Contents
- Skip table of contents
- Types of insurance cover
- If you're involved in an accident
- If you're involved in an accident with an uninsured motorist
- UK motor insurance and driving overseas
- The Green Card system and driving overseas
- Types of insurance cover
- If you're involved in an accident
- If you're involved in an accident with an uninsured motorist
- UK motor insurance and driving overseas
- The Green Card system and driving overseas
Motor Insurance
Overview
Roads have increasingly become rather unsafe and much more prone to accidents owing to a number of factors, ranging from high traffic, ill-lit areas causing low visibility, bad road conditions like potholes or broken patches etc. or even road rage. Thus, safeguarding one’s vehicles while being constantly on the move has become a necessity today and having a suitable motor vehicle insurance cover is the best way to protect the vehicles financially against any loss, theft or physical damage, from both a natural calamity and a man-made disaster.
in other view....
Motor insurance explained
You have to have motor insurance before you can drive your vehicle in a public place. It protects you, your
vehicle and other motorists against liability in case there is an accident. It provides financial compensation to cover any injuries caused to people or their property.
TYPES OF INSURANCE
1. Car Insurance- Motor car insurance is a must for everyone owning a car so as to drive with your mind at
ease from any possible damage, theft or loss that may happen to one’s car. It safeguards the car against all possible damages related to accidents, natural disasters, theft, fire etc. and provides an economic safety to he owner. It is vital to compare the varied policies offered by different companies to get the best deal with maximum coverage at the cheapest possible price.
2. Two Wheeler Insurance- Two-wheeler insurance is primarily the same as car insurance; only meant for providing insurance cover to bikes and scooters. Mostly the features of this policy are common, to be safeguarding the two-wheelers against all economic loss.
3. Commercial Vehicle Insurance- This is the insurance cover for all commercial vehicles from heavy to light such as trucks etc., specifically for carrying the goods and all only for commercial purposes and not personal. Its features are devised to give due economic relief to the commercial drivers against any loss or damage to the vehicle.
4. Third-Party Insurance Policy- The third-party insurance is a policy which protects the owner/driver of the vehicle against any legal/accidental liability, financial loss, property damage, medical cost cover in the event of an injury to or even death of any third-party arising out of their vehicle. Third-party insurance policy is a mandatory insurance as per the ‘Motor Vehicles Act 1988’ for anybody owning, buying or driving a motor vehicle.
Benefits of Motor Insurance
With the growing trend and need for personal vehicles to make commutation easy today, most people have their own cars, scooters and bikes etc. And with the highly poor condition of road infrastructure, huge traffic and stressful road rage incidents, motor vehicle insurance becomes a sheer mandate the moment you think of owning your own private vehicle. There are numerous reasons that one should buy online motor insurance for their respective vehicles including,
1. A number of inclusions such as damages incurred due to any riots or strike, fire or burglary, any terrorism act and other natural conditions like earthquake, land slide, flood, storm or cyclone etc.
2. Direct Claim Settlement or cashless claim procedure at the garages covered in the network of the particular insurance company.
3. Also provides an appropriate depreciation cover in proportion to the amount insured in the plan.
4. The policy also supplies for sufficient coverage for the engine protection, in case of any damage or loss.
5. 24X7 continued assistance at any time for road slide.
6. Other big small service facilities like the towing facility etc.
Why Compare Policies?
With a number of options available across the insurance sector to opt from, one is spoilt for choice today when it comes to selecting the right plan for your vehicle. Almost every insurance company has something specific to offer with increasing alternative available for customization and specific cost adjustment and so, comparing the different brands and different prices and features becomes a prerequisite.
1. Features Offered- The number of specific features offered by a particular brand for a particular policy must be taken into account before buying one for yourself as it’s important to ascertain the suitability of the plan you are investing your money in. Comparison between varied plans of different companies helps one choose the optimum extent of coverage required at the best feasible price.
2. Customize the way you like- Customization in almost everything has become an important consideration for many, owing to the different requirements and circumstances people have in today’s times. It not assists an individual in getting exactly what they require but also goes a long way in helping to skip the unnecessary costs for elements that are offered in the coverage but of no practical use to the buyer.
3. Settlement for Claim- It is generally advisable to go for a relatively reputed brand name when it comes to insurance as it is more reliable when it comes to the settlement of your claims. The ones that are a recognized and well established name in the market are more likely to keep things fast and easy to retain their good rapport with clients.
4. Predetermine the Deductibles- Buying the right insurance cover isn’t exactly straightforward as there are many factors to be considered in the process. One such thing is the number of deductible amounts included in the policy that one may get to know eventually at later stages. This can actually significantly affect the overall cost and thus, it’s best to consider it as well while buying the plan in the first place.
Alankit Advantage
1. Simpler & Better Evaluations, as Alankit has tie-ups with renowned names in the industry, thus, already
simplifying for you to pick the best one out of the lot. It keeps track of the latest developments in the market and accordingly shortlists the best offers for its clients to choose from.
2. Expert Analysis by market professionals, having sound knowledge of the industry trends and insurance
patterns in general, coming from varied brands. This helps provide a balanced view of the insurance market standing at present in a holistic manners and facilitates the selection, based on not just the past but
also on future predictions.
3. Real-time Guidance, taking into account in an elaborate manner the type of requirement by the client,
the vehicle condition, the premium capacity and level of coverage needed and advisable as per the vehicle
durability based on all vital aspects taken as on the whole.
4. Best after-sales service so as to make sure that one faces no issue in the long run, even much later,
after purchasing the plan. Alankit assumes full accountability against its client’s convenience and benefits
till the very last.
Best Motor Insurance Plans
Give Motor insurance Plans/ Policies Framework from Different Brands in a tabular, comparative form.
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Types of insurance cover
Third party only
This cover is the legal requirement. This level of cover ensures that compensation is available for injury to other people (including your passengers) or damage to other peoples' property resulting from an accident caused by you. It doesn't cover any of your costs as the result of an accident.
Most insurance companies offer additional levels of insurance cover that go beyond the legal requirement. The precise nature of cover will vary from company to company.
Third party fire and theft
This provides the same cover as third party only and also insures you should your vehicle be damaged by fire or stolen.
Comprehensive
This provides the same cover as third party fire and theft. However, it also covers you should your vehicle be damaged in an accident. Many additions to this level of cover are available from insurance companies including:
- providing a courtesy car while your car is being repaired, legal expenses, insurance to recover your
uninsured losses (such as your excess)
- roadside recovery schemes
- vehicle repairs in case of breakdown
If you're involved in an accident
If you have an accident that causes damage or injury to any other person, vehicle, animal or property, you must give both your own and the vehicle owner's name and address, along with the registration number of the vehicle, to anyone having reasonable grounds for requiring them.
If you don't give your details then you should report the accident to the police as soon as possible within 24 hours. You must also report the accident to your insurer, even if you're not intending to make a claim.
If you're involved in an accident with an uninsured motorist
Any accident with an uninsured driver should be reported to the police. You should also report any accident to
your insurer, who'll advise you further if there is any claim.
Additionally, the Motor Insurers' Bureau (MIB) ensures that compensation is available to the innocent victims of
uninsured drivers or hit and run (untraced) drivers.
UK motor insurance and driving overseas
All UK policies provide the minimum cover required by law in other European Union (EU) countries or
the minimum cover required by UK law if that is greater. This cover doesn't automatically include theft or
damage to your car.
Most people want the same protection they have in the UK when travelling abroad, for example comprehensive
or third party, fire and theft. This could, as well as the legal minimum of third party liability cover,
include accidental damage to, or theft of or from, your own vehicle depending on the policy cover.
A number of insurers automatically provide this extended cover for a set period and often without additional
charge. It's important, however, that you check with your insurer or insurance adviser before you go abroad.
The Green Card system and driving overseas
Outside of the EU, a Green Card provides proof that your domestic motor insurance policy covers the
minimum legal requirements in the country being visited.
The Green Card system - Motor Insurers' Bureau website(external link opens in a new window / tab)
Travel and transport - EU exit information.
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