Get Motor Vehicle Insurance Quotes Online

Get Motor Vehicle Insurance Quotes Online |
Motor vehicle insurance, also called automotive insurance, a contract by which the insurer assumes the risk of any loss the owner or operator of a car may incur through damage to property or persons as the result of an accident. There are many specific forms of motor vehicle insurance, varying not only in the kinds of risk that they cover but also in the legal principles underlying them.

Motor Vehicle Insurance

Get Motor Vehicle Insurance Quotes Online
Get Motor Vehicle Insurance Quotes Online

Motor insurance protects your vehicle against losses arising from unforeseen risks. It basically covers financial losses arising from accidents, theft and other natural calamities. Motor insurance is a contract for an automobile in which the insurance company agrees to pay for your financial loss resulting from a said specified event.

There are four types of motor vehicle insurance:
1. Compulsory Third Party (CTP) Insurance
CTP is mandatory in all States and Territories and provides compensation for bodily injuries caused by vehicles. It does not provide cover for any damage to the vehicle and therefore other forms of motor vehicle insurance should also be purchased.

2. Comprehensive Insurance
Comprehensive Insurance can cover damage to vehicles, theft of vehicles, collision, malicious damage and weather damage. Depending on the policy, it can cover damage caused to other vehicles.

3. Fire and Theft Only
Fire and Theft Only is a limited form of insurance that only covers for fire damage to, and theft of, vehicles. It does not cover collision damage to vehicles.

4. Third Party Property Only.
Third Party Property Only provides cover for vehicles damaged by the policyholder's vehicle. It does not provide cover for the policyholder's own vehicle. This product is generally only taken out by consumers with a low value vehicle, protecting themselves against damage to other motorists.

Motor Vehicle Insurance covers your motor vehicles against loss or damages. The insurer indemnifies the insured against the loss of or damage to the insured motor vehicles caused by :

1. Accident, collision/impact, malicious action by another person, theft, fire and lightning.
2. Any cause during crossing by ferry.
3. Damage to the tires, when it caused damage to the vehicle due to an accident.
4. Reasonable expenses incurred, such as towing expense due to accident, max 0.5% of the sum

Motor Vehicle Insurance Basic Coverages

Comprehensive Policy covers the loss of or damage to the motor vehicle by:

Hull Damage
Comprehensive Policy covers loss of or damage to, total or partial, the motor vehicle due to above risks.

Third Party Liability
Indemnity against the financial consequences of his liability at law for all damage caused by or in connection with the motor vehicle to third parties.

Total Loss Only (T.L.O.)
Loss or damage of which repair cost be equal or more than 75% of the actual value of the motor vehicle or
Loss by theft and not found within 60 (sixty) days.

Motor Vehicle Insurance Extended Coverages

Personal Accident for Passengers
Insurance protection for the Passenger of the car (death and disablement due to traffic accident only).
Personal Accident for Driver
Insurance protection for the Driver of the car (death and disablement due to traffic accident only).
Strike, Riot, Civil Commotions, Terrorism and Sabotage (S.R.C.C.T.S).

Motor Vehicle Insurance Exclusions

Loss of or damage to non-standard equipment not stated in the Policy schedule.
Caused by embezzlement.
Loss or damage due to malicious actions committed by :
The Insured or child, his/her spouse.
Any person acting on behalf of the Insured.
Any person working for the Insured.
Any person within the knowledge of the Insured.
Any person living with the Insured.
Loss or damage as consequence of :
Used to tow or push other motor vehicle, racing purpose, tuition in driving, carnival or parade, to commit a crime.
Overloading or driven by force.
In damage condition or technically unsafe condition.
Being driven by a person not holding a valid driving license (S.I.M.) or under the influence of alcohol or any other drugs.
Nuclear reaction or radiation.
Loss or damage directly or indirectly caused by natural disaster or war.
Loss or damage to any part or material of motor vehicle due to wear and tear, inherent vice of that part.
Other exclusions as defined in the insurance policy.

What Third Party Insurance Covers and Does Not Cover

Third-party insurance is compulsory for all vehicle-owners as per the Motor Vehicles Act. It covers only your legal liability for the damage you may cause to a third party - bodily injury, death and damage to third party property - while using your vehicle. Third party cover does not pay for repair of damage to your car or if you suffer any car-related injuries.

Own Damage Cover

It is the non-compulsory ‘own-damages cover’ part of the comprehensive motor policy that actually pays you in case of damage to or theft of your car It is, therefore, important to understand its scope in detail.

What is covered by a standard comprehensive motor policy:

Own-damages: Coverage against loss of or damage to your vehicle caused by accident, theft, fire, explosion, self-ignition, lightning, riots, strikes or act of terrorism, natural calamities. • Third-party policy: Covers only your legal liability for the damage you may cause to a third party - bodily injury, death and damage to third party property - while using your vehicle. • Personal accident cover for the owner-driver subject to conditions.

The Permanent Exclusions List:

This list includes the following situations in which loss of or damage to your car is not covered.

> If the policy is not in force. That is the reason why timely renewals are absolutely necessary. The motor policy is a yearly contract and has to be renewed without a break. In case any damage happens post the expiry and before the next renewal, the loss won’t be covered.
> If the insured or any other person, with the knowledge and consent of the insured, is driving the car under the influence of alcohol or drugs or any other intoxicating substance.
> If the vehicle was being driven by person without a valid driving licence.
> Damage to engine as a result of oil leakage.
>In case of violation of car manufacturer's guidelines for use of car and related failures or breakages.
> Any damage to the car due to war, terror attacks, invasion, foreign enemy action, civil war, mutiny, rebellion, hostilities, radiation or nuclear material/weapons are not covered under a standard motor policy.
> Deliberate accidental loss, that is a loss arising out of an accident or event that was deliberate is also not covered.
> Consequential losses, or, damages which are consequence of a certain action resulting by the policyholder or a third-party (whether intentional or  ..
>The policy would also not cover any contractual liability that a policyholder may have towards the insured asset, that is, the car. Contractual liability refers to any claim that may arise because of the policyholder entering into a contract. For instance, say the policyholder has pledged his car to someone (say against a loan) for a certain period of time and the car is damaged while being driven by the person to whom it has been pledged.

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