Motor Insurance Questions And Answers

Pengenalan

Motor insurance is an insurance policy that provides financial protection for your vehicle against damage or loss caused due to unforeseen circumstances such as accidents, theft, natural calamities, and more. While selecting a motor insurance policy, there could be several questions that arise in your mind. To make it easier for you, we have compiled a list of frequently asked questions and their answers to help you understand motor insurance better.

1. What is motor insurance?

Motor insurance is a type of insurance policy that provides protection to your vehicle against damages or loss caused due to accidents, theft, natural calamities, and more. It is mandatory by law to have third-party motor insurance in India, which covers damages caused to third-party property or person caused due to an accident involving your vehicle.

2. What types of motor insurance policies are available in India?

In India, there are mainly two types of motor insurance policies available – Third-party motor insurance and Comprehensive motor insurance. While third-party motor insurance covers damages caused to third-party property or person, comprehensive motor insurance covers damages caused to your vehicle as well as third-party property or person.

3. Is motor insurance mandatory in India?

Yes, it is mandatory by law to have third-party motor insurance in India under the Motor Vehicles Act, 1988.

4. What is a No Claim Bonus (NCB) in motor insurance?

A No Claim Bonus (NCB) is a discount offered by insurance companies to policyholders who have not made any claims during the policy period. The NCB can be accumulated over the years and can go up to 50% on the own-damage premium.

5. Can I transfer my motor insurance policy to another person?

Yes, you can transfer your motor insurance policy to another person by following the due process. The new owner of the vehicle needs to apply for a transfer of the insurance policy within a stipulated time frame.

6. What documents are required to purchase motor insurance?

To purchase motor insurance, you need to provide certain documents such as vehicle registration certificate, driving license, address proof, and more. The documents required may vary depending on the insurance company and the type of policy you opt for.

7. Can I renew my motor insurance policy online?

Yes, you can renew your motor insurance policy online by visiting the website of the insurance company or through insurance aggregator websites. It is easy and convenient to renew your policy online.

8. What is a deductible in motor insurance?

A deductible is a fixed amount that the policyholder needs to pay at the time of making a claim. It is a way of sharing the risk between the insurance company and the policyholder. The deductible amount can be pre-decided at the time of purchasing the policy.

9. How can I file a claim for motor insurance?

You can file a claim for motor insurance by informing the insurance company immediately after the incident and submitting the required documents such as the claim form, FIR, driving license, and more. You can also file a claim online through the insurance company’s website.

10. How long does it take to settle a motor insurance claim?

The time taken to settle a motor insurance claim may vary depending on the complexity of the claim. However, most insurance companies try to settle claims within 30 days from the date of receipt of all the required documents.

Conclusion

Motor insurance is an essential requirement for all vehicle owners in India. It provides financial protection against damages or loss caused due to unforeseen circumstances such as accidents, theft, natural calamities, and more. While selecting a motor insurance policy, it is essential to understand the various aspects of the policy to make an informed decision. The above-mentioned Motor Insurance Questions And Answers will help you gain a better understanding of motor insurance policies and enable you to make the right choice.