Insurance details

• Coverage
  ☞ Third-Party Liability Insurance: This coverage protects the policyholder against legal liabilities arising from bodily injury or property damage caused to a third party in an accident involving the insured vehicle.
  
  ☞ Comprehensive Insurance: This coverage provides protection for both third-party liabilities and damages to the insured vehicle caused by accidents, theft, fire, natural disasters, or other specified perils.
• Policy Components
  ☞ Own Damage Cover: This covers the insured vehicle against damages caused by accidents, theft, fire, vandalism, or natural calamities.
  
  ☞ Personal Accident Cover: This provides compensation for bodily injury or death of the policyholder or occupants of the insured vehicle due to an accident.
  
  ☞ Add-On Covers: Additional optional covers can be purchased, such as zero depreciation cover, engine protection, roadside assistance, etc., to enhance the coverage and tailor it to specific needs.
• Premium
  ☞ The premium for motor insurance is determined by various factors, including the type and age of the vehicle, its market value, the policyholder's age and driving experience, the location of vehicle usage, and previous claim history.
• No Claim Bonus
  ☞ Insurers offer a discount on the premium known as a No Claim Bonus for every claim-free year. This discount increases with consecutive claim-free years and can significantly reduce the premium amount.
• Mandatory Requirement
  ☞ In many countries, it is mandatory to have at least third-party liability insurance for motor vehicles. Failure to comply with this requirement may lead to penalties or legal consequences.
• Policy Exclusions
  ☞ Motor insurance policies have certain exclusions, such as mechanical breakdown, regular wear and tear, consequential damages, and driving under the influence of alcohol or drugs. It is essential to review the policy terms and conditions to understand the coverage and exclusions.
• Claim Process
  ☞ In the event of an accident or damage, the policyholder needs to notify the insurance company promptly. The insurer will guide the policyholder through the claim process, which typically involves documentation, vehicle assessment, and repairs or compensation as per the policy terms.