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Motor insurance is not just a legal requirement in India but also a vital tool to safeguard yourself, your vehicle, and others on the road. Whether it’s a car, bike, truck, or any other vehicle, motor insurance provides financial protection against damages, theft, and third-party liabilities. Let’s dive into the details of motor insurance, its features, types, coverage, and why buying insurance from Okbima is the smart choice.
Motor insurance, also known as vehicle insurance, is a contract between you and an insurance provider that offers financial coverage for vehicles like cars, bikes, trucks, autorickshaws, and even electric vehicles. This insurance not only helps you comply with Indian motor laws but also protects you from financial losses arising from accidents, theft, or other unforeseen events.
Motor insurance comes with numerous features designed to provide comprehensive coverage and convenience to policyholders. Let’s explore these in detail:
Hassle-Free Online Purchase and Renewal
You can purchase or renew vehicle insurance online effortlessly. Okbima allows you to compare motor insurance policies, select the best plan, and complete the process from the comfort of your home.
Customisable Add-Ons
Enhance your motor insurance coverage with optional add-ons such as zero depreciation, roadside assistance, engine protection, and more. These can be tailored to your specific needs when buying or renewing your policy.
Comprehensive Coverage
Motor insurance covers damages caused by accidents, theft, natural calamities (like earthquakes and floods), fire, and manmade disasters.
No Claim Bonus (NCB)
Policyholders who don’t make claims during the policy tenure are rewarded with discounts on renewal premiums.
Cashless Claims
Motor insurance policies often include a cashless claim facility, allowing you to get your vehicle repaired at network garages without paying upfront.
Choosing the right motor insurance policy is crucial for optimal coverage. Here are the main motor insurance types:
Third-Party Insurance
This is the most basic form of motor insurance, mandated by law. It covers:
Standalone Own-Damage Insurance
Introduced by the Insurance Regulatory and Development Authority of India (IRDAI), this policy covers damages to your vehicle caused by accidents, theft, or natural calamities. It can be purchased alongside third-party insurance.
Comprehensive Insurance
This policy offers extensive coverage, including protection for your vehicle and third-party liabilities. It also allows you to add riders for enhanced benefits like engine protection and zero depreciation.
Motor insurance can also be classified based on the type of vehicle:
Car Insurance
Provides coverage for damages to your car and third-party liabilities. Factors like the car’s make, model, registration location, and age affect the premium.
Bike Insurance
Covers two-wheelers against accidents, theft, and third-party liabilities. Premiums are influenced by the bike’s model, registration year, and engine capacity.
Commercial Insurance
Designed for vehicles used for commercial purposes, such as trucks, autorickshaws, and goods carriers. It covers damages, theft, and third-party liabilities.
When it comes to buying motor insurance, Okbima stands out as a trusted platform. Here’s why:
Compare motor insurance policies from multiple leading insurers to find the plan that best suits your needs.
TOkbima’s team of experts provides personalised advice, ensuring you make an informed decision.
With an intuitive platform, you can compare motor insurance online, customise add-ons, and purchase your policy in a few simple steps.
Receive round-the-clock assistance for any queries, from policy selection to claim settlement.
Motor insurance policies offer comprehensive coverage against various risks:
| Points | Third Part Insurance | Own Damage Insurance | Comprehensive Insurance |
|---|---|---|---|
| TP Property Cover | Yes | Yes | No |
| TP Death | Yes | No | No |
| OD Cover | No | Yes | Yes |
| Premium | As per IRDAI | Less than Comprehensive | Higher |
| Fire Cover | No | Yes | Yes |
| Theft Cover | No | Yes | Yes |
| Add-ons | No | Yes | Yes |
| PA Cover | Yes | Yes | Yes |
The cost of your motor insurance depends on various factors:
Vehicle Make and Model
Premiums vary based on the car or bike’s type and variant.
Age of the Vehicle
Older vehicles often attract higher premiums due to depreciation.
Location
Vehicles in urban areas have higher premiums due to the increased risk of accidents.
Add-Ons
Additional covers like zero depreciation or engine protection increase the premium.
No Claim Bonus
A reward for claim-free years, reducing renewal premiums.
Renewing auto insurance online offers unmatched convenience and savings:
No Agent Fees
Save money by directly renewing your policy online.
Instant Policy Updates
Get your renewed policy instantly via email.
Flexible Add-Ons
Customise your coverage by adding or removing optional covers..
Time-Saving
Skip long queues and renew from the comfort of your home.
Secure Payments
Pay through safe and reliable payment gateways.
For further details, contact our expert team
Contact NowTo make motor insurance more affordable, IRDAI introduced updates in 2018 and 2020. Refer to the table below for detailed changes.
| Insurance Cover | 2018 Regulation | 2020 Regulation Update |
| Third-Party Only | 3 years of third-party insurance is mandatory for cars and five years for bikes. | Retained |
| Insurance Cover | 2018 Regulation | 2020 Regulation Update |
Additional updates by IRDAI include:
The insured amount will now include road tax, on-road price, registration, and manufacturer accessories.
If you buy standalone own damage insurance on a different date, its expiry won’t match with your long-term or third-party plan.
IRDAI has standardised NCB with a renewal range of 20% to 50%
EV owners get a 15% discount on third-party premiums and can transfer long-term policies between insurers.
Filing a claim is straightforward:
Notify the insurer immediately about the incident.
Submit the required documents, such as the claim form, policy copy, and repair estimates.
Have the vehicle inspected by the insurer’s surveyor.
Use the cashless repair facility at a network garage or get reimbursement after repairs.
By choosing Okbima for your motor insurance needs, you ensure not just compliance with legal requirements but also peace of mind and financial security. Whether you need to buy, renew, or compare motor insurance online, Okbima offers an all-in-one platform for your convenience.
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