Understanding Motor Insurance and Third-Party vs. Comprehensive Cover

Overview

Frequently Asked Questions

Yes, under the Motor Vehicles Act, it is legally mandatory for all vehicles operating in public spaces to hold at least active third-party liability insurance.
It covers third-party liability, damages to your own car from accidents, fire, natural calamities, vandalism, theft, and personal accident cover for the driver.
IDV stands for Insured Declared Value. It is the current market value of your vehicle adjusted for depreciation, representing the maximum sum assured paid in case of theft or total loss.
A discount on premiums given to policyholders who do not file any insurance claims during the policy year, which can accumulate up to 50% over 5 claim-free years.
An add-on cover where the insurance company pays the full cost of replacing rubber, plastic, and glass parts during accidents without deducting depreciation charges.
No, third-party insurance only covers damages, injuries, or deaths caused by your vehicle to third parties. It does not pay for your own vehicle repairs.
The amount you agree to pay out of your pocket during a claim before the insurance company pays the remaining balance. Higher voluntary deductibles lower your premium.
NCB belongs to the driver, not the car. You can request an NCB certificate from your insurer and apply the discount to the premium of your new vehicle.
Driving a vehicle with expired insurance is a legal offense. If the card lapses for over 90 days, you lose your accumulated No Claim Bonus, and the vehicle must undergo inspection before renewal.
Yes, comprehensive insurance covers engine and electrical damages caused by natural disasters like floods, cyclone storm surges, and earthquakes.

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