A motor vehicle, four-wheelers or two-wheelers, is a treasured item for every home. Whether it is the first or the second-hand car you buy with your self-earned money or the first bike in college, it becomes an extension of your life. It makes your life so convenient and helps you be effective at work and for your family. Motor Insurance from Muthoot Blue is one great way to insure your car or two-wheeler. We make sure your prized possession has protection against accidental losses or damages. A motor insurance typically refers to policies meant for vehicles used for personal purposes.
How does motor insurance help the owner of the vehicle?
A comprehensive motor insurance policy provides coverage against loss or damage to your vehicle due to natural or man-made calamities and road accidents. The owner pays a small premium for insurance of the vehicle and in exchange, the insurance money is available for:
- Repair costs in case of any damage sustained by the vehicle
- Assistance if the vehicle is stranded when on a trip
- Compensation in case of vehicle theft
- Compensation to any third-party which sustains damage due to the fault of the owner-driver
- Financial assistance in case of disability or death resulting from a road accident involving the vehicle.
Remember that purchasing a motor vehicle is a significant investment and that’s why at Muthoot Fincorp we help you choose your motor insurance cover carefully to enjoy all the benefits.
Classification of Motor Insurance
Broadly, motor insurance can be of two types:
The insurance provides comprehensive cover against liabilities and losses caused by the owner-driver’s car.
Popularly referred to as bike insurance, it provides comprehensive cover against liabilities and losses caused by the owner-driver’s two-wheeler which can include bikes, scooters, and mopeds.
Vehicles used for commercial purposes are insured through a commercial insurance policy. This also includes a business liability insurance cover.
What is Covered Under Motor Insurance Policy?
Our Motor Insurance policy will cover comprehensive damages or third-party liabilities. In addition to these, you can also get add-on insurance cover to enhance the coverage provided based on your requirements.
Comprehensive motor insurance
- The insurance covers any damage to your vehicle caused by a third-party, the driver’s fault, road mishaps, car breakdown and other accidents. Further, a motor insurance for your vehicle may also provides coverage against loss from theft of vehicle and damage sustained due to a natural or man-made calamity. Motor insurance policy can also include a personal accident cover, that provides compensation is case of disability or death from a motor accident involving the vehicle.
- It is mandatory for vehicles plying on public roads in India. This type of policy covers you against claims filed by third-parties for bodily injury liability and/or death and property damage. It will also include cover personal accident cover for owner-driver.
No Claim Bonus (NCB) is available on renewal of policy, depending upon the type of vehicle and the number of years for which no claim has been made.
The Add on Covers Include:
- Loss or damage to accessories fitted in the vehicle such as stereos, fans, air-conditioners etc.
- Personal accident cover under private car policies for: Passengers , Paid driver
- Legal liability to employees.
- Legal liability to non-fare paying passengers in commercial vehicles.
- Nil Depreciation, Engine Secure, NCB Protection, Roadside Assistance, Tyre Secure, Key Secure, Return to Invoice, Consumables, Roadside assistance, windshield protect- for Private Car Package Policies.
What is NOT Covered under the Motor Insurance Policy?
Motor insurance, including both bike insurance and car insurance, may exclude the following:
- Loss occurring due to regular wear and tear
- Consequential losses leading to damage of tyres, electrical equipment, or electronic components
- Damage incurred when the driver was under the influence of alcohol or any other drugs
- Any damage caused intentionally
- Claims arising out of contractual liability
- Use of vehicle otherwise than in accordance with ‘limitations as to use’ (e.g. a private car)
- Any damage incurred due to a war, civil war, etc
Please consult with our customer care representative to know all the exclusions from your motor insurance policy.
Frequently Asked Questions
Motor insurance is insurance for your motor vehicle which could be a two-wheeler or four-wheeler. Typically, it refers to insurance of vehicles meant for personal as well as commercial usage It covers you against any damage that your motor vehicle such as a car or a bike or a scooter may sustain in a road mishap. Motor vehicle insurance also covers you against loss from vehicle theft or damages sustained due to natural or man-made calamity. It also includes a cover for third-party liability. In return you have to pay a small amount as premium.
First, it is mandatory to get at least a third-party motor insurance policy for all vehicles plying on Indian roads. You should also get motor insurance as a vehicle is a substantial investment and the insurance helps pay for any damages it may sustain. In case you sustain injuries in a road accident, the insurance also pays for hospitalization expenses. It also has a personal accident cover that provides compensation is case of disability or demise in a road accident involving your vehicle.
To renew your motor insurance policy, please contact our customer care executive at 1800 102 1616 or visit your nearest Muthoot Fincorp branch. Provide the details of your policy to us, and we will help you complete the process. If you would like to change the coverage or get add-on covers, let us know and we can help you with the changes you require. Our executives will ensure you are using your no claim bonus, if available, when renewing your motor insurance. The new quote will be generated for you based on the insured declared value, available discounts and add-on covers selected. Once the premium is paid, the process is completed.
Your motor insurance premium depends on:
- Insured declared value (IDV)
- Cubic capacity
- Type of coverage
- Geographic zone where the vehicle is registered
- Security systems including anti-theft devices installed
- Demographic profile of the owner-driver
- Gross Vehicle Weight (GVW) of in case of commercial vehicles
In the event of an incident giving rise to a claim under the policy, the following steps should be taken,
In case of accidental damage to the vehicle:
- Immediate intimation to the nearest office, which will issue a Claim Form.
- Claim Form duly filled in to be submitted along with copy of Registration Certificate and driving license of the driver of the vehicle at the time of accident as also estimate of repairs.
- Vehicle will be surveyed by a Surveyor, appointed by the insurance company, who shall submit his report to the company. In case of a major damage to the vehicle, a spot survey, at the site of accident, would also be arranged by the company.
- Final bills/cash memos are to be submitted duly signed by the insured.
- Salvage of the damaged parts may be required to be deposited with the insurance company after approval of the claim.
In case of theft of the vehicle:
- Lodge an F.I.R. with the police immediately.
- Inform the policy issuing office with a copy of FIR.
- Submit the Final Police Report as soon as it is received.
- Extend full cooperation to the surveyor and/or investigator appointed by the company.
- After approval of the claim by the company, get the Registration Certificate transferred in the name of the company, hand over the keys of the vehicle, submit a letter of Subrogation and Indemnity on stamp paper duly notarized.
In case of liability claim:
- Inform the insurance company immediately of any incident likely to give rise to liability claim.
- On receipt of summons from Court, the same should be sent to the company immediately.
- Claim Form duly filled in a long-with copies of Registration Certificate, Diving License, FIR are to be submitted.
The period of a motor insurance policy is the time period for which the policy will be in force. This is the duration for which the premium has to be paid upfront and the coverage is valid only till the end of the duration. You can purchase a motor insurance policy with a period of one year to five years, based on the coverage selected.
Changes to your motor insurance policy can only be done at the time of renewal. Please share the details you require changed with our customer care ree details as per your new requirements in the form provided when renewing your motor insurance.
Why Choose Muthoot Blue for Motor Insurance?
Muthoot Blue (Muthoot Pappachan Group) has a reputation that has been shaped over decades with high-quality practices, total customer satisfaction, and steady growth. Today, Muthoot Fincorp, our flagship company, is one of the largest NBFCs in India and we continue to work with the aim of providing timely credit to common man with Blue Soch. Hence, our motor insurance is designed to secure your dream ride against accidents and mishaps.
- We have over 4200 branches across India. Visit your nearest Muthoot Blue branch to get a loan quickly and without any hassle.
- Nearly 1,00,000 customers walk into our branches daily and are assured of trustworthy and simple services.
- Our customer-centric approach and innovation over the past +132 years without compromising on the God-given values of trust, truth, transparency and tradition is what helps us in empowering the human ambitions.