Car Insurance Decoded

Car Insurance

Motor Insurance is mandatory under the Motor Vehicle Act to

ensure yours and your vehicle’s safety along with the ones in it.

Types of motor insurance:•Third Party Liability Policy•Comprehensive Cover Policy•Collision Coverage

Third Party Liability Policy

• This policy is legally mandatory policy in India under the Motor Vehicles Act.

• This policy, as the name suggests covers against any legal liability to a third party caused from your vehicle or when you are at fault.

• It’s basically a cover to protect you from death or injury claims caused by you to another person/property.

Policy Inclusions

• Covers legal liability for the damage you caused to a third party• Death or physical injuries to third party• Damage caused by you to third party• Accidental death of the motor owner/driver

Policy Exclusions

• Damage caused to your personal property• No legal protection for damage caused to a third party property• Legal costs and expenses incurred

Third Party Liability Policy

Comprehensive Cover Policy

This policy is exclusively for you and your vehicles protection. It covers damage caused to your vehicle and its accessories.

Policy Inclusions

• Damage to vehicle and owner• Damage caused by natural and manmade calamities• Damage caused by fire, explosion, flood, storm, riots, strikes, burglary, theft etc

Policy Exclusions

• Wear and tear• Depreciation cost• Insufficient documents (Driving License)•Consumption of drugs or alcohol•Mechanical and electrical breakdown

Collision Coverage

• As the name clearly suggests this policy usually protects the Insurance bearer financially against any damage to their vehicle caused by car collision in a road accident.

• Any loss or damage incurred due to theft or burglary is not taken into consideration in collision coverage policy.

• Opting this you get benefits like Zero Depreciation where certain part of the vehicle gets insured and when a claim is made the entire (Insured) part of the vehicle is paid as a part of the claim.

• Engine and gear box protection: any damage to engine or gear box caused by lubricant leakage, water ingression, jammed gear producing whining, clunking and humming noises, clutch failure, maintenance failure, repair and replacement costs are covered.

• All of these being add-ons will increase your financial coverage that is, whenever opted for these add-ons an additional premium amount will be added to the base premium amount.

Adds-on:

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