Motor Insurance Policy

A standard motor insurance plan has no cap on the number of kilometres (kms) a customer can drive. "In a PAYD plan, customers opt for a predefined number of kilometres

The Irdai said retail policyholders can cancel their insurance policy at any time during its term by notifying the insurer, and will receive a refund for the remaining period of the policy

The ministry and insurance regulator of India have proposed insurance discounts of 7.5-50% on motor insurance premium for select vehicles for financial year 2023-24

This policy is especially handy when an accident results in disability, impairing a person's earning capacity

Floater policies will be cost-effective, provide convenience of renewal at one go for multiple vehicles

Electric vehicle maker, One Moto India on Tuesday said it has partnered with Royal Sundaram General Insurance Co Ltd for insurance policies of its vehicles. Under the tie-up, One Moto India customers will be able to avail an add on cover-depreciation waiver that enables them full claim without deduction, to their motor policies issued by the brand. Apart from this, the customers will also be offered competitive pricing, and cashless facility for claims at One Moto centers, the company said in a statement. Commenting on the partnership, One Moto India Vice-President, Sales & Marketing, Aditya Reddy said majority of the customer base is experiencing EVs for the first time, they seek more support to enable the transition from ICE (internal combustion engine) to EV. "We have identified the requirement and are trying to address the same with reputed associations, so that everything can be offered to our discerning customers under one roof," he added. Stating that the electric ...

If the order is implemented, it will lead to an increase in the insurance outgo for car owners by a minimum Rs 50,000 for car and a minimum of Rs 7,000 for two-wheeler owners

They may work as insurance intermediaries in much the same way as an insurance broker, but must solicit motor insurance business only

It will float over own damage and third party sections and can be attached to any section of motor insurance cover bought

If you let it lapse and renew later, you will lose out completely on the no-claim bonus

Regulator also says insurers are facing issues in offering the product

The usage-based private car cover, launched under the Irdai's regulatory sandbox, is more affordable offering customised solution towards one's driving profile apart

With auto industry struggling, non-life insurance firms seeing muted growth

You need to inform to the insurance company about any changes or modification you have done to the insured vehicle, says expert

Customers will not have to buy add-ons like invoice cover in the new regime

The enhanced depreciation is expected to motivate vehicle makers

After the latest regulatory changes, customers should compare expenses and features more diligently before purchasing motor vehicle insurance

Some of these companies have apparently quoted the regulator, Insurance Regulatory Development Authority of India (Irdai), supporting their position