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Motor Insurance
Motor insurance is a type of insurance policy that provides financial protection against losses and damages related to motor vehicles, including cars, motorcycles, trucks, and other road vehicles. It covers liabilities arising from accidents, theft, natural calamities, and third-party damages. It covers the costs of any damage or injuries caused to you or other people and their property.
Types of Motor Insurance
Motor insurance can be broadly classified into the following categories:
- Third-Party Insurance cover
- Covers damages or injuries caused to a third party (person/property).
- Required by law under the Motor Vehicles Act, 1988 in India.
- Does not cover damages to the insured vehicle.
- Comprehensive cover
- Covers both third-party liabilities and damages to the insured vehicle.
- Protects against theft, fire, natural calamities, and personal accidents.
- Offers wider coverage than third-party insurance.
- standalone Own Damage (OD) cover
- Covers damages to the insured vehicle due to accidents, fire, theft, and natural disasters.
- Does not cover third-party liabilities.
- Available only if the vehicle already has a third-party liability policy.
Coverage Offered by Motor Insurance
- Damages sustained by the insured vehicle from accident, riots, burglary, thefts, terrorism, natural calamities and man-made calamities like fire, explosion, flood, storm, earthquake
- Third party legal liability will cover accidental death and injury to the third party, along with any damage done to third party property
- Under personal accident coverage, the insurance company bears the cost of any medical treatment of the driver needed after any eventuality that occurred while driving
Exclusions in Motor Insurance
Motor insurance does not cover:
- Drunk driving or driving without a valid license.
- Wear and tear, mechanical or electrical breakdowns.
- Consequential damages (secondary damages resulting from an incident).
- Intentional damage or illegal activities.
Add-ons and Riders
Policyholders can enhance their coverage with optional add-ons:
- Zero depreciation cover: An insurance company usually deducts a certain amount as depreciation of your vehicle from the sum insured. But if you opt for zero depreciation cover, the insurance company will pay the insured value of your vehicle in case of damage or theft.
- Key replacement cover: If you misplace the key of your vehicle, you can claim for reimbursement. With this add-on cover, the insurance company provides a part of the cost incurred for the substitution of the key.
- Engine and electronic circuits cover: If your vehicle is damaged due to engine failure or electronic circuits, you can claim for reimbursement with this add-on cover.
- Roadside assistance cover: In case your vehicle breaks down while traveling through remote locations, you can call for assistance with roadside assistance cover. Other assistance can be arranging for fuel or mechanic in case of any problem while travelling and you can’t get any help.
Fire & Burglary Insurance
A combined Fire and Burglary is a business inclined policy that is available to private individuals and corporate firms to provide cover of any kind of loss resulting from fire and allied perils or burglary at their shops, warehouses, offices etc.
Why should one get Fire and Burglary Insurance Policy?
Any property is constantly at risk of a break-in. A combined Fire & Burglary Insurance policy provides comprehensive financial protection for one’s building and contents, thereby reducing one’s anxiety.
What is covered in a Fire and Burglary Insurance Policy?
With Fire and Burglary Insurance policy, one can get financial compensation if the business is affected by fire, lightning, floods, impacts, explosions, earthquakes, windstorms, riots, strikes and civil commotion. There is also coverage for any kind of loss or damage to the property, if someone attempts to enter or exit the property during a burglary.
Travel Insurance
A Travel insurance policy is designed to cover losses due to unexpected events while traveling. A Travel Insurance policy provides coverage against risks while travelling which includes loss of passport and personal belongings, loss of checked-in baggage etc. Having these risks covered ensures an additional layer of protection against any kind of financial loss.
What does it cover
- Trip Cancellation/Interruption Insurance
- Trip Cancellation: Reimburses non-refundable travel costs if you need to cancel your trip due to unexpected reasons like illness, death in the family, or a natural disaster.
- Trip Interruption: Covers the costs incurred if your trip is interrupted or cut short due to a covered reason (e.g., a medical emergency, family emergency, or natural disaster).
- Medical Insurance
- Emergency Medical Expenses: Covers medical treatment for sudden illness or injury during the trip, including hospitalization, doctor visits, surgery, and medication.
- Emergency Medical Evacuation: Pays for the cost of transporting you to the nearest medical facility in case of an emergency, or even to your home country if needed.
- Repatriation: Covers the costs of returning your body home in the event of death during the trip.
- Baggage Insurance
- Lost or Stolen Baggage: Provides compensation if your luggage is lost or stolen during the trip.
- Delayed Baggage: Reimburses essential items (e.g., clothing, toiletries) if your baggage is delayed beyond a certain time (e.g., 12-24 hours).
- Damage to Baggage: Covers the repair or replacement costs if your luggage is damaged.
- Travel Delay Insurance
- Offers compensation for additional expenses (e.g., meals, accommodation) if your travel is delayed for a specific period, usually due to reasons like weather, airline issues, or technical problems.
- Personal Liability
- Third-Party Liability: Provides coverage if you cause injury or property damage to a third party while traveling. For example, if you accidentally injure someone or damage their property.
- Legal Costs: May cover legal fees if you’re involved in a legal dispute during your travels.
- Flight Accident Insurance
- Pays a lump sum benefit if you suffer an injury or death due to an accident during a flight.
- Emergency Assistance Services
- Most travel insurance policies provide 24/7 helplines for emergency assistance, helping you with medical referrals, transportation arrangements, and other urgent needs while traveling.
- Rental Car Insurance
- Covers damages to rental cars, including theft or accident-related damage, during the period of the rental. This is often offered as an add-on to standard travel insurance.
- Accidental Death and Dismemberment (AD&D)
- Provides compensation if the insured person dies or suffers serious injury (such as the loss of a limb or eyesight) due to an accident during their trip.
- Travel Document Insurance
- Covers the cost of replacing lost or stolen travel documents like passports, visas, and identification cards, and may also reimburse fees for emergency travel documents.
- Missed Connection
- Covers the costs of additional transportation or accommodation if you miss a connecting flight or other transport due to a delay in your initial journey.
Exclusions in Travel Insurance
While travel insurance provides extensive coverage, it typically excludes the following:
- Pre-existing medical conditions (unless specifically covered under the policy).
- Risky activities such as skydiving, bungee jumping, or other adventure sports (unless covered under an additional rider).
- Illegal activities (e.g., drug use, criminal activity).
- Travel to regions with travel warnings or advisories.
- Loss or damage caused by wear and tear (e.g., accidental damage to personal items not caused by theft).
- Injury or illness caused by alcohol or drug abuse.