Whether it’s a car or a bike, buying your first vehicle brings abundant joy and satisfaction. Additionally, it also brings a sense of responsibility as there are specific motor laws that a vehicle owner needs to follow to drive legally on Indian roads. One such thing that a vehicle owner immediately needs to consider is buying a bike or car insurance plan for their vehicle. So, to help you buy the right plan, here is a complete guide to motor insurance.
Vehicles Covered in Motor Insurance Plan
A motor insurance plan typically provides coverage for the following types of vehicles:
· Car: A car insurance plan provides financial coverage if there is any damage to the insured car due to an unforeseen event. It will also compensate if a third party is injured due to the insured car. The car insurance price or premium rates depend on the car’s make and model, age, geographical location, and others.
· Bike: With a two-wheeler or bike insurance plan, you will get financial coverage for damages to scooters, mopeds, motorcycles, etc. There are three types of bike insurance: comprehensive, standalone, own-damage, and third-party. You can buy bike insurance online or offline depending on your choice.
· Commercial Vehicle: A Commercial Vehicle Insurance plan provides coverage for vehicles that are for used for any commercial or non-personal reasons. Some vehicles covered under this plan are trucks, utility vehicles, buses, etc.
Things to Consider While Buying Motor Insurance
For buying both car and bike insurance plans, you have to keep certain things in mind such as those listed below:
· Type of Plan: While a third-party car and bike insurance plan is mandatory in India, there are other types as well that you can buy to provide complete coverage to your vehicle. For instance, a comprehensive car and bike insurance plan provides protection against both third-party liabilities and damages to the insured vehicle.
· Premium: The premium of the motor insurance plan is another factor you must consider. You can get the premium details using a premium calculator, by just entering details like vehicle registration number, age of the vehicle, and others. The premium detail helps you compare the plans available and pick the one that best suits your budget and needs.
· No Claim Bonus: The No Claim Bonus or NCB refers to the discount given if the policyholder raises no claim. So, you should avoid raising claims for minor damages that you can easily pay from your pocket. This way you will get more No Claim Bonus benefits and a premium discount.
· Policy Inclusions and Exclusions: Before buying any plan, you should check the policy inclusions and exclusions. This will help you understand what is offered in the policy, making it easier during the claim process. When you are aware of the inclusions and exclusions, you will make a claim only for what is covered in your policy, reducing the chances of claim rejection.
· Add-ons: There are specific add-ons that you can include in your plan to extend its coverage. Some add-ons available are No Claim Bonus Protector, Zero Depreciation Cover, Key Replacement Cover, Engine Replacement Cover, etc. Remember that you need to pay higher premiums when you include the add-ons, but at the same time, these add-ons guarantee an extra layer of protection for your vehicle.
How to Buy a New Motor Insurance Plan with Acko?
To buy a new car or insurance plan (motor insurance) with Acko, you to go through the following steps:
· Go to the car or bike insurance page on Acko’s website or mobile app
· To buy a new plan click on “Looking to insure brand new bike/car?”
· Then, select the brand model, mobile number, and a few other details
· Next, a list of plans will be available on your screen
· Select a suitable plan and include add-ons if required
· You will also have to enter a few details like pin code, name, email address, etc
· Finally, make the premium payment and you will receive the policy details
Take Away
You need to be very smart when buying a motor insurance plan to protect your vehicle against all odds. So, take your time purchasing a car or bike insurance plan and make an informed decision.
