Motor Insurance: Frequently Asked Questions
If you really havent thought about insuring your car yet, then it is about time you did. According to a 2007 data released by World Road Statistics,an independent global organisation that compiles road accident statistics,as many as 94,985 Indians died in road accidents in the year 2005.
While motor insurance may not help save lives, it can help in saving you a lot of trouble in case,God forbid,your vehicle is involved in an accident. Hence the need for motor insurance.
What is motor insurance? Is it mandatory for a vehicle to be insured?
Motor or car insurance is a contract between a vehicle owner,and the insurance company (any insurance company that offers auto insurance) where the insurance company agrees to pay a sum of money to compensate for loss arising from accidents.
There are two types of motor insurance covers: Third Party Or Comprehensive insurance.
Third party insurance covers only damage caused by the vehicle to other people or property.
The third party car insurance policy covers a vehicle owners legal liability for any compensation to be paid arising from any accident caused by the use of the vehicle. These include:
- Death or physical injury to a third party person
- Damage to third party property
The liability is covered for an unlimited amount in case of death or injury. Damage to third party property is covered by the insurance policy as follows: up to Rs 1 lakh for private vehicles, scooters, and motorcycles and up to Rs 7.5 lakh for commercial vehicles.
In addition to the cover provided by the Third Party car insurance plan, the Comprehensive insurance policy protects you against any loss or damage caused to the vehicle and its insured accessories due to natural and man-made calamities.
Another mandatory feature is the third party legal liability cover. It protects the owner against legal liability arising from an accident causing any permanent injury or death as well as any property damage.
This insurance policy also pays for towing charges from the place of accident to the workshop, subject to a maximum of Rs 300 for scooters and motorcycles and Rs 1,500 for private cars and commercial vehicles. Also available is a restricted cover for fire and theft but only for vehicles that are laid up in a garage and not in active use.
All said and done, the India Motor Vehicles Act, 1938 has made it mandatory for every owner of a vehicle to obtain a motor insurance policy, either a comprehensive or a third party insurance. As evidence, a Certificate of Insurance must be carried at all times in the vehicle
At Planet Insurance, our team assures peace of mind, as we take care of all the hassles involved with insuring your motor product. Not only that, further we give on time next year reminders, payment pick up, policy deliveries and claim issue settlements
My car has had an accident. What do i do?
If your car has been in an accident, you can immediately contact Planet Insurance team. For a Planet product, our team will manage to pick up vehicle, documentation, offer consultation on how to process insurance claim, and go forward with the repair work. Call Our accident helpline, Hyundai 9825005404/9825009464 Yamaha 9879104300 Suzuki 9825008617 Other Products 9825005072
Does Planet Offer Cash Less Settlements?
Yes, Planet has cash less payment settlement tie ups with all major insurance companies. ICICI Lombard, Bajaj Allianz, Reliance General, Bharati Axa, Cholamandlam, HDFC. Just give Planet team a call and cash less settlement can be arranged for Planet products |
