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General Insurance

Motor Insurance

General Insurance

Motor Insurance

According to the Indian Motor vehicles act, it is mandatory for all vehicles plying on Indian roads to have them insured under a Motor Third Party Liability insurance policy. It covers the vehicle owners against financial and legal liabilities arising out of accidents to third parties only.

A Comprehensive Motor insurance policy on the other hand provides additional coverage to your own vehicle against financial losses arising out of accident, theft, damage, riots, fire and natural calamities. The policy also covers death and bodily injuries to the owner driver of the vehicle.

Private Car Insurance

A private car insurance policy covers your car against financial losses that you may face in case of accident or theft of car. You pay a certain amount as a premium to the insurance company to buy this cover, and they in return agree to pay for accidental damages and theft losses if they arise. As per IRDA (Insurance Regulatory and Development Authority), it is compulsory for any vehicle running on Indian roads to be covered under an active car insurance policy.

Features and Benefits

Legal Requirement

As per the Indian Motors Vehicle Act, third party insurance is mandatory on all the vehicles. Along with that, buying comprehensive car insurance helps you to remain in compliance of regulations and set your mind free too.

Accidental Coverage

If your car meets with an accident, you can simply claim insurance and bear the expenses without shedding loads of money from your own pocket.

Safety Against Natural Disasters

If your car is damaged due to flood, fire or earthquake, your car insurance policy will come in handy to claim for the damages.

Cover Against Theft and Vandalism

Comprehensive car insurance provides you cover against theft and vandalism. You can get your hard-earned money back if your car gets stolen.

No Claim Bonus

In case no loss arises, you get rewarded a No Claim Bonus (NCB) for not filing any car insurance claim that year. This makes your car insurance renewal premium cheaper.

Add-on Covers

Add-on is an additional benefit added to your car policy which covers the car against unforeseen expenses. Add-ons, also known as riders, can be included in your insurance policy by paying extra premium.

There are various types of add-ons offered by insurance companies listed as follows, but you should select the one according to your specific requirements.

  • Zero Depreciation Claim
  • No Claim Bonus Protection
  • Return to Invoice
  • Cost of consumables
  • Repair of Glass, Fiber, Plastic and Rubber Parts
  • Roadside Assistance cover
  • Daily Allowance
  • Engine & Gearbox
  • Loss of Personal Belongings

Factors Determining Premium

Following are key factors that determine the premium of a car insurance policy

  • Car Model and Variant
  • Year of Manufacture/ IDV (Insured Declared Value)
  • Fuel type (Petrol / Diesel / CNG / LPG)
  • CC (Cubic Capacity of Engine)
  • Registration Zone (Zone A- Delhi, Kolkata, Mumbai, Chennai, Ahmadabad, Pune, Bangalore, Hyderabad Zone B- Rest of India)
  • NCB (No Claim Bonus)
  • Additional Covers like Zero Depreciation, Key Loss etc.

Exclusions: What is Not Covered

Your car insurance policy covers you against financial losses that may occur during an accident or theft. However, there are certain events, which your policy may not cover:

  • Occurrence of loss or damage when the insurance policy has expired or not active.
  • Regular wear and tear of the car and its parts
  • Usual depreciation of the car
  • If the person driving the car does not possess a valid driving license
  • Electrical or mechanical breakdown
  • If the person driving is found to be under the influence of liquor/alcohol/drugs
  • Loss or damage as a result of war /mutiny /nuclear risks
  • Damage to engine due to oil leakage
  • If the car faces a mishap while being driven outside India
  • If the car is used for any other purpose other than its intended use such as speed testing, racing etc.

Claims Process

In the event of a loss, following are key points on how to claim your car insurance:

  • Keep the copies of your insurance paperwork up to date and intact. They are critical documents that can get you your claim.
  • Assess and record the damage done to the car
  • File an FIR incase of an accident or theft. It is mandatory in a third party liability claim to file an FIR
  • Intimate the insurance company at the earliest
  • Extend full cooperation to the insurer and the surveyor appointed for completion of the survey work and for proper assessment of the loss.
  • Provide "proof of damage" form as well as records relating to your claim (such as medical bills, car repair bills and a copy of the FIR).
  • Present accurate and validated information to the representative which is the right thing to do for claiming the insurance.

Frequently Asked Questions (FAQs)

While generally it is three times, it could vary from company to company.
Yes, but inspection of the vehicle is required. However, No Claim Bonus (NCB) can be protected till the expiry of 90 days from the date of expiry.
  • Expiring policy
  • Information on claims if any during last year
  • RC copy
  • If there is a gap in renewal
  • Switching from third party cover to a comprehensive cover
  • There is a requirement to cover additional equipment or accessories fitted in car like anti theft device, CNG kit etc. which are not in the expiring policy
  • Opting for certain specified add on covers

Legally anyone driving a car, must hold a valid driving license. In this scenario, it is the owner's responsibility to ensure that his vehicle is being driven by someone with a valid driving license and that the driver is not under the influence of alcohol or drugs.

According to the Supreme Court order, IRDA has mandated all general insurance companies to offer multi-year third party insurance to all motor vehicles sold after 1st September, 2018. Therefore, instead of single third party liability plans, insurance companies will offer 3 year third party liability plans to cars and 5 year third party liability plans to two wheelers.

Two Wheeler Insurance

A two wheeler insurance policy helps cover financial expenses against any unforeseen circumstances including accidents, thefts or natural disasters, to a two wheeler/bike. It is not optional, but mandatory under the Motor Vehicles Act to have your two wheeler covered under an insurance policy.

Features and Benefits

Accidental Coverage

If your bike meets with an accident, you can simply claim insurance against the repair expenses without bearing the load on your own pocket.

Third Party Liability

In case of an accident, the insurance policy will provide cover to reimburse damages to the third party’s vehicle or property. Additionally, medical expenses incurred for treatment or hospitalisation expenses are also taken care of.

Safety Against Natural Disasters

If your bike is damaged due to flood, fire or earthquake, your comprehensive bike insurance policy will cover for the damages.

Cover Against Theft and Vandalism

Comprehensive bike insurance provides you cover against theft and vandalism. You can get your hard-earned money back if your car gets stolen.

No Claim Bonus

In case no loss arises, you get rewarded a No Claim Bonus (NCB) for not filing any bike insurance claim that year. This makes your insurance renewal premium cheaper.

Add-on Covers

Add-on is an additional benefit added to your car policy which covers the car against unforeseen expenses. Add-ons, also known as riders, can be included in your insurance policy by paying extra premium.

  • Zero Depreciation Claim
  • Road Assistance Cover
  • Accessories Coverage
  • Accident Cover for Passenger

Factors Determining Premium

Following are key factors that determine the premium of a two wheeler insurance policy

  • Bike Model and Variant
  • Year of Manufacture/ IDV (Insured Declared Value)
  • Fuel type (Petrol / Diesel / CNG / LPG)
  • CC (Cubic Capacity of Engine)
  • Registration Zone
  • No Claim Bonus (NCB)
  • Additional Covers

Exclusions: What is Not Covered

  • Normal wear and tear of the vehicle
  • Not having a valid driving license during an accident
  • Driving under the influence of intoxicating liquor/ drugs
  • Accident taking place beyond geographical limits
  • If the vehicle is being used for unlawful purposes
  • Electrical/ mechanical breakdowns

Claims Process

In the event of a loss, following are key points on how to claim your car insurance:

  • Keep the copies of your insurance paperwork up to date and intact. They are critical documents that can get you your claim.
  • Assess and record the damage done to the car
  • File an FIR incase of an accident or theft. It is mandatory in a third party liability claim to file an FIR
  • Intimate the insurance company at the earliest
  • Extend full cooperation to the insurer and the surveyor appointed for completion of the survey work and for proper assessment of the loss.
  • Provide "proof of damage" form as well as records relating to your claim (such as medical bills, car repair bills and a copy of the FIR).
  • Present accurate and validated information to the representative which is the right thing to do for claiming the insurance.

Frequently Asked Questions (FAQs)

If you are selling off or giving away your bike, it makes sense to transfer the ownership of your Two-Wheeler Insurance policy as well. You simply need to hand over all the related documents to the new owner and inform the Insurance company and RTO about the same. Please note that the NCB accumulated by you during your ownership period will not be transferred to the new owner.
If your Two-Wheeler Insurance policy expires, it has the following effects:
  • Your NCB gets impacted negatively
  • You get exposed to the risks of third party liability
  • Increased cost of repairs of your two wheeler

Yes, it can be replaced. Get in touch with the insurance company to make the effective changes.

According to the Supreme Court order, IRDA has mandated all general insurance companies to offer multi-year third party insurance to all motor vehicles sold after 1st September, 2018. Therefore, instead of single third party liability plans, insurance companies will offer 3 year third party liability plans to cars and 5 year third party liability plans to two wheelers.

Yes, one can still get NCB on the expired insurance policy if it is renewed within 90 days of the policy expiration.

Commercial Vehicle Insurance

Commercial Vehicles Insurance is a policy that covers the commercial vehicles of a business against external damages, and personal and third party liability. It can be taken for any passenger or goods carrying vehicle, taxis and other miscellaneous vehicles like tractor, crane and. trailers. Third Party Insurance is a statutory requirement under the Motor Vehicles Act, 1988.

Buying Factors

Following factors help determine if you need a Personal Auto Insurance or Commercial Vehicle Insurance

  • Owner and driver of the vehicle: If the vehicle is owned by any kind of business, then it is likely to be covered under a commercial auto insurance policy.
  • Usage of vehicle: When the insured uses the vehicle for business purposes, then he needs a commercial vehicle policy.
  • Type and Weight of the Vehicle: If the vehicle is heavier than a normal size pickup or SUV such as a dump truck, tow truck, semi-truck or commercial trailer, then one definitely needs a commercial auto insurance policy.
  • Required Business Liability Limits: For higher business liability limits, you need a commercial auto insurance policy.

Types of Vehicles

The following types of vehicles are covered under commercial vehicle insurance:

  • Goods Carrying Commercial Vehicle: Vehicles which help transport goods from one place to another for example tempos, trailers, etc are considered to fall under goods carrying commercial vehicles.
  • Passengers Carrying Commercial Vehicle: Vehicles that are used to transport passengers from one place to the other with the intention of earning a livelihood, for eg, a bus, auto-rickshaws, taxi, cabs, etc. fall under the category of passenger carrying vehicle.
  • Heavy Commercial Vehicle: Vehicles used for construction, mining, loading of heavy goods for example truck; crane, etc fall under the category of heavy vehicles. They have higher liabilities than other commercial vehicles.

Features and Benefits

  • In the case of a fleet of vehicles under a single ownership, fleet insurance policy for commercial vehicle insurance will eliminate the stress of managing individual insurance policies for each and every vehicle.

  • Fleet insurance for Commercial vehicles has better negotiation ability, as all vehicles are insured in bulk under a single policy.

  • Commercial vehicle insurance provides for any damage that may incur while you disabled vehicle is being towed mechanically.

  • Facilitate quick repairs without losing on time

Add On Covers

The policy can be extended to cover the following risks on payment of additional premium:

  • Loss or damage to accessories fitted in the vehicle such as Electrical / Non-Electrical items, stereos, fans, air-conditioners etc.

  • Personal accident covers under Commercial vehicle policies for Passengers & Driver.

  • Legal liability to employees of the insured

  • Legal liability to non-fare paying passengers

  • Cover for lamps, tyre/tubes, mudguards, bonnet /side parts, bumpers, headlights and paintwork of a damaged portion only.

Exclusions: What is Not Covered

The Insurers shall not be liable under this policy in respect of

  • Normal wear and tear of the vehicle

  • Not having a valid driving license during an accident

  • Driving under the influence of intoxicating liquor/ drugs

  • Accident taking place beyond geographical limits of India

  • If the vehicle is being used for unlawful purposes

  • Electrical/ mechanical breakdowns

  • Loss under war or similar hostile scenarios 

Claims Process

In the event of a loss, following are key points on how to claim your car insurance:

  1. Keep the copies of your insurance paperwork up to date and intact. They are critical documents that can get you your claim.

  2. Assess and record the damage done to the car

  3. File an FIR incase of an accident or theft. It is mandatory in a third party liability claim to file an FIR

  4. Intimate the insurance company at the earliest 

  5. Extend full cooperation to the insurer and the surveyor appointed for completion of the survey work and for proper assessment of the loss.

  6. Provide "proof of damage" form as well as records relating to your claim (such as medical bills, car repair bills and a copy of the FIR).

  7. Present accurate and validated information to the representative which is the right thing to do for claiming the insurance.

Frequently Asked Questions (FAQs)

There are two types of commercial vehicle insurance policies:
  • Liability Only Policy
  • Comprehensive Policy
  • Third-Party Liability such as bodily injury, death or damage to property of a third party by the insured vehicle.
  • Damage or loss to the insured vehicle

In India, commercial vehicles are used for all kinds of businesses. So whether a company owns a single van or an array of commercial vehicles, a commercial vehicle insurance is a must to secure themselves against unwanted risks and losses.

If the vehicle is being used for commercial purposes, then if the insured is even a sole proprietor he will need a commercial auto insurance policy.

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Principal Officer: Mr. Deepesh Goorha (Email : po_spa@spainsurance.in)

Address: 25, C Block, Community Centre, Janakpuri, New Delhi- 110058, India | IRDA
Direct Broker Code: IRDA/DB053/03 License No. 273 Valid till: 08/08/2025 |
CIN: U67120DL1995PLC403434 | Insurance is the subject matter of solicitation.

Disclaimer: - Insurance is the subject matter of solicitation. The product brochure gives only the salient features of the plan and is not a contract of insurance.
The policy document defines the terms and conditions within which the intent of the policy will be executed.

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