Microtap - Microtap Insurance broking india limited

Microtap Best Insurance Products

Motor insurance in India is a legal requirement for vehicle owners and offers financial protection against various risks. Here’s a breakdown of the key aspects:

Third-Party Liability Insurance

Legal Requirement: This is the minimum coverage required by law in India. It covers damages to third parties (other people or their property) if you're at fault in an accident.

Coverage: It includes coverage for bodily injury or death to third parties and property damage caused to others. However, it does not extend to damage sustained by your own vehicle or any injuries you may incur

Comprehensive Insurance

Coverage:This provides broader protection compared to third-party insurance. It covers:

Own Damage: Repairs or replacement costs for your own vehicle if damaged or stolen.

Third-Party Liability: As described above.

Additional Coverage: Repairs or replacement costs for your own vehicle if damaged or stolen.

Standalone Own Damage Cover

This policy covers only the damage to your own vehicle, not third-party liabilities. It's useful if you already have a third-party policy and want additional protection for your vehicle.

This policy provides coverage exclusively for damage to your own vehicle and does not include protection for third-party liabilities. It is beneficial if you already have a third-party policy and seek extra protection for your own vehicle.

Premiums

The cost of insurance varies based on the type of coverage, vehicle make/model, age, and location. Comprehensive policies are generally more expensive than third-party policies.

No Claim Bonus (NCB)

If you don’t make any claims during a policy year, you can earn a discount on your premium for the next policy period. This discount can increase with each claim-free year.

Add-Ons

You can enhance your coverage with add-ons like:

Zero Depreciation Cover: : Covers the full value of parts without depreciation.
Engine and Gearbox Protection: Covers damage to the engine and gearbox.
Roadside Assistance: Provides help in case of breakdowns or emergencies.

Claim Process

To make a claim, you need to report the incident to your insurer, provide necessary documents (like FIR, repair bills, etc.), and follow their process for inspection and settlement.

Regulatory Body:

Insurance Regulatory and Development Authority of India (IRDAI): This body regulates motor insurance policies and ensures that insurance providers adhere to guidelines and standards.

Recent Trends:

Telematics-Based Insurance: Some insurers are offering policies that use telematics (tracking your driving behavior) to determine premiums, rewarding safe driving with lower rates.

Digital Platforms: Many insurers now offer online policy purchases, renewals, and claims processes, making it easier for customers to manage their insurance needs.

Understanding these aspects can help you choose the right motor insurance policy based on your needs and preferences. If you have any specific questions or need advice on choosing a policy, feel free to ask or mail at motor@microtap.in !

Our Products

Download

How Can We Help

Find out how we can help with tailored insurance solutions for your needs, offering peace of mind and financial protection. Contact us today for expert support and guidance.