: Speed.
Bad driving will increase the cost.
- Bad driving will increase the cost. …
- As mentioned, some car insurance providers may have driving time restrictions. …
- Journey restrictions. …
- Additional charges.