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Vehicle Insurance

Vehicle Insurance

Vehicle insurance, also known as motor insurance, provides financial safety for your vehicle when it is damaged in an accident or natural calamity. It includes coverage for protecting your vehicle against theft and burglary. Along with this, there may be situations where you unintentionally end up hurting others or damaging property in an accident. In such cases, a car insurance policy covers third-party liabilities as well. As we have entered the year 2023, it is advisable to renew car insurance online if it's nearing expiry or has expired. In India, third party insurance is necessary for citizens who own a car, as per the Motor Vehicles Act 1988. That's why buying and renewing your car insurance policy on time is important to be legally safe and covered against car damages. Loan Magic car insurance policy provides affordable premiums and protects you against all these risks so that you can drive stress-free. Apart from comprehensive two and four wheeler insurance, third-party-only and own-damage-only insurance policies are also available.


Vehicle Insurance Coverage

The coverage in your vehicle insurance policy depends on the type of policy that you have selected. Third-Party vehicle Insurance Plans cover the following types of financial liabilities that you might face in a mishap involving your vehicle

  • Physical Injury : You accidently injured a third person while driving your vehicle? Don’t fret; we cover for the medical expenses
  • Death of an Individual: If an individual seems to die because of an accident involving your vehicle, we cover for the financial loss.
  • Personal Accident Cover: If you are injured in an accident involving your insured vehicle, the cost of your medical treatments would be borne by us.
  • In-transit Damage: If your vehicle gets damaged when being transported via road, rail, air or water, the said damages would be covered by our comprehensive vehicle insurance plan.
  • Natural/Man-made Calamities : Damages from natural disasters like cyclones and hurricanes or man-made perils like riots and strikes will be covered under our comprehensive plan
  • Theft: Why worry about the theft or loss of your vehicle when we are here to secure you against it. Get compensated for the financial loss suffered if you lose your vehicle to theft.
  • Fire and Explosion : If your vehicle catches fire or explodes, the damages suffered would be covered by us.
  • Accidental Cover : Suffered an accident that damaged your vehicle? Don’t worry; the damages would be covered under our vehicle insurance plans.
  • Damage to the Property : Property damages suffered by a third party due to your vehicle, are covered under this plan.

What is not covered in Vehicle Insurance :-

While our coverage is comprehensive, the following instances of claims are excluded –

  • Depreciation : Your vehicle depreciates as it ages and is used. The normal wear and tear of the vehicle due to usage and depreciation in value is not covere
  • Illegal Driving : Driving without a license, under the influence of alcohol and/or drugs, or using the vehicle for criminal activity is illegal. Damages suffered due to such illegal driving would not be covered.
  • Consequential Losses: Losses that do not occur directly due to an accident are called consequential losses. These losses are not covered.
  • Electrical and Mechanical Breakdowns: If your vehicle suffers an electrical or mechanical breakdown, the cost of repairs would not be covered.
  • Incorrect Usage : If you violate the usage limitations, consequent damages would not be covered. The most common example is overloading and the resulting damages.
  • Geographical Limitation : If you use your vehicle outside the borders of India and then suffer any damage, such damage would not be covered.

Why Should You Buy vehicle Insurance Policy

  • Easy on your pock :et With multiple choice offerings, our premium starts at just ₹2094*, and we offer premiums that don’t burn a hole in your wallet while offering maximum benefits. For example, choosing a comprehensive car insurance policy entitles you and no-claim bonus benefits of up to 50%. And with our car insurance premium calculator calculating your car insurance premium amount is a breeze.
  • Cashless assistance: The hiccup in the journey? Now no more worrying about cash to get your vehicle fixed while you are stranded in the middle of nowhere, ensures help is just a phone call away, and your car is taken care of anywhere anytime.
  • A Growing family of happy customers : we are proud to say that we’ve put smiles on a million faces and counting. The testimonials from our ever-growing family of customers are heartwarming. So toss your vehicle insurance-related worries aside and join the happy customers club!
  • No more sleepless nights: Vehicle needs repair but worried how you’d commute to the office next morning? Loan Magic Over Night Vehicle Repairs- is here to save the day! We take care of minor accidental damages or breakdowns while you catch up on your sleep and get your vehicle back in shape by morning. If this doesn’t spell convenience, what does?

Vehicle Insurance

Types of Motor Vehicle Insurance

There are three different types of insurance - Private Car Insurance, Two-wheeler Insurance, and Commercial Vehicle Insurance.

Private Car Insurance :-

The first thing that your car vendor will suggest after you have finalised your car booking is to get an insurance policy that will not just protect you and your vehicle, but also your family members. Car insurance acts as a protective armour that shields you from any kind of personal or property damage. Further to this, car insurance policies have an exhaustive cover that provides overall protection for your vehicle including natural calamities like earthquakes or floods, damage or theft, or an accident, etc. With the government making third-party liability a mandatory requirement, private car owners can be assured that they are also insured against liabilities like third-party damage or physical injury. Apart from this, car owners can also opt for add-ons like engine and gearbox protector, zero depreciation policies to provide better coverage to your vehicle.

Two-wheeler Insurance :-

Similar to private car insurance, getting two-wheeler insurance with personal accident cover and the third-party cover is mandatory under the Motor Vehicle Amendment Act of 2019. The insurance provides an exhaustive cover which protects the owner from any personal or property damage and liabilities of any type. However, two-wheeler insurance policies have certain exclusions which include regular wear and tear of the vehicle, etc.

Commercial Vehicle Insurance

Commercial Vehicle insurance, as the name suggests, is for vehicle owners who operate for commercial purposes. It is mandatory for them to have insurance in place that will help their business going without any glitches. Commercial vehicle insurance protects businesses and business owners from any liabilities or losses that occurred due to accidents or property damage where their vehicles are involved, which includes loss of life, physical injury, or property damage. This type of insurance is available for commercial vehicles like trucks, cars, private and public carriers, taxis, etc.

*Regardless of the type of insurance, the owners have only two different insurance types to choose from - Personal Damage (protects the owner in case of an accident) and Third-party liability (protects the owners from any legal complications). With the right insurance policy in place, the motor vehicle owners can have a stress-free and happy driving!

  • Eligibility criteria
  • Documents required
  • How to apply

What are the eligibility criteria to vehicle insurance?

  • Individuals must be above the age of 18 years.
  • He/She must be a citizen of India.
  • He/She must own a vehicle along with its RC.

What are the Documents Required to Apply for a Vehicle Insurance?

If you are purchasing vehicle insurance for the first time, you will need the following:

  • Your details, such as name, date of birth, address, gender, and occupation
  • Your driving license information
  • Vehicle registration number and a copy of the Registration Certificate
    If you intend to buy vehicle insurance online, you will also need to provide your credit/debit card/ net banking details for making online payments.
  • IRDAI has also issued a notification that forbids insurance companies from insuring vehicles without a valid Pollution under Control (PUC) certificate. This notification comes in the light of recent order issued by the Supreme Court, which had directed insurers to not insure a vehicle unless it possess a valid PUC certificate on the date of purchase or renewal of the insurance policy. The pollution certificate is mandatory for every vehicle, as it acts as proof that the vehicle complies with the prescribed emission norms.
  • The PUC certificate can be obtained from computerized facilities for checking pollution levels that are available at many petrol pumps and workshops.

How to Apply for a Vehicle Insurance?

With Loan Magic, you can apply for a housing loan in various ways:

  • Visiting our Branch

You can visit your nearest Loan Magic branch to apply for a Health Insurance offline. Our executives there will guide you through the entire process.

  • Through the phone