MOTOR INSURANCE
Motor Insurance Policy gives coverage against the unfortunate risk or damage to the vehicle is exposed to, while it is being driven or parked. In India, it is Compulsory to have a Third-party Insurance cover of vehicles that protects Vehicle from third party liability, which includes injury to/ death of a third party and third-party property damage etc.
We at sparrowmint, provide you with suitable Motor Insurance solutions for your Private Car, Two-Wheeler and Commercial Vehicles, offered by various Insurance companies. We also help you renew your motor insurance policy to ensure that you are always secured
Types of car insurance we offer
Car Insurance policies can be classified into the following types depending upon the extent of coverage:
Standalone Own-Damage (OD) Car Insurance
Pay As You Drive Car Insurance
Motor Floater Insurance
Claims process in 4 steps for Comprehensive car insurance
Filing for a claim needs to be a well-thought out process. Taking care of all the points, steps, and documentation will prevent unwanted iterations, unnecessary delays, or chances of outright rejection. Check out the steps you need to take in case you want to file a claim on your comprehensive car policy when you meet with an unfortunate accident:
Intimate insurance provider immediately
It is wise to inform the insurance provider immediately. For this, you will need to keep the insurance company’s number at all times with you to carry out this step. Also, you need to be aware of the timelines within which you need to inform the company to avail of claims. This step needs to be carried out even before you start with the claim application form.
FIR
While the step seems obvious, it is generally missed out in all the hassle. File an FIR at the nearest police station as early as possible. This will be an important piece of paper in your claim processing and settlement process.
Schedule inspection
When you intimate the company, an inspection of the damage will be scheduled from their end within a day or two. It is important that you don’t get the car towed away from the spot before that. Once the inspection is done, the insurance company representative will let you know about the nearest cashless garage under their network to tow to and carry out the repairs.
Settle claim
Once the company has inspected the damage and got an estimate of the repair costs, they will provide approval to get the repair work done. Just check what expenses you would have to bear from the bill so that post claim settlement, you can get back the possession of your car on time.
Steps in Making third party car insurance claims
To make a claim in your 3rd party car insurance policy, you would have to follow specific steps. These steps are given below –
Informing the insurer
The first step is to immediately inform your insurance company whenever you suffer a third party claim. This helps you to avail of claim assistance services from the insurer. Moreover, your claim is also registered with the company and you get a claim reference number for tracking your claim status.
Filing a police FIR
Then, you should file an FIR with the police authorities of the area where the claim has occurred. A police FIR is a mandatory document for third party claims.
Claim handled by the motor accidents tribunal
Third-party claims are transferred to the motor accidents claim tribunal that assesses the claim and then passes a judgement regarding the financial liability that you face. It might take time for the tribunal to pass its judgement and your claim would be settled only after the tribunal’s proceedings are done.
Claim settlement by the insurer
Once the tribunal passes its judgement, you would have to inform the insurance company of the same. The insurance company would, then, pay the claim directly to the third party. You would also have to fill up and submit a claim form along with various documents that include the following –
Policy bond
Driving license
Identity proof
Ruling by the tribunal mentioned on a court document
Medical bills and reports, in original, in the case of third party injuries
Any other document as needed by the insurer
Once all the steps are followed, the third-party claim would be settled and closed.
TWO-WHEELER INSURANCE:
Two wheeler insurance as name suggest it provides a financial protection to Policyholder against any mishap happen to two-wheeler due to unforeseen events.in other words it is an agreement between the insurance company and the bike owner, where the insurance company oblige to provide coverage for the financial liabilities which may arise during an accident involving the policyholders two wheeler. Two wheeler insurance policy offers coverage for all types two wheelers such as motorcycle, scooter, scooty, electrical Bike or scooty and moped. There are three kinds of two wheeler insurance plans available in India which are third-party insurance, standalone own-damage (OD) and comprehensive two wheeler insurance. These insurance plans are differed on the basis of the coverage offered under them.
Why One Should Buy A Comprehensive Bike Insurance Policy?
Following are the reasons why individual should buy a comprehensive two-wheeler insurance policy:
- Cover for Third-Party Liability
- Comprehensive Own Damage Cover
- Cashless Repairsat any network garage across India
- Add-on Covers– you can opt for different add-on benefits like a return to invoice cover, consumables cover, zero depreciation cover, engine and gear protection cover, breakdown assistance cover, and zero depreciation cover. You can buy these add-ons by paying an extra premium charged by insurer at the time of policy purchase. These add-ons are not compulsory to buy but are preferred to enhance coverage.
- No Claim Bonus– A bike insurance policy provides you with No-Claim Bonus for every year a claim is not made, between 20%-50%, for a consecutive 5 years.
Passenger Carrying Vehicle Insurance(PCV)
Passenger carrying vehicle insurance is a type of commercial vehicle insurance policy that provides the protection to commercial passenger carrying vehicles against unforeseen events that may result in a financial loss to the policy holder. This insurance covers the vehicles used for commercial or public transportation against any kind of loss or damage that occurred in a road accident, fire accident, theft, natural calamity, etc. It also covers third party liabilities arising out of the vehicle and offers optional coverage for accidental injuries of the passengers.
Types of Passenger Carrying Vehicles in India:
Tourist Bus/School Bus/Public transportation Bus
Auto-Rickshaws
Three/Four-Wheeler Tempo
Cabs/Taxis
Goods Carrying Vehicle/Commercial Insurance Policy
A Goods Carrying Vehicle (GCV) Insurance policy is a type of commercial vehicle insurance policy made to protect commercial vehicles that carry goods from one place to another. It is a comprehensive insurance policy that covers any damages or losses incurred in an accident, natural calamity, fire incidents, theft, etc. It also provides coverage for any third party liabilities arising out of the insured goods carrying vehicles.
Types of Goods carrying vehicle in india:
Trucks
Three-wheeler Tempos/ Cargo Autos
Four-wheeler Tempos/ Pick Up Van
Tipper Vehicles
Trailers
