Motor Insurance

Coverage Type

• While third-party insurance is legally required, opting for a comprehensive vehicle insurance policy ensures better protection for both your vehicle and third-party liabilities.

Add-Ons

• Consider useful add-ons such as Zero Depreciation, Engine Protection, and Roadside Assistance to expand your base coverage and reduce out-of-pocket expenses.

Network Garages

• Ensure your insurer has a wide network of cashless garages nearby. It simplifies claim servicing and saves time during emergencies.

Claim Process

• Pick a provider that offers a digital-first process for faster and smoother vehicle insurance online claim submission and approval.

IDV Selection

• Choose an appropriate Insured Declared Value (IDV) to balance premium affordability and claim payout accuracy

Customer Support

• Good customer service is essential. Ensure support is available via call, app, or WhatsApp during critical claim moments.

Exclusions

• Always check the exclusions to know what your motor insurance does not cover, so there are no surprises later.

Coverage

• Third party bodily injury or death

• Third party property damage

• Damage to the vehicle due to man-made causes

• Damage to the vehicle due to natural disasters

• Accidental death or disability suffered by the owner/driver

• Theft of the vehicle

Exclusion

• Deliberate accidents

• Driving under the influence of alcohol or drugs

• Driving without a valid licence

• Driving outside India’s borders

• Criminal acts

• Consequential loss

• Depreciation and normal wear and tear

• Mechanical and electrical breakdown 

IDV (Insured Declared Value) 

The current market value of your vehicle. This is the maximum amount you can claim if your vehicle is totally lost or stolen. Choosing the right IDV directly impacts your premium and payout. 

Third-Party Liability 

A mandatory component of every motor insurance policy, it covers legal and financial liabilities if your vehicle causes injury, death, or property damage to others.

Comprehensive Policy 

A policy that provides dual protection—own damage cover and third-party liability, making it the most inclusive form of vehicle insurance.  

Deductibles 

The portion of the claim amount you agree to pay from your pocket. There are two types: 
• Compulsory Deductible – A fixed amount set by IRDAI.
• Voluntary Deductible – Chosen by you to lower your vehicle insurance premium.

No Claim Bonus (NCB) 

A discount of up to 50% on the renewal premium for every claim-free year. Helps reduce your cost over time. 

Add-ons 

Optional features like Zero Depreciation, Engine Protection, and Roadside Assistance can add to enhance your motor insurance policy. 

IDV is calculated by the following formula 

IDV =Ex-showroom price + Depreciation + Cost of accessories (if any) 

 Here’s how depreciation is applied based on your vehicle’s age: