- hello@hellopolicy.in Drop us a line
- +91-9847366322, +91-8129366322 Make a call
Motor insurance is a legal agreement between you, the insured, and the insurance company or the insurer, wherein the insurer is liable to cover any financial losses that occur because of an accident or theft of the vehicle or damages to a third party because of the vehicle. The extent of coverage, however, depends on the terms and conditions of the vehicle insurance policy document.
Now buy your dream vehicle without the financial stress of owning one. Motor insurance allows you to safeguard yourself and your dependents from financial losses that could arise out of damages to your vehicle. The damages may occur because of accidents, theft, natural calamities, and much more. Buying motor insurance is simple, hassle-free, and convenient.
If you do not already have insurance on your vehicle, you need one immediately because:
• It is mandatory by Indian law, as per the Indian Motor Vehicles Act.
• It protects from any third-party liabilities arising because of damages caused by your vehicle.
• It protects you from the financial losses of vehicle theft.
• It protects you from losses arising out of accidents and damages from natural calamities.
• With motor insurance, you can avail a personal accident cover up to a certain amount.
Motor insurance policies offer a wide variety of benefits to individuals these days, making your dream vehicle more accessible and affordable. The key features and benefits of having a vehicle insurance policy include:
1. Affordable premiums – By buying your motor insurance policy online, you can save a lot on your premium.
2. Easy claim application process – Most insurance companies have a dedicated and highly experienced team of claim experts who help apply and speed up the claim settlement process.
3. Cashless garage network – Getting your vehicle insurance from a reputed insurance company often opens up the opportunity of cashless garages, where you can get cashless repairs for your vehicle in any of their associated garages. The insurance company covers the cost of repairs.
4. Third-Party liabilities – In case any liabilities arising out of damages to a third party or their property because of your vehicle, your motor insurance will protect you.
5. No Claim Bonus – You can opt for a no-claim bonus cover on your vehicle insurance. With a no-claim bonus cover, you are eligible to get a bonus amount if you don’t make any claims on your vehicle insurance for the entire year.
6. Flexible add-on cover options – With your motor insurance policy, you can opt for several add-on covers to offer greater protection from damages. These include key replacement cover, zero depreciation cover, emergency assistance cover, etc.
7. Easy application and renewal online – You can apply for a new vehicle insurance policy or simply renew your old one quite easily online. You need to enter the necessary details about your vehicle and old insurance policy (if applicable), pay the insurance premium online, and the new/ renewed policy document will be with you in minutes.
Depending on the extent of financial coverage and risks you want to cover against, vehicle insurance policies in India are essentially of two types:
• Third-Party Liability Policy – Third-party liability insurance is the most basic and minimum requirement on your vehicle as per Indian law. It covers you against any financial and legal liabilities that arise out of damages to a third party or their property because of your vehicle.
• Comprehensive Policy – A comprehensive policy is more detailed than the third-party liability policy, with much larger coverage. It not only covers losses from damage caused to a third party but also financial losses to you because of damage to your vehicle or property because of the vehicle.
| Coverage | Third-Party Liability Policy | Comprehensive Policy |
| Damages to a third party or their property. | Yes | Yes |
| Damages to the vehicle due to natural calamities like storms, cyclones, floods, etc. | No | Yes |
| Damages to the vehicle due to fire, theft, etc. | No | Yes |
| Personal Accident Cover | Yes | Yes |
| Injury to a third party | Yes | Yes |
| Choice of add-on covers | No | Yes |
Here’s a list of inclusions in the vehicle insurance policies offered by most insurance companies:
• Loss because of damages caused by natural calamities like storms, floods, earthquakes, etc.
• Loss because of damages caused by strikes, riots, theft, terrorism, etc.
• Personal accident cover
• Financial and legal liability arising out of damages to a third party or their property.
Along with your comprehensive motor insurance policy, you can opt for any or all of the following covers:
• Zero Depreciation Cover – Taking the zero-depreciation cover on your motor insurance policy protects you from suffering any further deductions on your claim amount because of the depreciation value of the damaged parts of the vehicle.
• No Claim Bonus Cover – The No-claim bonus cover makes you eligible for a bonus from your insurer in case no claims were made on the policy in the past year.
• Emergency Assistance Cover – The Emergency Assistance Cover allows you to drive hassle-free in any part of India. In case of an accident or a breakdown, you get immediate site repair or towing assistance wherever you are.
• Key Replacement Cover – The key replacement cover allows you to claim a free replacement of your vehicle keys in case you misplace or lose the key. The replacement is done free of charge, where the insurance company pays for the replacement charges.
• Return To Invoice – In case there is a difference between your vehicles’ insured value and purchase value, the return to invoice cover helps you cover the gap during your claim in case of a loss or theft.
• Engine And Gearbox Protection Cover – The engine and gearbox cover helps cover costs of repairs on any parts of the engine and gearbox, like nuts, bolts, screws, etc., and the corresponding labour charges for repair and replacement as well.
• Consumables Cover – The consumables cover helps cover costs of consumables like engine oil, nuts, bolts, gearbox oil, grease, washers, etc., during repairs or servicing.
• Passengers Cover – The passengers’ cover in your motor insurance policy helps secure you financially from any damages or injury to other passengers in the vehicle during the accident.
• Vehicle Downtime Expenses – Vehicle downtime expenses cover help you with reimbursement for any travel and other expenses incurred while your vehicle is under repair or service at a network garage. You get a daily allowance from the insurance company to help cover any such expenses.
Buying motor insurance online is easy but can be tricky sometimes. The following list will help you make a more informed decision about purchasing your motor insurance.
• Based on the IDV of your vehicle. IDV is the insured declared value or the market value of the vehicle. The IDV amount stated by the insurance company directly affects your vehicle premium amount.
• Check the claim application process. Make sure that the insurer you choose has a quick claim application and settlement process with minimal hassle.
• Look out for the extra service benefits offered by the company. Insurance companies often float limited period offers where you can get great discounts on your insurance premiums or win yourself some extra benefits and services at minimal or no cost along with your vehicle insurance policy.
• The claim settlement ratio of the insurance company is significant. A higher claim settlement ratio means that the company has settled a much larger number of claims compared to the total claim requests received.
• Ensure that the insurance company has a qualified customer support team that is accessible and available at all times. Look for an insurer that offers 24/7 customer support in case of emergencies or needs.
• Opting for an insurer with a large network of cashless garages can be advantageous. Whenever you have any repair work to be done on your vehicle, you can go to the nearest associated garage for a cashless repair. The insurance company pays for the repairs.
• Compare the quotes offered by different insurers and check for the inclusions and covers offered by each.
These are the factors that can affect the premium amount of your motor insurance policy:
1. IDV of the vehicle – The IDV or insured declared value of the vehicle is the current market value of the vehicle after considering the depreciation amount. The IDV indicates the amount you can claim in case your vehicle is stolen or has undergone complete damage.
2. Age of the vehicle – Brand new vehicles have a higher insurance premium than older ones. The depreciation amount deducted from the IDV is higher for older vehicles. As your vehicle continues depreciating, the policy premium keeps reducing.
3. The type of policy – The premium amount is higher for comprehensive policies than third-party liability-only policies because of the coverage offered in the former.
4. Add-on covers – By taking add-on covers on your vehicle insurance policy, you are liable to pay a higher premium amount on the policy. With every new add-on cover, the premium value increases.
5. Deductibles – Deductibles are the amount that the policyholder is committing to pay before the insurance company can start paying for the repairs and damages. The higher the deductibles amount, the lower the premium on your insurance.
6. Claim history of the insured – You are eligible for a no-claim bonus if you do not make any claims on your insurance policy for an entire. If you go without making any claims for five consecutive years, you can earn up to a 50% discount on your next vehicle insurance renewal premium.
7. Engine capacity of the vehicle – Vehicles that have higher engine capacities attract higher premium amounts compared to those with smaller engines.
8. Other factors – Other factors that could affect the value of your insurance premium include the age of the owner, model and make of the vehicle, city of registration, etc.
There are several ways in which you can reduce the premium you pay on your motor insurance policy.
• Compare Online – By comparing various policies and plans online you can find some great deals and discounts on the premium amounts offered by insurance companies.
• Lower IDV – The IDV of your vehicle determines the premium amount you pay. Opting for a lower IDV of your vehicle automatically reduces the premium you have to pay.
• Drive Safely – Having a clean and safe driving track record helps you secure a lower premium. If you have had several traffic violations or insurance claims in your name in the past, the insurance company has reason to believe that you will continue the same in the future as well. Thus, increasing the premium amount applicable to you.
• Safety Device – Installing safety or anti-theft devices in your vehicle reduces the chances of losses due to theft. Therefore, vehicle insurers charge premiums in your favor as there are lower chances of an insurance claim due to theft of the vehicle.
• Increase Deductibles – Deductibles refer to the maximum amount you are committing to pay in case of an accident, damage, or theft before your insurer can step in and pay. Committing a higher number of deductibles means that the insurer will either have to pay a lower amount or not have to pay at all, thereby reducing your premium amount.
• Long Term Policy Discount – Several insurers offer an attractive policy discount to those policyholders who sign up for a long-term policy with them.
• AAI Membership – Being a member of organizations like AAI or WIAA can sometimes work to your advantage as several insurers offer huge discounts to such members. If you are a member of such an organization, it is always better to check with your insurer and availing of the discount, if applicable, before arriving at the final premium amount.
• Avoid Lower Amount Claim for NCB – Having made lesser or no claims in the previous year makes you entitled to a no-claim bonus from the insurer, provided you have opted for the NCB cover that is. Using your no-claim bonus, you can save a huge percentage from your premium amount.
To file a motor insurance claim with Probus, you need to:
1. Visit the insurer’s website
2. Select ‘Register your claim’ from the drop-down menu.
3. You will see a new page with the button ‘Register your claim’. Click on it.
4. Under ‘Product’, select ‘Vehicle’.
5. Enter other details like the policyholder’s name, policy number, registered mobile number, and describe in brief what happened to your vehicle.
6. Click on ‘Register your claim’.
Once you’ve submitted your claim request, the Probus claim assistance team will get in touch with you.
While filing for a claim on your motor insurance policy, you need to submit the following documents to the insurance company:
1. Claim application form
2. Vehicle insurance policy details
3. Details of the insured vehicle
4. Policyholder’s name
5. Registered mobile number and email ID
6. Driving license copy of the driver at the time of the accident
7. Registration certificate of the insured vehicle
8. Estimate of repair in case of claim before repair.
9. In case of claim after repair:
• Invoice of repairs
• Receipt of payment
• Valid cancelled cheque
This is in fact the single most insurance every human in this globe has to possess. A major
hospitalization can shred our dreams to pieces and push us to debt trap forever. This is where
the importance of an effect health insurance come to play.
Individual health insurance offers medical coverage to a person on an individual sum insured basis and also it refers to the plan that needs to be purchased separately for each family member.
Hospital Cash policy provides a fixed sum insured that is paid to the policyholder to meet miscellaneous expenses during the period of hospitalization.
A top-up health insurance provides additional medical coverage to people with an existing health insurance policy and allows people to get their medical expenses covered even if they have exhausted their regular health insurance policy.
A fire can wipe out your entire dreams in a matter of minutes. Especially when this day and age, due to the ubiquitous presence of electrical devices fire related hazards are quite common. The policy not only take into account the fire cause by natural means, but also those due to vandalism, riots and the likes
Since fire can cause extensive damage to establishments, substantial amount of time will be consumed to set everything back to normal. The policy covers for the loss which was being made during the duration of the maintenance.
This is an one stop policy for all the damages that could materialize in an industry. Hazards of all intensity are taken into account under this policy. The loss incurred due to the pause in activity will also be covered which makes this plan comprehensive.
Employees are the most vital resource of any organization and their satisfaction is directly proportional to its growth. A good proportion of workers find it hard to make the two ends of their life meet due to various reasons like inflation, snail paced growth on remunerations and so on.
Any medical exigency they come across will definitely imbalance them financially. It might push them to debt traps or make them unemployed. To cut down the out-of-pocket expense of employees on medical bills, organizations have the responsibility to provide them an insurance which will cover no just the employee but their near and dear ones too.
Since taking individual insurance policies are costly, it is better to consider Group Health Insurance which can cover a group of workers at a time
No matter how much we progress in science and technology, no firm in the world can guarantee cent percent physical safety to their employees. Even the highly advanced nations like Japan, the USA and Germany come across many such unforeseen incidents every year. Even though most of the accidents are not fatal, a good majority of them result in disablement and injury.
Group accident insurance effectively cover this scenario by compensating not only the victim,but also their families as well.
Group term insurances are gaining immense popularity among the employers. One of the primary advantages of group insurance is that it is cost effective and beneficial compared to individual insurance. Most of the companies integrate this policy with their employee package precisely due to this reason. Group term insurances cover the untimely demise of the covered individual and benefit goes to the nominee.
Thanks to digitalization and globalization, our world has transformed itself into a global village. Organizations are employing every method in their manual to achieve a global footprint. The unprecedented growth of MNC is exactly due to this reason. In such a scenario, a spike in air travel is inevitable. With the increase in air travel, there has been a climb in accidents involving aircrafts as well. We provide a wide array of services to address the accidents, fatalities and injuries arising in such situations
Life is fragile and transient. No matter how employee friendly the work environment is, accidents do happen. Organizations have to adhere to the Workmen Compensation Act by the Ministry of Labor. Firms and companies should convince the ministry of their ability to cater to the employee compensation.
As we climb the ladder of corporate hierarchy, we are exposed to a myriad of complex challenges and dangers. Any slight missteps from the director or his team could result in a legal quagmire. It has the potential create unending litigations, compensation demands and criticism on abuse of power to name a few.
This insurance policy protects and defend the customer from such potential legal hazzles and provide them a secure space to work and progress rather than worry and perish
“To err is human, to forgive divine”, but in this modern world nobody heeds to this Shakespearean expression. Professionals like doctors, physical trainers, consultants and so on are exposed to numerous litigations due to their nature of profession. Such litigations have a put an end to the careers and dreams of many professionals. Personal Indemnity policy can cover the customer in a situation of legal exigency and make their professional life easy.
Technology companies which mostly deal with technology and IT need the safety net of this insurance. If an organization’s product or service fail to meet the demand of a customer, they can resort to litigation. It not properly taken care of, it would lead to humungous loss for the company and potentially erode its credibility among investors, creditors and future customers.
Any sort of physical damage, bodily injury, advertising injury, pollution and liquor liabilities are covered under this scheme. This is a potential safeguard against malicious prosecution and slander. The policy is a gamechanger as it makes the premises of insured institutions “liability free” in a way.
Product liability insurance offers insurance coverage to the manufacturers, wholesalers, retailers, or distributors against the damage or injury caused to a third-party by the consumption of a product or service delivered by them. This makes sure that the consumers are protected with financial assistance in cases of damage or loss. Hence, the manufacturers will be free from any legal liabilities and further actions.
Credit insurance has the ability to maintain the balance sheet of companies healthy by warding off customer defaults. Customer defaults in payment and organizations struggling to avail profit from the credit which had already been issued is a global business tragedy. The credit insurance policy can come to the aid in such a juncture. Moreover, it helps defend company reputation, maintain the capital flow and ultimately ensure profitability.
Almost all companies now rely heavily on cyber technology. However, the evils of cyberspace have also made considerable damage to companies in the mode of cyberattacks. It defenses the organization from data loss, fraud, targeted cyber attacks and manipulation of company’s digital space by a foreign entity. Since IT firms have the obligation to safeguard the customer data and information, the significance of Cyber Liability Insurance is profound.
An overwhelming majority of the financial crimes in an organization is unfortunately carried out by its own employees. An employee can have a myriad of reasons to harbor grudge against the employer. Sometimes the employee takes the company’s liberal approach for granted and try to
“milk” the opportunity to involving in white collar crimes. Crime Insurance policy safeguards against such evil-minded employees and ensure stability and order in the organization.
Waterways carry more goods than air and rail. A good majority of the cargos are transported on ships. However, accidents and mishaps are not uncommon because of the increased traffic in major sea routes. Marine cargo insurance cover goods which are transported through seas and oceans
Availing and issuing marine transit for each and every individual journey is a mammoth task. Through this policy, the customer could pay the transit premium in a yearly or half yearly basis. The insurance will cover any undesirable occurrences.
Construction is a booming industry not just in India but also all over the world. Meanwhile, the sector is vulnerable to plenty of risks as well. In case of any unforeseen exigencies all kinds of physical damages are included under this policy. Contractors can breathe easy since even the third-party liabilities are also covered under this
Contractors have to employ various machineries to get the work done. As the technology develops, the number and complexity of gadgets also evolves. To safeguard them, contractors’ plant and machinery insurance is the way to go.
This is an all-encompassing policy when it comes to construction projects. It covers both small scale as well as large projects. As the name suggests, the damage occurring through the erection of projects, operation, storing, commissioning and decommissioning will be covered under this.
Machineries are the soul of any organization which focus on manufacturing of a product or a service. Any fault in machinery could bring the company to a complete halt and waste the labor hours. Coupled with the cost of repairing the damaged machine, a company may have to witness a significant loss.
With the advent of digital era, a wide range of electronic gadgets have hit the market. Workspaces have been dominated by electronic equipment. Insuring them against all kinds of potential dangers (from short circuit to theft) is the intention of this insurance policy
Exclusively deals with the loss of revenue due to the damage to machinery. Because of this reason, the policy gets activated at the time of damage of the covered machinery and ends when the machine is fit for use
Steam energy plays a pivotal role in many of the engineering industries. Steam boilers being dynamic, highly intense and explosive, have a higher probability to causing infrastructural as well as human damage. The coverage provided for third-party claims are one of the major hallmarks of this policy. It is high time that all organizations which harbor boiler and pressure plants get insured
A person is exposed to a wide array of exigencies when he/she travels abroad. From loss of baggage to an unexpected hospital stay, a lot of out-of-pocket expenditure could be made. It’s a sensible choice to opt for a travel insurance whenever you travel abroad.
Our home is the place where all our valuable possessions are placed. Any damage it to could result in a great financial as well as emotional drain. Home insurance make you breath easy by covering the entire damage in case of natural as well as man-made damage to houses.
Injury is the best friend of every athlete. This policy covers the injury, damage to sporting gadgets and legal liabilities an amateur athlete is supposed to encounter
Gold, diamonds and the likes are considered as a safe bet against inflation. Recent enhance in the demand for such good could be attributed to this reason. However, they are always at a risk of theft, loss and physical damage. This package covers all dimensions of the said products
Public events are becoming popular again and have been witnessing influx of huge crowd in this post lockdown time period. However, tragedies could happen at any time, which make us remember the necessity of insurance to cover such events of high magnitude.
Film production is one of the most volatile industries out there. Many things can go wrong at any time. Hence, with this policy cover, third-party claims could be covered in a sound manner to the interest of the customer
The number of private art galleries and collectors have been witnessing a spike due to economic progress coupled with an increased in interest in antique. Since they are extremely costly, they do need to be insured
There are millions of viral videos on the internet which showcase “wedding fails”! Anything could go wrong in an event which accommodates hundreds of people of different age brackets. This insurance covers all dimensions of the wedding function and make your wedding memorable (Only for the good reasons!)
Give us a call, request a callback or drop us an email, we’re here to help.
GET YOUR QUOTECopyright 2024 Hello Policy All rights reserved. Powered By 