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Motor Insurance

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Why compare Motor Insurance Policies on 5Paisa

Best Premium

When you compare vegetable prices in two different markets, prices vary. Similarly, when you compare insurance with different insurers, there is a difference in premium. Some insurers might offer you better premium as compared to others.

Insured Declared Value

The insured declared value (IDV) is the current market value of your vehicle. It can be referred to as the sum assured which is fixed by your insurer. The policyholder is eligible to receive the amount same as IDV in case of theft or total loss of the vehicle.

Add on Covers

People usually buy add-on covers to provide additional protection to your vehicle. There are various add-on covers offered by the insurance companies. However, buying an add-on cover would increase your premium.

Cashless Garage Networks

Some leading insurance companies provide the the facility of cashless insurance plan, where you can get your vehicle repaired at listed garages without paying any money. The insurance company will settle the bill on your behalf.

types of Motor Insurance

Third Party Cover (Mandatory)

Buying a third party cover is mandatory as per the law. This cover will not cover any injuries caused to you or your vehicle. It only covers the damage caused to other person’s car or the person himself.

Comprehensive Motor Insurance

Comprehensive motor insurance is the one which covers for both own damage and third party liability. While purchasing a third party cover is mandatory as per the law, one has the option to opt for own damage cover.

Own Damage- When one opts for an own damage cover, the damage to your own car or any injuries to you suffer due to a mishap is covered.

Third Party Liability- The third party liability insurance covers for the other person’s vehicle and medical expenses.

What is not covered in the policy?

Mechanical wear and tear due
to Natural ageing of vehicle

Damage Due to drunk driving /
underage / without License

Value Added features/Add on covers

Zero Depreciation

A zero depreciation cover does not factor in the depreciation and provides for the complete coverage of the vehicle. You will however have to pay the minimum deductible which is a fixed fee of Rs. 1000 for vehicles less than 1500 cc.

Engine Protection

As the name refers, this cover is to protect your engine and electronic circuit cover especially during monsoons and at the time of flooding. Opting for this cover will help you save on major cost repairs.

Daily Cash Allowance

If your vehicle stays in the garage for more than 3-4 days, the owner’s transportation costs are taken care of if he has opted for this cover.

No Claim Bonus Protection

A NCB Protection cover is an add-on feature which will protect your no-claim bonus even if you have made a claim during the year.

Roadside Assistance

Stuck in a remote location with a flat tyre ? This cover will help you get roadside assistance no matter where you are stuck. There are times when you run of fuel at an unknown location or face battery related issues, opting for this cover will give you all these benefits.

Discounts on Motor Insurance

Age

A person is eligible for a discount in premium depending on his age.

No Claim Bonus

No-claim bonus is the discount which is made available to the policyholder for not making any claims during the year. This NCB can accumulate over the years and and the discount ranges from 20-50%.

Automobile association membership

A person having a membership with the Automobile Association of India, an organisation powered by IRDAI, gets a concession on own-damage premium.

Voluntary Deductible

Apart from the fixed fee which is deductible, a person has an option to choose a certain amount which he will have to pay in case of a damage. If the person has chosen the option of voluntary deductible amount, he gets a discount on his premium.

Anti Theft discount

Some vehicles are integrated with anti-theft devices. A person is eligible for a discount if his vehicle has an anti-theft device fitted in it.

Profession

A person is charged lower if he is in a certain profession.