What does Motor Insurance cover and what it doesn't

1. Motor Insurance

2. What does Motor Insurance cover and what it doesn’t? Most of us feel that car insurance is just a mandate and financial burden forced by the government on us. We seem irritated while buying a car insuranceor renewing an old one, wondering why we need it when we drive safely and take all the precautions. We have full faith in ourselves rather than believing in someone who gives us an assurance that they're there to financially support us in any crisis such as a major accident, if our car is washed away due to floods or gets stolen, etc. In order to avoid such unwanted situations, it’s better to get our car insured on time.

3. There are a lot of leading insurance companies who offer customized insurance solutions as per your car make and model and most importantly that's affordable on your pockets. The segment is vast and there are a lot of things which your motor insurance policy might cover and not. Let's go through a few things what does a motor insurance cover and what it doesn't: Ideally, there are two types of motor insurance policies being sold in India: Third party cover and comprehensive cover. It's mandatory to have at least a third party insurance by Indian Motor Vehicle Act, 1998 to drive your vehicles on the road. Your third party car insurance protects you against claims done by third party suffering due to bodily injury, property damage and damages to their vehicle during an accident.

4. Comprehensive car insurance will cover the third party damages and the damages done to your car because of events like fire, natural disasters like floods, tornado, lightning, earthquakes, etc., accident done by animals, acts of God, theft, etc. It offers two-way coverage to the policyholder towards own damage and losses against the third party damages. Experts suggest it’s a must for every car owner. Without a comprehensive cover, you're risking to pay the expenses from your pockets borne out due to a major accident or unfortunate events.

5. When it comes to exclusions in your motor insurance policy, every firm will have a different take on it. You will have to go through the fine lines at the bottom of your policy documents. Here are few things your car insurance policy will not cover: Normal Wear and Tear Any loss due to normal wear and tear for your vehicle will not be covered under your insurance plans. Every year at the time of renewal the IDV (Insured Declared Value) of your car is revised and you will be offered a depreciating value towards the insurance claim. This is because firms will exclude such losses at the time of car inspection. It will exclude mechanical or electrical breakdown costs as well.

6. Accident to due own fault It is not necessary that every accident will be insured by the firm. Many times there are accidents which are due to the driver's fault. The driver might have consumed alcohol or driving under heavy dope which might be the cause of an accident, else he or she is driving without a valid license and meets with an accident, in such events your insurance firm will not entertain any form of claims from your end.

7. Damage beyond Geographical areas The insurer won't authorize claims due to the damage or loss of your car beyond the defined geographical areas or country line. It’s better to read the fine prints and discuss the options if you're a frequent driver who often loves to go for long drives or visit other nations by the road. So, be aware of the exclusions/inclusions and stay away from the hassles while making your motor insurance claim!

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