Motor Insurance Claim
Motor insurance claim comes into action when an accident involving the insured vehicle takes place. It has been designed to help you to combat the financial losses emerging out of an accident. Having been passed in 1939 and further amended in 1988, the Motor Vehicles Act requires you to have a policy which offers motor insurance claim at least to the third party. Motor insurance can be further categorised into two sections i.e. Insurance covering Act liability and Insurance covering act liability along with self damage.
Advantages of Motor Insurance:
It assists you to meet the financial loss when your vehicle meets with an accident, collision or theft.
It helps you to cover expenses arising from bodily injuries to yourself.
It benefits the survivors in case of an accident which results in death.
It aids you to fight the lawsuits which might be brought to you due to the accident.
Before deciding between opting for third party insurance or comprehensive insurance, please note that the third party insurance is mandatory by law and protects you from losses emerging from death to a third party or any damage to the vehicle itself. However, the comprehensive vehicle insurance claim policy provides cover to you, your car and the passengers.
There is a plethora of Insurance policies avaialble in the market. While most of the policies highlights the areas they cover in case of an accident, let us share with you the conditions to be noticed before buying the policy-
- Loss due to normal wear and tear is not covered.
- Irrespective of your loss, the insurer is liable to pay only the IDV i.e. Insured Declared Value
- A regular motor insurance claim doesn’t cover non-accidental mechanical or electrical failures
- Liability towards your paid driver is not covered by the third party scheme and the Workmen Compensation Act makes it mandatory for you to buy a cover for your driver