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What is Motor Insurance?

Motor Insurance దేశంలో నేడు లక్షలాది మంది వాహనాలు ఉపయోగిస్తున్నారు. అలాగే రోజూ ఎన్నో రోడ్డు ప్రమాదాలు జరుగుతున్నవి కనుక ప్రతి ఒక్కరూ మోటార్ ...

motor insurance
Motor Insurance
దేశంలో నేడు లక్షలాది మంది వాహనాలు ఉపయోగిస్తున్నారు. అలాగే రోజూ ఎన్నో రోడ్డు ప్రమాదాలు జరుగుతున్నవి కనుక ప్రతి ఒక్కరూ మోటార్ ఇన్సురెన్స్ ని తప్పనిసరిగా తీసుకోవాలి, ఎందుకంటే చిన్న చిన్న ప్రమాదాలు జరిగినప్పుడు కూడా అయ్యే ఖర్చు భరించలేము కాబట్టి. మనకందరికీ మోటార్ ఇన్సురెన్స్ గురించి తెలియడం కోసం ఈ వ్యాసాన్ని అందిచడం మెగామైండ్స్ బాధ్యత గా భావిస్తూ మీకు అందిస్తున్నాము తప్పని సరిగా చదవండి మీకు ఇన్సురెన్స్ లేకపోతే ఇప్పుడే తీసుకోండీ.. ఒకవేళ రెన్యువల్ కాకపోతే చేయించండి...

Overview: It is mandatory to take motor insurance policy for all vehicle owners as per Motor Vehicle Act 1988. It safeguard against accidental damage or theft of the vehicle and also safeguard against third party legal liability for bodily injury and/or property damage. It also provides Personal Accident cover for owner driver/ occupants of the vehicle.

Motor insurance is a vehicle insurance policy that is mandatory for vehicles like trucks, cars, jeeps, bikes, scooters, etc. This policy offers coverage to the vehicle owner/driver against financial losses that may occur due to accidents or other kinds of damages.

Having valid motor insurance is compulsory in India to protect vehicle owners from potential financial risks. It is the best form of security that you can acquire to prevent significant expenses that result after an accident. The Government poses the compulsion for the safety of the individuals who travel via motor vehicles daily.

No one can deny that buying a vehicle is the second most expensive investment in a person’s life after home. Thus, protecting the investment against unforeseen events is crucial. Considering the hike in the vehicle repair charges and the risks involved in driving, an unfortunate accident can put a big hole in your pocket.

The yearly premiums that you pay for the motor insurance policy are meager as compared to the advantages and protection the coverage will offer you in case of mishaps. Though there are many misconceptions regarding the policy, it will most certainly compensate you against the physical damage that arises under different circumstances.


Believe it or not, driving in India has many associated risks. Millions of people own a driving license, and there is at least one vehicle in the household. Vehicles have become a crucial means of transportation, eliminating people’s need to travel via public transport. At the same time, we also know that an increased number of private vehicles also increases the risk of road accidents and rule-breaking. Accounting for such factors, it becomes critical to own a vehicle insurance policy. Besides that, let’s review the primary reasons to buy a comprehensive motor insurance policy.

Legal Requirement

The first reason is, of course, to follow the laws and regulations of the Government. A person should oblige to buy a motor insurance policy with minimum coverage before taking the vehicle out on the road.

Third-party Damage Coverage

With sufficient coverage, you can pay for the damages that occurred after a collision with a third-party. Without motor insurance, you’ll have to pay from your pocket, and an appropriate amount of coverage can take care of such expenses.

Security Against Theft

Theft is one of the most significant threats on a vehicle. But with a vehicle insurance policy, you are protected against theft, vandalism, and all man-made harmful activities.

Damage Expense Coverage

Paying outright for vehicle damage repairs will affect your financial condition. However, you can pay for such damages with the insurance even though the amount is hefty as long as you have enough coverage.

Insurance against Personal Injuries

Not every vehicle owner is lucky to get out of accidents without suffering from injuries. The motor insurance policy will pay for all the minor and major injuries that might occur due to accidents.

Types of motor insurance policies:

Car Insurance: The ideal choice to secure your private four-wheeler is getting car insurance. It is a contract that is drawn between the vehicle owner and the insurance company that covers both comprehensive policy and third-party liability. With this plan, you will get benefits like:
  • Cashless claims
  • Personal accident cover
  • Loss/damage protection
  • Unlimited liability for third-party injuries and death claims

Two Wheeler Insurance: As the name suggests, two wheeler insurance or bike insurance is meant for scooters, bikes and other two wheeler. It is a type of vehicle insurance that will ensure a safe ride as two-wheelers have slightly more risks of personal injuries. The benefits included in the plan are:

  • Comprehensive coverage
  • 2/3 years of own damage motor insurance
  • No claim bonus protection
  • Inflation protection

Commercial Vehicle Insurance: The risks of damage to commercial vehicles are more than private vehicles. Hence, commercial vehicle insurance allows drivers to reduce the losses that incur in unfortunate events. It involves vehicles like tractors, cranes, taxis, goods carrying vehicles, passenger-carrying vehicles, etc. The benefits will include:

  • Unlimited liability coverage for injury and death claims
  • Personal accident cover
  • Offers loss and damage protection
  • Indemnity for other’s property

You can purchase a suitable vehicle insurance policy that protects all kinds of vehicles in worst-case scenarios. Be it fire, burglary, vandalism, earthquake, flood, storms, or accidents you can feel secure under all circumstances.


A vehicle insurance policy is composed of numerous features that are beneficial not only for the vehicle owners but also for other parties. The insurance companies allow a vehicle owner to keep their customers and others safe on the road by providing the following features.
  • A hassle-free way to acquire motor insurance online with minimal efforts
  • Avail comprehensive and third party insurance for complete protection
  • Renew the insurance online without having to waste your time travelling or filling hard copies of forms
  • Get proper coverage against natural and man-made calamities, including floods, earthquakes, theft, accidents, and vandalism.
  • Include third-party liability coverage to compensate for the losses of other parties
  • Making cashless claims is also easier by providing sufficient evidence in case of accidents and theft.
  • Most companies have a network of garages where you can get repair work done and ask for an evaluation of the vehicle’s condition after mishaps.
  • No claim bonus feature allows a vehicle owner to file a claim at any time and even offers transference to other insurers.
  • All motor insurance companies offer dedicated assistance and customer support service to the customers to keep them updated regarding the motor insurance policy and claim status.
  • Add-on features are also available to allow customers to add coverage in the policy at any point.
The aforementioned points show that a motor insurance plan is indeed significant for every vehicle owner.

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