Motor Insurance in India#
Types of Motor Insurance#
1. Third-Party Insurance (Mandatory)
- Covers liability for third-party death/injury
- Property damage up to ₹7.5 lakh
- Is mandatory as per Motor Vehicles Act
2. Comprehensive Insurance
- Own damage cover
- Third-party cover
- Additional add-ons
Coverage Details#
| Coverage | Description |
|---|---|
| Own Damage | Damage to own vehicle |
| Third-Party Liability | Injury/death to third party |
| Fire Damage | Fire incidents |
| Theft | Vehicle theft |
| Natural Calamities | Flood, earthquake damage |
Add-on Covers#
- Zero depreciation
- Engine protector
- NCB protection
- Roadside assistance
- Personal accident cover
- Return to invoice
IRDAI Guidelines#
- Mandatory third-party cover
- Real-time pricing
- Online policy purchase
- Surveyor appointment norms
- Claim settlement timelines
Premium Calculation#
- Vehicle type and age
- IDV (Insured Declared Value)
- Zone classification
- No Claim Bonus (NCB)
- Add-on covers