Motor Insurance

IDV (Insured Declared Value) in Motor Insurance is the maximum amount that the insurer agrees to pay the owner on complete loss of the vehicle due to theft or damage beyond repair.

To initiate the process of Motor insurance claim, you will need the following documents:

• Registration Certificate of the Vehicle

• Driving License

• A valid identity proof

• Copy of FIR

• A filled-in claim intimation form

Only the registered owner who holds a valid driving license is entitled to the personal accident cover of the Motor insurance policy. The Personal accident cover is not applicable for vehicles owned by corporate, companies, or any partnership firm. For someone who owns more than one vehicle, the Personal accident insurance cover is valid for only one motor insurance policy.

There are two types of changes that can be done in a motor insurance policy:

• Non-monetary changes: This includes correcting the vehicle owner's name, address, or contact details. These changes do not require the policyholder to pay any extra premium.

• Monetary changes: These changes may increase the premium amount, such as addition made in the CNG kit, installing any widgets, etc.

The motor insurance policy is valid for a period of 1 year from the date of purchase or the date of renewal. The policy renewal needs to be done before the policy period ends to ensure coverage of the vehicle at all times and not undergo the process of inspection again. Moreover, to retain the NCB (No Claim Bonus), one must renew the motor insurance before the policy period ends.

• The primary reason to have a Motor insurance policy is to get adequate coverage. So, try buying a comprehensive insurance policy that provides both own damage insurance and third-party liability insurance.

• Look for Cashless Garage Network to avoid paying from pocket.

• Choose deductibles you are comfortable paying, as you would have to bear this amount at the time of the Motor Insurance claim.

• Choose a motor insurance policy online with an online renewal policy and online claim settlement process.

Higher Motor insurance coverage means a higher premium. To adjust the coverage and the premium amount, take the following steps:

• Avoid buying all the add-ons except the ones that you need the most

• Avoid raising small claims as this will affect your No Claim Bonus. No claim bonus helps in reducing the premium amount.

• Install anti-theft devices in your vehicle

• Raise your deductibles to pay a lesser premium

• If you buy a new car, transfer your NCB to the new car

Applying for Motor insurance online helps you with the following factors:

• Reduces your paperwork to a minimum

• You can check the credibility of the insurer and buy a genuine motor insurance

• The process of applying for Motor insurance online is convenient and quick

You can save money on your comprehensive motor insurance by reducing the premium amount. Here are a few tips to reduce the motor insurance premium

• Try avoiding small claims

• Add the add-ons according to your needs

• Install anti-theft devices in your vehicle

• Choose a higher voluntary deductible

• Do not opt for too many modifications in your vehicle

Yes, motor insurance is mandatory in India under the Motor Vehicles Act. Every vehicle must have at least third-party motor insurance, which covers legal and financial liabilities arising from injury, death, or property damage caused to others. Driving without valid motor insurance can result in fines, penalties, or legal action. Own-damage cover is optional but recommended to protect your vehicle.

Motor insurance cannot be directly transferred from one vehicle to another. When you purchase a new car, you need a new motor insurance policy for that vehicle. However, if you have accumulated a No Claim Bonus (NCB) on your previous policy, it can be transferred to the new car, subject to eligibility and timelines.

Motor insurance premiums are calculated based on several factors, including the vehicle’s age, model, engine capacity, and Insured Declared Value (IDV). Registration location, claim history, selected add-ons, and voluntary deductibles also influence the premium. For third-party insurance, rates are set by IRDAI, while own-damage premiums vary based on risk assessment.

Buying vehicle insurance online usually takes only a few minutes. After entering basic vehicle and personal details, you can review coverage options, select add-ons, and complete payment digitally. Once payment is successful, the policy is issued instantly and emailed, making online motor insurance a quick, paperless process.

To purchase motor insurance, you must own a registered vehicle and provide valid details such as the registration number, vehicle specifications, and personal identification. For own damage insurance, an active third-party policy is mandatory. A valid driving licence is also required at the time of claim, as per policy terms and conditions.

Yes, you can switch to a different insurer at the time of motor insurance renewal. You may also change your insurance plan, such as moving from third-party to comprehensive cover or opting for standalone own damage insurance. Your accumulated No Claim Bonus can be transferred, provided the renewal is done within the allowed grace period.

Cashless vehicle insurance lets you get your vehicle repaired at an authorised network garage without paying the repair costs upfront. Once the claim is approved, the insurer settles the eligible repair amount directly with the garage. You only pay deductibles or non-covered expenses, making the claim process more convenient and less financially stressful.

A No Claim Bonus or NCB is the reward given by the insurance companies on the insurance premium at the time of motor insurance policy renewal for not raising any claim during the policy tenure. The No Claim Bonus percentage for every year is given as below:

Age of Policy

While making a motor insurance claim, you will just have to pay the deductibles that you have opted for during the purchase or renewal of the motor insurance policy.