What is a Motor Insurance policy?

 

Motor Insurance Policy is a legal agreement by which the insurance firm and the vehicle owner by which the firm covers the monetary needs that arise due to an accident or any other acceptable cause of damage. According to the Motor Vehicle Act 1988, any vehicle holder must have insured his/her vehicle in order to ride them on Indian roads. There are several benefits of owning an insurance policy. IVA insurance is a fast-growing site in India. The concept of purchasing and renewing insurance policies online is made simple at IVA insurance. 

What are the benefits of Motor Insurance?

Motor insurance is a safety shield that protects one from the effects due to the damages of the vehicle. There are several benefits attached to the concept of insurance. 

Easy claim

The claim process is very much easy and quick. The vehicle can be taken for service after an accident to a garage of their convenience. Later, the expense can be claimed by submitting the bills. However, there is a garage list suggested by the insurance firm where the payments can be processed cashless.

Online Purchase 

Buying policies online is very much easy. Thus the efforts invested by one is much minimized. Not just purchasing, but renewing policies is even much easier. Buying insurance policies online, especially at IVA insurance, saves a lot of time and money.   

Support 

There is a 24*7 helpline that helps the customers on queries relating to the insurance policy. Thus the policyholder doesn’t feel any puzzled about the plans. 

Types of Motor Insurance 

Based on the type of cover

Third-party insurance 

The policy covers the damages to the third party vehicle caused by the policyholder’s vehicle 

Comprehensive insurance plans 

The policy covers the damages of the third party and policyholder vehicle/ people involved in the accident. It is much beneficial compared to third party policy. 

Based on the type of vehicle 

Car insurance

The policy is valid only for cars. The policy covers the damages that arise due to any accident or theft of car. The insurance firm provides the necessary monetary needs, inreturn to the premiums paid, to clear out the issues. 

Bike insurance 

Popularly called two-wheeler insurance, the policy is applicable for all bikes. The policy covers the monetary needs that arise due to accident or theft. Owning bike insurance is mandatory, only then the bike is qualified to be used on Indian roads. 

Commercial Vehicle Insurance

All types of vehicles that are used for commercial purposes must be insured using this type of insurance. Insuring commercial vehicles can alternatively increase your profit and reduce the repair charge you usually spend. 

 

Head on to the Motor insurance page available on the site to know more!

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