Insurance

Motor Vehicle Insurance

The motor vehicle insurance certificate is a legal requirement as per Chapter XI of Motor Vehicle Act 1988 (sec 146 & 147). It gives financial protection from accidental risk. It is very much dangerous and illegal to drive a motor vehicle without insurance.

	Driving or allowing a vehicle to be driver on road without proper insurance cover   is serious offence under the Motor vehicles Act 1998, so also is an act of   irresponsibility, which everyone should avoid.
	Under the Provision of Section 140, any road accident victim, can avail of   compensation under the principle of no fault. Further, under section 163 of Motor   Vehicle Act 1998, the compensation to the road accident victim is given in Hit   and Run cases.

Type of motor vehicle insurance

Third party policy : This covers the risk or damages caused to the third person.   Personal injuries and personal vehicle damages will not be covered by this   policy. For two wheeler vehicles we can take this policy for life time. For other   vehicles this policy has to be renewed annually. This is the cheapest available   motor vehicle insurance policy. This policy can be renewed two months in   advance of its expiry.

Comprehensive policy : This is the costly policy. It covers both personal and   third party risk. We have to renew this policy annually, and it can be renewed two   months in advance anywhere in India.

Duplicate insurance certificate :

If the motor vehicle insurance certificate is lost or defaced, duplicate copy may be obtained by making an application to the concerned Insurance company branch by paying fees.

Transfer of insurance :

Third party insurance policy changes automatically when the registered owner changes. In case of comprehensive policy an application is to be made for change of ownership in the policy.

Accident Claims :

To obtain motor vehicle claims of an accident, one has to make detailed claim to the concerned insurance company. One who makes a claim application has to give following documents:

	Valid driving licence.
	Valid insurance certificate.
	Valid registration certificate.
	Valid tax certificate.
	First information report (FIR).
	Valid permit for a transport vehicle.
	Valid fitness certificate for transport vehicles.
	Claim estimation report by an authorised surveyor of the Company.