Q) Why do you need to buy motor insurance?
Traffic injuries and fatalities Road accidents take a toll of 1.2 million people every year and injure about 35 million a year. Thus, Indian government has made it mandatory to have motor insurance, if you are riding on Indian roads. Motor Insurance protects your car and helps you in coping with the expense of accidents, damage or theft. While you are driving, you are not only responsible for yourself but also the safety of, your passengers, other drivers on the road, other people’s property and pedestrians on the road.

Q) Is it compulsory to buy Auto Insurance?
According to Law it is compulsory to take a Third Party Insurance Policy. Buying an comprehensive insurance policy is optional but it is advisable to take a comprehensive auto insurance policy for individuals.

Q) What are the types of motor insurance policies?
There are two types of motor vehicle insurances - "Motor Policy A" (also known as third party risk) and "Motor Policy B" (also known as comprehensive insurance policy). Although legal requirement is met by Motor Policy A, it would be sensible on your part to go for comprehensive insurance policy.

Q) Who Can Insure?
Individuals and corporate owners of the vehicle can be insured.

Q) What is a ‘Third party risk’ policy?
Third Party risk policy covers risks required under the Motor Vehicles Act. It is mandatory that every car owner be covered against Act Risks under Section 146 of Motor Vehicles Act 1988. The scope of cover is to pay compensation for death of or bodily injuries to third parties and damage to the property of third parties. While the Insured is treated as the first party and the Insurance Company second party, all others would be third parties. For private vehicles and cars, the 'Act Only Policy' covers third party property damages only upto Rs. 6000/-. Fire and theft risk can be covered by paying additional premium.

Q) What is a ‘Comprehensive insurance’ policy?
A comprehensive insurance policy includes, Third party cover, Loss / Damage to vehicle as a result of an accident, fire or theft, Risks against floods, earthquake, riots and strikes, Accessories like music system, air-conditioner, etc. can also be covered by paying additional premium and Risk of loss/damage while in transit by road, rail, watercraft, air, elevator, etc. The insurance policy is valid for one year. It becomes effective when the payment of premium is received by the insurance company.

Q) What kind of policy is the best for Indian roads?
We would recommend comprehensive policy or an all inclusive policy. This form of insurance coverage is the one that pays for damages to your car that happen for reasons other than a collision, including theft, storm damage, fire and vandalism. This coverage will have a deductible attached, and the rate of the car insurance coverage goes down as the deductible goes up. This type of insurance coverage will be required on any loan you may have on the vehicle.

Q) Can I take a policy for more than one year?
As far as `comprehensive cover is concerned, it is issued on annual basis. But you can take long term third party policy.

Q) Can I take a policy for less than one year?
Yes, but in such case you may have to pay more than proportionate of the annual premium

Q) How do insurance company calculate premium?
The insurance premium depends on the car's value, the engine power, its seating capacity, type of vehicle, age of vehicle, city of registration, period of coverage, the value of other accessories like the air-conditioner, music system etc.

Q) How to calculate value of accessories?
The value of accessories is calculated on the on the basis of original cost of purchase of the accessory less depreciation for the usage.

Q) What is a ‘no-claim’ discount?
‘no-claim’ discount is when you get, eligible for a discount in the premium of a comprehensive insurance policy at 20% for the 1st year, 25% for the 2nd year, 35% for the 3rd year, 45 for the 4th year and 50% afterwards. The value of the discount depends upon the insurance claims you have made in that particular year. This discount is adjusted against renewal premium. You can avail the no claim bonus when you renew your policy. Incase you are buying a new car you can transfer the no claim bonus from the policy of your old car to the new one. You need to intimate the insurance company in case you sell your car and you are eligible for the no claim bonus. The no claim bonus is adjusted against the premium of a new car, if the purchase is made within a period of three years.

Q) When do you become eligible for a ‘no-claim’ discount?
If you do not claim for an entire year, then you can avail of a no-claim discount, provided you renew your policy with the same or a new insurance company. In case your policy expires, you can still avail the no claim bonus if you renew the policy within 90 days of its expiry. Your proof of no claim discount is usually one of the documents that show, the number of years' no claim discount earned, the expiry date of your last insurance policy and any claims that have been made.

Q) What are the costs that you have to bear, in case of a claim?
The costs that you have to bear are compulsory deductibles, salvage value and cost of depreciation.

Q) What are the different documents to be submitted for an Insurance claim procedure?
In case of an accident claim, following documents are to be submitted to the insurance company,
• Proof of insurance-Policy,
• Original and a Copy of Registration Book,
• Original and a Copy of Motor Driving license of the person driving the vehicle at the material time,
• FIR, in case of accident involving Third Party Injury or Damage,
• Claim form along with the original estimate of repairs obtained from the workshop.

Q) What is a Surveyor?
On submission of the documents for the claims process, the insurance company appoints a surveyor, who inspects the damaged car and verifies the authenticity of the estimate of repairs. The car can be repaired only after the insurance surveyor has inspected it.

Q) What is the process to be followed post submission of documents for Claim?
Post submission of documents, you need to submit the final bill for damaged parts that have been replaced and the stamped receipt for payment made to the workshop. Once the car has been repaired, you need to make the payment as per the final estimate and submit the final estimate and stamped receipt to the insurance company for settlement of the claim. The repaired car is surveyed again by an insurance surveyor and only then you can take delivery of your car.

Q) What is the Claims Procedure in case of theft?
In case of car stolen, you need to inform about the theft to the nearest police station and your insurance company immediately. You also have to intimate about the stolen car and missing documents to the concerned registering authority where the car was initially registered. Obtain a duplicate RC Book from the RTO office immediately In case of theft, the procedure for the insurance claim is similar to the accident claim, however, in case of theft the settlement of insurance claim takes longer as the RTO and the police is given a reasonable period of time to recover the stolen vehicle.

Q) Can you renew policy on instapolicy.com?
Yes, You can renew you motor insurance policy online on www.instapolicy.com.

Q) To know more, Click Here
you can compare more than 20 motor insurance only on www.instapolicy.com . or you can call 18004257337