Your Guide to Buy Best Motor Insurance Plan

If you don’t have any bike insurance plan, you must buy it. Before you zero down an insurance plan, don’t buy the first plan that you like. The key is to compare bike insurance plans online. Filter out the ones that don’t fulfill your insurance expectations.

In case you have insured your automobile, make sure you renew it before it’s too late.

Types of Motor Insurance
Motor insurance offers two types of insurance plans.

1. Third Party Liability Cover PlanIn India, it’s illegal to have a vehicle without any motor insurance plan. As per the Motor Vehicles Act, third-party insurance coverage is compulsory. Every vehicle owner must buy vehicle insurance coverage for their vehicle(s) plying on Indian roads. Otherwise, it can lead to penalties and fines. 
   A third-party insurance plan helps you to be safe against the third party vehicle/property in case your vehicle is involved in a road mishap. 
   It pays for the medical expenses (if any) incurred because of any bodily injury caused by a third-party. It reduces your fiscal liability arising from of a road mishap.
2. Comprehensive Insurance PlanThis insurance plan offers financial support for all type of unfavorable and unpredictable circumstances involving your automobile. 
   It covers damage repair for your vehicle or property along with the third-party’s automobile or property. It covers legal expenses, medical treatment for the injuries, and financial support in case of loss of limbs or accidental death. It covers losses incurred due to vandalism, theft, man-made perils and natural perils. 
   The plan offers additional features and benefits in the form of No Claim Bonus, Zero Depreciation Coverage, Accessories coverage etc. to offer a complete insurance coverage for your automobile. 
   It comes with an enhanced premium as compared to a third-party plan. In future, it helps to provide sufficient financial support to safeguard you against unexpected losses. Keeping your financial interests in mind, it’s recommended to purchase a comprehensive vehicle insurance plan.

The table below will help you to have a better understanding vehicle insurance coverage.

Features	Third-Party Insurance Plan	Comprehensive Insurance Plan
Damage(s) Caused to third-Party's Automobile	Covered	Covered
Own Damage	Not Covered	Covered
Premium	Low	High
Coverage Apart From Collisions	Not Covered	Covered
Personal Accident Coverage	Not Covered	Covered
Medical Charges For Self	Not Covered	Covered
Medical Charges For Third-Party	Covered	Covered
Loss(es) Due To Natural Catastrophes	Not Covered	Covered
Vehicle Theft	Not Covered	Covered

 

Tips to Reduce Premium

1. Make sure the automobile is driven by a single driver who drives safe. 
2. Install a security feature approved by Automotive Research Association of India (ARAI) feature in your vehicle to protect it from theft. It can help in order to reduce the premium 
3. Don’t register claims for little damage repairs to enjoy the benefit of No Claim Bonus upon renewal. 
4. Some insurance provider offers to pay an insurance premium in installments. Making a one-time payment is recommended as it is an economical option. 

The Bottom Line

We hope this article helped to have a better understanding of motor insurance. At the time of buying a motor insurance plan, don’t go for a minimum premium. Rather, go for maximum coverage to get most of the insurance benefits.

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