As mandate by Motor Vehicle Act, 1988. Third Party insurance is compulsory for any vehicle on Indian roads. However, it is advisable to purchase a comprehensive cover.
The benefits of purchasing a motor insurance policy are as follows:
1. Damage or loss to the insured vehicle
The damages to the vehicle due to the following perils are usually covered under Own Damage (OD) section of the Motor Insurance policy:
- Fire, Explosion, Self- Ignition, Lightning
- Burglary/Housebreaking/Theft
- Riot & Strike
- Earthquake
- Flood, storm, cyclone, hurricane, tempest, inundation, hailstorm, frost
- Accidental external means
- Malicious Act
- While in Transit by Rail / Road, Inland waterways, Lift, Elevator or Air
- Land slide / Rock slide
2. Third Party Liability
This insurance provides cover to third-party liability for damages to property of third party as well as for bodily injuries or death of persons.
3. No Claim Bonus
Customer is eligible for this benefit for every claim-free year. Additional discount as per Indian Motor Tariff is offered on renewals.
4. Personal Accident Cover
It provides protection against permanent total disability and death due to an accident.
5. Legal Protection
As it is mandated by law, not having motor insurance is a violation of traffic laws and is a punishable offence. Therefore, it is important to have a motor insurance policy.
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