What Is Motor Insurance?

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When it comes to driving any vehicle, be it a two-wheeler, four-wheeler or any other type, always remember that safety and security is paramount. Among the number of insurance policies available, one that stands out is the Motor Insurance.

Today we will into the essence of Motor Insurance, explore its benefits, types, application process, and additional coverages it offers.

What is Motor Insurance?

Motor Insurance is not just another policy; it is a shield against financial losses stemming from theft, accidents, or damages sustained by your vehicle. It extends its protective reach to cover damages for third parties as well. Whether you own a sleek car or a sturdy two-wheeler, Motor Insurance steps in as your safety net on the road.

What Is The Benefit Of Taking A Motor Insurance?

Imagine cruising down the highway with peace of mind, knowing that your vehicle and your financial interests are safeguarded. That's the beauty of Motor Insurance. From covering third-party liabilities to compensating for damages to your vehicle, it ensures a smooth ride even in the face of adversity.

How to Apply for Motor Insurance on Muthoot FinCorp ONE App?

Convenience is key. Applying for Motor Insurance is no exception. With Muthoot FinCorp ONE app, the process of Motor Insurance application is a breeze. All you have to do is simply download the app, navigate to the Motor Insurance section, fill in the necessary details, and your journey to comprehensive coverage begins right away.

Types of Motor Insurance

Motor Insurance isn't a one-size-fits-all solution. It comes in various forms tailored to meet different needs:

  • Two-wheeler insurance

  • Car insurance (for private cars)

  • Insurance for commercial vehicles

  • Miscellaneous vehicles coverage (tractors, trailers, ambulances, etc.)

Understanding Policy Types - Motor Insurance policies typically fall into two categories:

  • Package Insurance (Comprehensive Insurance Policy): This comprehensive policy not only covers third-party liabilities but also provides personal accident coverage for the owner. It even rewards safe driving with a No Claim Bonus, offering discounts upon policy renewal.

  • Liability Only Policy (Third-party Liability Insurance): Mandatory by law, this policy shields you against legal liabilities arising from injuries or damages to third parties caused by your vehicle. However, it doesn't cover damages to your vehicle or injuries to you or your passengers.

Purchasing Motor Insurance Comes With Its Dos And Don'ts:

  • Abide by traffic rules and drive safely.

  • Renew your policy on time to retain No Claim Bonus (NCB) benefits.

  • Inform the insurer about any changes in vehicle or personal details promptly.

  • Never drive under the influence or use a mobile phone while driving.

  • Avoid handing over your vehicle to unknown persons and always keep your keys secure.

Lastly, enhance your Motor Insurance with add-ons like Nil Depreciation Coverage, Return to Invoice Cover, Loss of Personal Belongings Cover, Key Replacement Cover, and Roadside Assistance. These additional layers of protection ensure comprehensive coverage tailored to your needs.

Motor Insurance isn't just a legal requirement; it is a wise investment in your safety and financial security. With the right coverage and precautions, you can navigate the roads with confidence, knowing that you're well-protected against unforeseen circumstances.

About Muthoot FinCorp ONE

Muthoot FinCorp ONE is an all-in-one digital financial platform that makes getting an MSME & a Gold Loan, investing in Digital gold & NCDs, making payments & remittances, buying insurance & exchanging forex, simple and convenient.

As an SBU of Muthoot FinCorp Limited, Muthoot FinCorp ONE is backed by a legacy stretching back over 135 years, and the trust of more than 1 crore customers and is building a holistic financial ecosystem using the latest digital products for lending, investing, protection and payments.

Muthoot FinCorp ONE continues to uphold the values of the parent, the Muthoot Pappachan Group (Muthoot Blue) by providing its customers with easily accessible services, replete with unmistakable quality. The Muthoot Pappachan Group is among India’s most reputed names in the financial services industry, with customers in diverse segments like Automotive industry, Financial Services, Hospitality, Alternate Energy, Real Estate, and Precious Metals.

So what are you waiting for? Head to the Play Store and download the Muthoot FinCorp ONE app. You can also visit the website today to know more.

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