MOTOR INSURANCE

WHAT IS MOTOR INSURANCE?
 Motor insurance, also known as auto insurance, is
an insurance coverage for bikes, cars, trucks and
other commercial vehicles.
 It offers to pay for or compensate you for any loss
or damage to your vehicle. It also covers any
damage caused to another individual, vehicle or
property.

WHEN DOES MOTOR INSURANCE COME
HANDY
A motor insurance policy covers damages to the
vehicle due to:
 Accidents/collisions
 Theft
 Fire
 Vandalism or sabotage
 Riot and strike
 Earthquake
 Terrorism acts
 Flood, storm, cyclone
 Landslide

TYPES OF MOTOR INSURANCE
 Third-Party Policy : It covers damages caused to
another person, their vehicle or property due to
collision or accidents.
 Comprehensive Policy : It covers damages
caused to you, your vehicle, or a third party due to
collisions, theft, sabotage, natural calamities, or
even fire.

WHAT DOES MOTOR INSURANCE COST?
The amount that you pay as premium depends on
factors such as:
 The value of the vehicle
 The type of insurance
 Your claim history
 Add-on covers
 Security features

HOW DO I BUY MOTOR INSURANCE?
Follow these 4 easy steps and you will have your
insurance:
 Assess your needs
 Make comparisons
 Select the right plan
 Pay the premium

HOW TO FILE A THIRD-PARTY CLAIM?
 If your vehicle causes damage to a third-party,
ensure that you immediately report the accident to
the police as well as your insurance company.
 If you are the victim of the accident, you must get
the insurance details of the third-party vehicle and
inform their insurer.
 After getting a notice from the third-party or the
insured, the insurer will transfer the matter to a
tribunal.
 The tribunal decides the penalty amount. The
insurance company then pays or compensates this
amount.

HOW TO FILE A OWN DAMAGE CLAIM?
 In case of damage to your vehicle, inform your
insurance company within a week.
 Any delay could result in claim rejection.
 An independent surveyor examines the vehicle to
assess the reason and the extent of the damage.
 You or the insurance company will then take the
vehicle to the nearest garage.
 After a thorough examination of the incident, your
insurer will send an approval.
 You pay a minimum amount of the bill. The rest will
be taken care of.
 Or if you pay the whole bill amount, the insurer will
compensate you.

HOW TO FILE A THEFT CLAIM?
 Inform your insurer and the police.
 Submit documents such as the copy of your
vehicle’s registration certificate, your driving
licence, etc.
 Some insurance companies also ask you to submit
the keys of your vehicle.
 After a reasonable amount of time, if the police still
cannot locate your car, it issues a non-traceable
certificate.
 Your insurance company then proceeds towards
settling your claim.
 It will compensate you for an amount equivalent to
your car’s value.

TO KNOW MORE FOLLOW US AT:
 https://www.acko.com/car-insurance/motor-
insurance/