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Why Motor Insurance is Important
Buying motor insurance ensures that your interests as the policyholder are protected in a variety of situations.
Some of the major reasons to invest in Motor Insurance:
- Pays for damages.
- Reduces liability.
- It’s cheaper to buy motor insurance online.
- Pays for hospitalization.
- Pay premiums and enjoy coverage at all times.
- Family receives compensation in the event of death.
Leading Companies for Vehicle Insurance
- Bajaj Allianz Car insurance,
- Bharti axa Car insurance,
- Cholamandalam Car insurance,
- Digit Car Insurance,
- Edelweiss Car Insurance,
- Future Generali Car Insurance,
- HDFC ERGO Car Insurance,
- IFFCO Tokio Car Insurance,
- Kotak Mahindra Car Insurance
- Liberty Car Insurance
- Shriram Car Insurance
Difference Between 1st Party & 3nd Party Motor Insurance
First Party insurance aims to benefit the first party. It provides own damage cover that makes the second party liable for covering any loss or damage caused by the first party’s car due to unfortunate events, such as natural and man-made disasters, accidents, fire and theft.
Third Party motor insurance is a kind of insurance under which the insurance company agrees to indemnify the insured person, if he is sued or held legally liable for injuries or damage done to a third party.
How to claim Motor Insurance
Steps –
- Call and inform the Insurance Company.
- Lodge An FIR on behalf of you (Only in case of theft, injury/damage to third-party, or highway accidents).
- Capture Photographs as Valid Proof.
- Submit all the Documents to the KOS team.
- Ask the Insurance KOS team to Send a Surveyor.
- Car Repairs.
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