What is Motor Insurance | How to Get Motor Insurance

Two wheeler insurance check, Two wheeler insurance, Two wheeler insurance online, How to get Motor Insurance, What is Motor Insurance.

Car or two wheeler has become an important part of our life. People are largely dependent on them for their daily lives.

Today when most people are avoiding public transport and taxi services to keep themselves safe during the pandemic, the need for a private vehicle has increased.

Be it a car or a bike, it is very important to have insurance for every vehicle. In today’s time, the government has made insurance mandatory for every vehicle plying in the country.

What is Motor Insurance | How to Get Motor Insurance

According to the new Motor Vehicles (Amendment) Bill, driving without valid and up-to-date car insurance will attract a fine of Rs 2,000 or a jail term of 3 years. So driving without insurance is not a risk.

What is Motor Insurance :

Two wheeler insurance policy helps you in financial coverage against loss or damage caused to you or your vehicle. Without a valid bike insurance policy, you will have to bear all the financial burden on account of any loss or damage caused by your two wheeler.

As per the Indian Motor Vehicles Act, 1988, all motor vehicles plying on Indian roads must have a valid insurance policy. It is illegal to ride your two wheeler on Indian roads without third party liability cover.

A liability cover is mandatory for riding your bike on Indian roads. Having an insurance policy is important and necessary as it provides financial protection against damage to the insured vehicle or third party property from unfortunate accidents, bodily injury to rider or rear seat rider or pedestrians etc.

Benefits of Motor Insurance Policy :

  • You will not have any financial stress
  • Are legally protected
  • Personal accident cover
  • Your mind will be at peace

You will not have any financial stress : Motor insurance policy provides financial protection in case of theft of your vehicle or any damage caused to your vehicle.

Are legally protected : Since it is mandatory to have an insurance policy to ride on Indian roads, it is advisable that you carry a photocopy of a valid insurance policy to avoid paying fines.

Personal accident cover : In case of accidental death or total permanent disability, the motor policy holder is covered with a sum assured of Rs 1 lakh or more.

Your mind will be at peace : Because you know that you are financially insured against the cost of repairing damages caused by a bike accident, you will certainly have peace of mind.

How to get motor insurance :

With the help of 25 bike insurance companies and 100+ products, Coverfox actively works to find the ideal plan for you. And not only ideal, best. From making fair comparisons to providing you with accurate information, we do everything. Also, you don’t even need to involve any insurer.

We are telling you some websites for motor insurance. With the help of which you can insure your motor.

  • Bharti AXA 2 Wheeler Insurance
  • Tata AIG Two Wheeler Insurance
  • ICICI Lombard Car Insurance
  • Bajaj Allianz Bike Insurance
  • HDFC ERGO Two Wheeler Insurance

You can insure your car from these websites. Let us tell you how you can insure a car with the help of these websites. For this follow the steps given below.

Benefits of buying motor insurance policy online :
  • Cost Benefit
  • Quick and Convenient
  • Easy Upgrade Process
  • Minimal Paperwork
  • Learn from Others’ Experience

Cost Benefit : Motor insurance purchased online is less as compared to insurance purchased offline. There is no agent commission margin when buying a policy online, which reduces the cost. On the other hand one does not have to pay any additional expenses or commission charges while buying a policy online.

Quick and Convenient : Another important advantage of buying insurance online is that it is quick and hassle free. Anyone can buy the policy from the comfort of their home. Apart from this comparison with other insurance companies can be done easily.

Easy Upgrade Process : For those who have purchased the policy online, the renewal process is very easy. The insured need not fill the form again, as the data is already stored in the company’s system, and the payment can be made digitally. Apart from this, you can remind on time, so that it can be renewed.

Minimal Paperwork : Buying an online plan does not require much paperwork as compared to buying an offline policy. Also, the chances of the information being wrong are also very less.

Learn from Others’ Experience : Another advantage of buying motor insurance online is that policyholders can study the experience of past customers before selecting a specific plan or insurer. One can compare the features of different plans and know more about the reputation of the insurer.

What are the types of motor insurance?

Motor insurance claims are generally classified into two categories. Both have different characteristics. Along with this, the premium of both can also be different.

  • Reimbursement Claim
  • Cashless Claim

What is reimbursement claim?

Under the reimbursement claim, in case of any damage to your vehicle, you can get your vehicle repaired at any garage (outside network garage).

You will have to bear the repair cost and later apply for a reimbursement claim with the insurer. But make sure you get receipts and bills for all repairs done in the garage. The insurer will make the payment after verifying the claim documents and bills.

What is cashless claim :

Under a cashless claim, you do not need to spend anything out of your pocket to repair your vehicle after it is damaged. The insurer pays the repair cost directly to its network garage. As a customer, you only need to pay depreciation and deductions, if applicable.

The percentage of depreciation varies with the age of the car and the damaged part. For example, fiberglass rods have 30% depreciation. So if this particular part gets damaged and needs to be replaced, the insurer will pay 70% of the cost and the remaining 30% which will be borne by the policyholder.

Deductible is the amount that the insured has to pay before availing the insurance cover. Suppose the mandatory deduction is Rs 2,000 and the insured has a claim of Rs 6,000, then the insured has to pay the first Rs 2,000 and the insurer has to pay the remaining Rs 4,000. Overall, cashless settlement is a smooth and hassle free process for the policyholder.

What is third party insurance :

If your car gets into an accident with another vehicle. Otherwise the car breaks down and that person also becomes a victim of an accident. He gets hurt.

So the insurance company gives his money. And if you get into an accident, the company does not give its money. That’s why taking third party insurance is very important.

what is first party insurance :

Let us now tell you what is the first party insurance in case of any kind of accident in this type of insurance. So the insurance company gives money and compensation for every kind of loss.

Like the car or the driver and the people in the car and the vehicle that caused the accident, the insurance company indemnifies all kinds of losses and damages.

Must know before buying motor insurance :

If you also want to get your two wheeler insured and want to take the most effective insurance policy, then we are telling you some ways for it.

  • Understand Insurance Coverage
  • Choosing the Right Coverage
  • Pay Attention to Additional Coverage
  • Get Help From a Broker
  • Making an Insurance Claim
What is the process to claim motor insurance digitally?

The insurance industry is rapidly moving towards digitization and is increasingly using tools of scientific applications for claim settlement. One such innovation in settlement of these claims is “on the spot settlement” which is done through the insurer’s app or website.

In this, the insured has to click the pictures of the damage caused to his vehicle and upload it on the app or portal of the insurance company. Insurers use these images and data analytics tools and decide the claim amount and if it is acceptable to the insured, the settlement is done in less than 20 minutes.

With this kind of innovation, the insured can easily get the claim in less time and also get the vehicle repaired without any financial hassle.

Read More :

Types of Heath Insurance

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