Motor Insurance

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Motor Vehicle Insurance is the insurance coverage of risk arising out of the use of motor vehicle such as car, truck or other vehicles causing damage and loss to oneself as well as other’s property in an accident.
Motor Insurance is mandatory as per the Motor Vehicles Act passed in the year 1938 and subsequently amended.
Motor Insurance provides coverage related to property damage, bodily injury, medical expenses and any other sort of compensation in legal proceedings.
It is also referred as Auto Insurance, Vehicle Insurance and Car Insurance.

Types of Motor Insurance are -
Private Car Insurance
Commercial Vehicle Insurance
Defense Vehicle Insurance
Two Wheeler Insurance

Motor Vehicle Insurance generally comprises of following two components –
Third party liability coverage is the part of insurance policy which protects you in case you are sued or asked compensation for any physical injury or damage to someone else’s property by your vehicle accidently.
Third party liability could be of following nature – Bodily injury liability and Property damage liability.

Factors affecting premium of Insurance Policy-
Type of vehicle
Physical condition of driver
Geographical area of use
Age of vehicle

Losses Covered under Motor Insurance -
Loss or damage by accident, fire, lightning, theft, malicious act, natural disaster
Third party liability in form of injury ,death and damage to property
Medical Expenses

Exclusions under Motor Insurance-
Normal wear and tear
Damage when person was driving without license
Damage when person was driving in influence of alcohol
Damage due to a war
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1. DEVTECH FINANCE GENERAL INSURANCE MODULE MOTOR INSURANCE MEANING OF MOTOR INSURANCE TYPES OF POLICIES & COVERAGE ADD ON COVERS & EXCLUSIONS THIRD PARTY LIABILITY

2. INTRODUCTION Motor Vehicle Insurance is the insurance coverage of risk arising out of the use of motor vehicle such as car, truck or other vehicles causing damage and loss to oneself as well as other’s property in an accident. Motor Insurance is mandatory as per the Motor Vehicles Act passed in the year 1938 and subsequently amended. Motor Insurance provides coverage related to property damage, bodily injury, medical expenses and any other sort of compensation in legal proceedings. It is also referred as Auto Insurance, Vehicle Insurance and Car Insurance.

3. TYPES OF MOTOR INSURANCE Private Car Insurance Commercial Vehicle Insurance Defense Vehicle Insurance Two Wheeler Insurance

4. THIRD PARTY LIABILITY Motor Vehicle Insurance generally comprises of following two components – Third party liability coverage is the part of insurance policy which protects you in case you are sued or asked compensation for any physical injury or damage to someone else’s property by your vehicle accidently. Third party liability could be of following nature – Bodily injury liability and Property damage liability. Third Party Liability (mandatory) Owner’s Damage (optional)

5. FACTORS AFFECTING PREMIUM Type of vehicle Physical condition of driver Geographical area of use Age of vehicle

6. COVERAGE AND EXCLUSIONS LOSS/DAMAGE COVERED Loss or damage by accident, fire, lightning , theft, malicious act, natural disaster Third party liability in form of injury ,death and damage to property Medical Expenses EXCLUSIONS Normal wear and tear Damage when person was driving without license Damage when person was driving in influence of alcohol Damage due to a war

7. ADD ON COVERS Zero depreciation cover - You get the whole cost of repairs to external car body damages irrespective of the depreciation amount . Since this is an add-on cover, you pay a higher premium . Your insurer pays for the repairs/ replacement of the plastic and fibre components of your car. Engine protection cover - An engine protection cover is an add-on to your Car Insurance policy, that is meant to cover any damages to the engine through leakage, water damage, physical damage etc. It thus compensates you for the repair/replacement of your engine. Roadside assistance cover - A roadside assistance in insurance cover keeps your insurer at your service so that you can contact your insurer immediately after the accident or in any emergency. It provides roadside services such as repair on the spot, emergency fuel delivery, flat tyre service, driver disability, shipment of spares, towing to nearest repair centre , accommodation and cab service.

8. ADD ON COVERS Consumable cover - C ar insurance usually does not compensate or pay for any of the car’s consumables damage. At the time of claims, you are supposed to pay yourself for the replacement of these consumables. To avoid this, you could opt for a Consumables Cover in Motor Insurance. A Consumables Cover is an add on insurance cover that pays for the cost of consumables like nut and bolts in Car Insurance required to be replaced or refilled in the event of an accident of your car. Return to invoice cover - In case of incidents where you lost your car completely due to fire or theft, your insurance company would pay you only upto the IDV (Insured Declared Value) which is much lower than the Invoice value of the car. With a return to invoice protect add-on cover, you could get as much as the invoice value of your car, in case of total loss of the car.

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