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Motor Vehicle Insurance Renewal

Motor Insurance

Overview

Roads have increasingly become rather unsafe and much more prone to accidents owing to a number of factors, ranging from high traffic, ill-lit areas causing low visibility, bad road conditions like potholes or broken patches etc. or even road rage. Thus, safeguarding one’s vehicles while being constantly on the move has become a necessity today and having a suitable motor vehicle insurance cover is the best way to protect the vehicles financially against any loss, theft or physical damage, from both a natural calamity and a man-made disaster.

Types of Motor Insurance

  1. Car Insurance- Motor car insurance is a must for everyone owning a car so as to drive with your mind at ease from any possible damage, theft or loss that may happen to one’s car. It safeguards the car against all possible damages related to accidents, natural disasters, theft, fire etc. and provides an economic safety to the owner. It is vital to compare the varied policies offered by different companies to get the best deal with maximum coverage at the cheapest possible price.
  2. Two Wheeler Insurance- Two-wheeler insurance is primarily the same as car insurance; only meant for providing insurance cover to bikes and scooters. Mostly the features of this policy are common, to be safeguarding the two-wheelers against all economic loss.
  3. Commercial Vehicle Insurance- This is the insurance cover for all commercial vehicles from heavy to light such as trucks etc., specifically for carrying the goods and all only for commercial purposes and not personal. Its features are devised to give due economic relief to the commercial drivers against any loss or damage to the vehicle.
  4. Third Party Insurance Policy- This is another important form of insurance, wherein it provides adequate financial cover to a third person sitting in the vehicle at the time of any accident and being adversely affected due to that. This policy does not exactly provide any direct advantage to the insured as such and the insurer may choose not to underwrite the third party policy, as per the IRDA.

Benefits of Motor Insurance

With the growing trend and need for personal vehicles to make commutation easy today, most people have their own cars, scooters and bikes etc. And with the highly poor condition of road infrastructure, huge traffic and stressful road rage incidents, motor vehicle insurance becomes a sheer mandate the moment you think of owning your own private vehicle. There are numerous reasons that one should buy online motor insurance for their respective vehicles including,

  1. A number of inclusions such as damages incurred due to any riots or strike, fire or burglary, any terrorism act and other natural conditions like earthquake, land slide, flood, storm or cyclone etc.
  2. Direct Claim Settlement or cashless claim procedure at the garages covered in the network of the particular insurance company.
  3. Also provides an appropriate depreciation cover in proportion to the amount insured in the plan.
  4. The policy also supplies for sufficient coverage for the engine protection, in case of any damage or loss.
  5. 24X7 continued assistance at any time for road slide.
  6. Other big small service facilities like the towing facility etc.

Why Compare Policies?

With a number of options available across the insurance sector to opt from, one is spoilt for choice today when it comes to selecting the right plan for your vehicle. Almost every insurance company has something specific to offer with increasing alternative available for customization and specific cost adjustment and so, comparing the different brands and different prices and features becomes a prerequisite.

  1. Features Offered- The number of specific features offered by a particular brand for a particular policy must be taken into account before buying one for yourself as it’s important to ascertain the suitability of the plan you are investing your money in. Comparison between varied plans of different companies helps one choose the optimum extent of coverage required at the best feasible price.
  2. Customize the way you like- Customization in almost everything has become an important consideration for many, owing to the different requirements and circumstances people have in today’s times. It not assists an individual in getting exactly what they require but also goes a long way in helping to skip the unnecessary costs for elements that are offered in the coverage but of no practical use to the buyer.
  3. Settlement for Claim- It is generally advisable to go for a relatively reputed brand name when it comes to insurance as it is more reliable when it comes to the settlement of your claims. The ones that are a recognized and well established name in the market are more likely to keep things fast and easy to retain their good rapport with clients.
  4. Predetermine the Deductibles- Buying the right insurance cover isn’t exactly straightforward as there are many factors to be considered in the process. One such thing is the number of deductible amounts included in the policy that one may get to know eventually at later stages. This can actually significantly affect the overall cost and thus, it’s best to consider it as well while buying the plan in the first place.

Alankit Advantage

  1. Simpler & Better Evaluations, as Alankit has tie-ups with renowned names in the industry, thus, already simplifying for you to pick the best one out of the lot. It keeps track of the latest developments in the market and accordingly shortlists the best offers for its clients to choose from.
  2. Expert Analysis by market professionals, having sound knowledge of the industry trends and insurance patterns in general, coming from varied brands. This helps provide a balanced view of the insurance market standing at present in a holistic manners and facilitates the selection, based on not just the past but also on future predictions.
  3. Real-time Guidance, taking into account in an elaborate manner the type of requirement by the client, the vehicle condition, the premium capacity and level of coverage needed and advisable as per the vehicle durability based on all vital aspects taken as on the whole.
  4. Best after-sales service so as to make sure that one faces no issue in the long run, even much later, after purchasing the plan. Alankit assumes full accountability against its client’s convenience and benefits till the very last.

Best Motor Insurance Plans

*Give Motor insurance Plans/ Policies Framework from Different Brands in a tabular, comparative form.