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What is Vehicle Insurance?

An insurance policy that covers the risk of damage to your vehicle through an accident, calamity of theft is called vehicle Insurance, also popularly known as a motor vehicle insurance policy. Such policies are designed to cover the cost of repairs that would be incurred in case your vehicle is damaged due to natural or any manmade occurrences, such as earthquakes, floods, cyclones, theft, terrorism, etc.

Why is it important to take vehicle insurance?

A good vehicle insurance policy hence helps us ensure that your beloved vehicle is maintained in great condition, without causing much damage to your pocket. Also, as per the local laws applicable in India, every vehicle on the road is required to be insured, especially for third party insurance.

At Muthoot, we offer vehicle insurance for:

  • Four wheeler – Customers can purchase a vehicle insurance policy to cover their four wheelers. These can be taken by individuals for their standalone vehicles or even by corporates for their fleet of vehicles.
  • Two Wheeler - Two wheelers are an integral part of the Indian economy and almost every household has at least one. Insurance of a two wheeler vehicle is also compulsory and important. We at Muthoot offer two wheeler vehicle insurance at the best rates.
  • Commercial Vehicle Insurance – Commercial vehicles are used for transporting passengers or cargo. Motor Insurance is required to be obtained for such vehicles as well. At Muthoot, we offer comprehensive insurance policies for commercial vehicles at very competitive rates.
  • Corporate Vehicle Insurance – These days, it is very common for corporates to provide vehicles to their employees and own several motor vehicles on their balance sheet. At Muthoot, we offer vehicle insurance policies to such corporate organisations for all their vehicles.

Types of Vehicle Insurance Policies

The various types of vehicle insurance policies being offered at Muthoot are as below:

Comprehensive vehicle Insurance – This is a comprehensive policy that provides insurance on damages incurred by your car under the covered circumstances and also for damages to the third party in case of an accident. The policy covers damage to your own vehicle due to any natural calamity such as flood, cyclone, earthquake, etc.

Third Party Vehicle Insurance – Under this policy, damage to any third party, on account of an accident, if any, are covered. This is mandatory insurance as per the laws relevant in India. Every vehicle owner needs to obtain this insurance and ensure that the same is renewed every year.

Points to Keep in Mind while procuring a vehicle insurance policy

  • Driving License – The vehicle insurance policy cannot be enforced in case of an accident if the person driving the car did not have a valid driving license. Hence it is important to ensure that the person driving the car is always in possession of a valid driving license.
  • Intoxication of Drugs/Liquor – The provisions of the vehicle insurance policy cannot be enforced in case of any damage caused to the car if the person driving the vehicle was under intoxication caused by drugs or alcohol.
  • Geographical Limits – The vehicle insurance policy is enforceable in a defined geographical area. If the vehicle is used in a location other than that covered by the policy and some damage is caused to the same, then the provisions of the policy cannot be enforced.
  • Unlawful Purpose – If there’s any damage caused to the vehicle while being used for any unlawful or illegal purpose, then such damage is not covered under the provisions of the vehicle insurance policy.
  • Electrical/Mechanical breakdowns - Any electrical or mechanical breakdown of the vehicle is not covered by the vehicle insurance policy.

Factors Impacting Vehicle Insurance Premiums

There are various factors that impact vehicle insurance premiums and awareness of the same can help customers analyse how best to obtain the cheapest vehicle insurance policy possible:

  • Make of the vehicle – The make, model and variant of the vehicle play a major role in determining the insurance premiums. Insurance premium for Luxury vehicles is more expensive as compared to the cheaper models.
  • Age – As the depreciated value for an older car is lesser as compared to a newer vehicle, which is higher in cost, the vehicle insurance premium on an older car is cheaper as compared to a new vehicle.
  • Type of policy being purchased – A comprehensive vehicle insurance policy is more expensive than third party insurance. Hence, insurance premiums are also determined by the type of policy being purchased and the kind of coverage being requested.
  • No Claim Bonus – For every year of no claims, insurance companies offer a discount on the vehicle insurance premium to the buyer. Hence, if a claim is not raised for smaller figures, then the customer is eligible to get a discount on the renewal premium.

Why Buy Vehicle Insurance from Muthoot ?

As a customer-centric organisation, Muthoot always keeps in mind what is best for our customers at all times. The many benefits of buying vehicle insurance from us include:

  • Accessibility – We have more than 3600 branches across India. Buying vehicle insurance is as easy as walking into one of our branches. Customers can also purchase vehicle insurance online on our website.
  • Quick Claim Processing – Muthoot has a track record of processing claims quickly and seamlessly.
  • Cashless – With Muthoot you get access to a network of cashless garages for getting the required repairs done to your vehicles.
  • Easy Tracking – Our application makes it easy for customers to track their claims and renew their insurance at the tap of a button.

Come be part of the Muthoot family. Apply today for your vehicle insurance policy!

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Ask an Expert

CUSTOMER SUPPORT NO.:
8590223204

WRITE TO US:
mib@muthootlife.com

VISIT OUR WEBSITE:
www.muthootinsurancebrokers.com

BRANCH TIMINGS:
Mon-Sat, 9:30 AM to 6 PM

Refer a Friend*

Refer a friend & get a Chance to
Win Exciting Muthoot Finance Merchandise

refer now

*T&C apply

Ask an Expert

CUSTOMER SUPPORT NO.:
8590223204

WRITE TO US:
mib@muthootlife.com

VISIT OUR WEBSITE:
www.muthootinsurancebrokers.com

BRANCH TIMINGS:
Mon-Sat, 9:30 AM to 6 PM

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