Why Do You Need Motor Insurance ?
Motor insurance policy is mandatory for vehicle owners as per Indian Motor Vehicles Act 1988. This Plan is designed to give coverage for losses which insured might incur in case his gets stolen or damaged. The amount of Auto insurance premium is decided based on the Insured Declared Value of a car. The premium will increase, if you raise the IDV limit and vice versa.
Why do I need to insure my vehicle?Auto insurance is mandatory for all vehicles that ply on roads-like car, trucks, etc. The prime objective of this type of insurance is to provide complete protection & coverage on physical damage or loss from man-made & natural disasters. According to Indian Motor Act 1988, an auto insurance policy is mandatory for every automobile owner in the country. Hence, purchasing an auto insurance is not just a necessity, it is mandatory by law.
Key Features of Auto Insurance
Different Types of Auto Insurance
Exclusions from Auto Insurance1) General ageing, wear and tear
2) Damage by a person driving without a valid driving license
3) Mechanical or electrical breakdown, failure
4) Damage by a person driving under the influence of Liquor/Alcohol/Drugs
5) Depreciation, any consequential loss
6) Loss /Damage attributable to War /Mutiny /Nuclear risks
7) Damage to tyres and tubes are excluded unless the vehicle is damaged at the same time. In such circumstance, the liability of the company shall be limited to 50% of the cost which includes replacement Loss /Damage