About Motor Insurance

Just like any other prices asset, our vehicle is also one of the most desirable things. We do everything to keep our vehicles in good shape, right from keeping them clean to getting the timely servicing done! Then what about their security? This is when you need a vehicle insurance! Motor insurance is a financial cover that protects you and your vehicle in case of accidents, theft, or loss incurred due to man-made and natural calamities, but it should not feel like an upkeep formality that you buy for your vehicle. While third-party motor insurance is made mandatory as per the Motor Vehicles Act of 1988, it is also very important that the policy needs to fulfil all your motor insurance-related requirements. Just like you try to buy the best vehicle in the market, why not do the same when buying motor insurance? Be it a new or used vehicle, having a motor insurance plan that safeguards your precious possession is a must. Your insurance provider must not only be trustworthy but also need to provide maximum benefits at affordable premiums. To fulfil your needs for a good motor insurance policy, Finserv MARKETS presents to you, extensive motor insurance plans. With benefit like 24x7 assistance, quick claim settlement, cashless facility across network garages, and more, you need not worry about those uncertain vehicle damages.

Reasons to buy Motor Insurance

Why Do You Need Motor Insurance

  • Increase in Road Accidents

    4,80,652 road accidents occurred in 2016 resulting in much damage and loss. With 1214 road crashes occurring every day in India, having motor insurance is important. With a coverage for damages caused to your vehicle during such mishaps, you can rest assured!

  • Damage Control

    Repairing your vehicle could be costly. Imagine having to replace your windscreen or giving your vehicle a fresh coat of paint because of someone else's carelessness! Having motor insurance in place is important as it helps you deal with such cases thereby saving your hard-earned money.

  • Third-Party Liability Insurance Coverage

    Motor insurance covering third-party liability is mandatory in India. With third-party liabilities covers you need not look elsewhere!

  • Protection against Natural Calamities

    India is found extremely vulnerable to climate disasters where India was ranked fourteenth in the Global Climate Risk Index 2019. Natural calamities don’t just affect lives but also cause major damage to properties. With motor insurance plans covering your vehicle against damages caused by earthquakes, floods, cyclones and other such natural disasters, recovery is easy!

  • Protection against Man-made Disasters

    As of 2017, the percentage of riots and man-made disasters in India has risen by 28%. But you need not worry! With motor insurance plans on Finserv MARKETS, enjoy an extensive list of coverage options that protect your vehicle against acts of vandalism.

Types of Vehicle Insurance Plans at Finserv MARKETS

On Finserv MARKETS you can get yourself complete financial security for your bike and car with the two types of motor insurance–

Car Insurance

Four-Wheeler Insurance

Given the increasing traffic conditions in India, you must safeguard your car with appropriate insurance. The comprehensive car insurance plans available on Finserv MARKETS make for a great choice as they

provide extensive coverage to you and your vehicle. Enjoy an umbrella of benefits that include coverage for road accidents and damages caused by natural calamities or man-made disasters and more.

Two Wheeler Insurance

Two-Wheeler Insurance

Road safety is a rising concern for everyone. You cannot control how other people ride their vehicles, and an unfortunate event can take place at anytime, anywhere. In such a situation, you need comprehensive

two-wheeler insurance that protects you in case of accidents, theft, and man-made or natural disasters. Bike insurance available on Finserv MARKETS offers a bouquet of benefits and also offers customization through add-on covers.

What are the Different Types of Motor Insurance Policies?

When it comes to picking the right insurance plan, it is vital to understand the keep a check on your needs and what you require the coverage for. Going through the features and benefits of the plan further help make a well-informed decision, when it comes to selecting the plan. Broadly, motor insurance plans are of two types:

  • Third Party Motor Insurance
  • Comprehensive Motor Insurance

Third-party Motor Insurance

A third-party motor insurance is the most basic policy offered, which takes care of the third-party damages incurred due to your vehicle, when in an accident. The plan not just covers the third-party vehicle damage, but also takes care of the treatment cost of injuries caused to a third-party. As the third-party motor insurance is made mandatory as per law, the plan has gained major significance.

Comprehensive Motor Insurance

Along with third-party liabilities and damages, the comprehensive plan offers 360-degree coverage with cover of own damage too. This means, any damage incurred to third-party as well as your vehicle or any bodily injuries incurred when your vehicle is involved in an accident is covered under your plan. When it comes to comprehensive vs third party insurance, comprehensive is a bit more expensive than a third-party cover, however, a comprehensive plan is the most recommended one for its all-round protection.

How to Compare and Choose the Right Motor Insurance Policy?

While comparing motor insurance plans, it is best to choose the plan by keeping the following things in mind:

  • Type of Coverage

The motor insurance should be chosen by keeping in mind the type of coverage you get. As per your need, select from third-party or comprehensive coverage, so you get better value for money.

  • Claim settlement Ratio

Assess the claim settlement ratio of the insurer to understand the capability of settling claims, to be sure of being majorly covered against damages.

  • Features & Benefits

While making a motor insurance purchase it is vital to read about the features of the product and the benefits offered by the plan.

  • Budget

While you do so, don’t forget to keep a check on the plan that best fits your budget.

Key Things to Consider When Buying Vehicle Insurance

Buy Vehicle Insurance Online
  • What is the Claim Settlement Ratio of the insurance provider?

    Claim settlement ratio (CSR) indicates how many claims a company has settled against the number of claims received. Higher the CSR, better the efficiency. With one of the highest claim-settlement ratios of and efficient & quick claims handling Motor Insurance plans on Finserv MARKETS are the right choice.

  • Does the insurance provider offer No Claim Bonus (NCB)?

    This is an important factor when it comes to calculating your motor insurance premium. NCB is linked to the policyholder and not the vehicle insured nor the insurance provider. If you have not made any claim and decide to renew your policy with a new insurance provider, you should be eligible for NCB. Motor insurance plans on Finserv MARKETS offer NCB benefit of up to 50%!

  • What constitutes a good motor insurance policy?

    Knowing what's covered in your policy and what's excluded will help determine your motor insurance provider. Also, knowing what comes as an 'add-on' is equally important. We offer extensive benefits that includes coverage for damages caused to your vehicle due to natural calamities, man-made disasters and more.

Why Choose Finserv MARKETS for Vehicle Insurance

Trusted Companion

With 100 million+ customers across India that trust us and the services we provide, you should try us too!

Quick Claim Settlement

With our motor insurance plans that come with quick claim settlement prompt support, you can leave your vehicle damage worries to us!

Round-the-clock Assistance

Get help no matter where you are with our call centre that functions round-the-clock.

Cashless Claims

Avail cashless claims at network garages across India, you need not worry about cash, when in an emergency.

Minimal Documentation

With no tedious paperwork, you can get your vehicle the security it needs through a completely online process!

Inclusions & Exclusions of Motor Insurance

1. Comprehensive Motor Insurance – Inclusions

The things covered under your comprehensive motor insurance are as follows –

  • Accidental Damage

  • Third-party liability

  • Damage caused due to riot and strikes

  • Damage or Loss due to Fire and theft

  • Damage caused due to Flood, earthquake, landslides, storm, cyclone, etc.

2. Comprehensive Motor Insurance – Exclusions

Every policy has its limitations. Things that are not covered under motor insurance are as follows –

  • War-like situations

  • Riding/driving with invalid driver’s license

  • Damage caused when you are under the influence of intoxicants

  • When the vehicle is used for illegal activities

  • When the vehicle is damaged outside the stated geographical area

  • Normal wear and tear of the motor components

What are the Factors Affecting Your Motor Insurance Premium

Vehicle Age

Your vehicle’s age is a crucial determinant as the insurer uses this information to decide the Insured Declared Value that determines the amount you can claim against your policy

Geographic Location

The area you reside in also a key factor as the localities with greater risk of incidents like an act of vandalism are charged with higher premium

Type of Coverage

The plan you pick determines the coverage you get as well as the premium amount you pay against this plan

Type of Engine

Typically, higher the engine capacity, higher is the premium, thereby making it a key determinant

Add-on Covers

While add-on covers enhance your protection against damages, you need to pay a little extra on your premium, making it a key factor affection your premium

How to Buy Vehicle Insurance Online

Buying motor insurance at Finserv MARKETS is simpler than you think! Just follow these five simple steps.

  1. Choose the kind of coverage you need

  2. Fill the application form – personal details and vehicle details

  3. The insurer will assess your application, and the documents will be verified

  4. Pay your premium amount online

  5. Motor insurance will be issued to you in no time

How to Renew Vehicle Insurance Online

Much like buying motor insurance online, renewing it at Finserv MARKETS is quick and simple too!

  1. Visit us at Finserv MARKETS online

  2. Enter the previous policy details

  3. Enter personal and vehicle details

  4. Pay the premium amount online

The renewed policy will be issued to you immediately, and you can reap its benefits

Motor Insurance Claim Settlement Process

Filing claims was never so easy. Just follow these steps and you're done!

  • 1

    Register your claim online

  • 2

    Upload documents online

  • 3

    Claim Assessment

  • 4

    Claim Decision

For information on motor insurance policy process, refer to the 'Process' section below.

  • Process
  • Download
  • Contact
  • Register a Claim
  • Documents Required
  • Vehicle Repair
  • Claim Settlement
  • Register a claim

    You would need to register a claim as soon as possible following the accident/theft of your car. You can do this online by visiting the page here or over the phone by dialing our Toll free number - 1800-209-5858, post which you will be connected to our customer care executive who will guide you through the entire Car Insurance claim process. Use the link below to inform your insurer and register your claim.

  • Documents required

    Please keep the following information handy while registering a claim:

    • Engine and Chassis Number
    • Accident date and time
    • Description and location of the accident
    • Car inspection address
    • Km. reading
    • Police complaint, in case of theft

    Please note that in case of theft, you would need to file a police complaint as soon as possible, so that when you are registering a claim with us you are able to produce the same, along with the other documents.

  • Vehicle Repair

    Whether your car is vandalized, meets with a collision, or gets damaged by some peril, you would need to take it to the garage, if it is in a movable condition, or have it towed there to avoid any further damage.

  • Claim Settlement

    You will have to submit the copies of all the required documents to the garage/dealer who is helping you with your Vehicle Insurance claim and get them verified with the originals. Following which, we will make the payment for the repair directly to the network garage once it is ready to be sent back to you. Do note that you will have to pay the excess amount according to the norms mentioned in your policy that include depreciation amount, salvage etc. which will be informed to you by our surveyor.

  • Motor Insurance Document Checklist
  • Motor Insurance Claim Forms

Line to redirect customers to links category.

  • Document Checklist
  • Motor Insurance Claim Form
  • Mandate Form For Electronic Transfer of Claim Payments

Need further assistance? Reach out to us on 020-66399444 ( Mon to Sat - 10 am to 6 pm )

Know More about Motor Insurance

Keep your vehicle safe with Motor Insurance which assures you instant policy issuance at affordable premiums. With a vast network of cashless garages across all major cities, Motor Insurance Plans at Finserv MARKETS helps you drive dent-free no matter where the road takes you! Have a look at our range of motor insurance plans across a variety of brands and models you can choose from.

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FAQs on Motor Insurance

  • ✔️Why should I get my vehicle insured?

    You sure have invested a lot of money into buying your dream four-wheeler or two-wheeler, haven’t you? Given the conditions of the roads in India, coupled with traffic congestion and a rise in road mishaps, insurance provides you with the necessary financial coverage against vehicle damage, theft or accidents. Apart from this, motor insurance takes care of any potential damage, injury or unforeseen incident that could affect yourself, your fellow passengers, drivers and pedestrians. This said, do note that Indian road laws make it mandatory for one to have third-party insurance.
  • ✔️I am looking to purchase motor insurance but don’t know if I should go with a third-party insurance plan or a comprehensive insurance plan? Which one do I choose?

    Indian traffic laws make it mandatory for vehicles to have third-party liability insurance in place. As part of this plan, you are only covered against injuries and damages that you may have caused to others. A comprehensive insurance plan on the other hand takes into consideration injuries caused to yourself and as well as others. In other words, this motor insurance plan covers both ‘own damage’ as well as ‘liability’.
  • ✔️How do you work out my motor insurance premium?

    We use our motor insurance calculator to calculate the best online motor insurance premium taking the following factors into consideration:

    1. Vehicle engine cubic capacity,
    2. Vehicle age (how old your two-wheeler/four-wheeler is)
    3. Geographic location/zone
    4. Vehicle model and,
    5. IDV or Insured Declared Value.
  • ✔️What do you mean by ‘No Claim Bonus’ or NCB?

    In simple words, ‘No Claim Bonus’ is a benefit provided to the insured given that he/she has not made any insurance claims under a prior policy period. This accrued benefit gets accumulated over time. With the motor insurance plans on Finserv MARKETS, through NCB, you can get discounts that range from 20-50% on premiums for own damage thus helping you save on motor insurance.

  • ✔️Is there a possibility for me to transfer my NCB from my old vehicle to the new one I just purchased?

    You can, however, the vehicle type and class must be the same. When transferring NCB, please keep the following points in mind:

    1. Transferring of vehicle ownership when you sell your old two-wheeler/four-wheeler is mandatory. Also, for insurance purpose, keep a photocopy of this new entry in your RC book.
    2. Get your insurance company to send you an NCB certificate/holding letter which is valid for a period of 3 years.
    3. Upon purchase of your new vehicle, get NCB transferred to the new policy.
  • ✔️Should my insurance lapse, what should I do?

    Upon lapse of your car/bike insurance policy, you need to produce your vehicle for inspection. Post this, your motor insurance policy will be renewed. However, do keep in mind that if you have NCB in place but fail to renew your motor vehicle insurance policy within 90 days of it lapsing, it will get reduced to zero.

  • ✔️I purchased my vehicle in another city. Is it still possible for me to renew the insurance policy even when am at a different place?

    Sure, you can! With Finserv MARKETS, all you need to do is fill out a new proposal form and follow protocol. This may include vehicle inspection and any other formalities that may surface. You can do this online, anytime and anywhere!

  • ✔️I want to make certain changes to my existing motor insurance policy. How do I get about this?

    Changes made to your motor insurance policy can be made through endorsements (written evidence). Endorsements can be made during the time of policy issuance to incorporate additional covers/benefits like legal liability for the driver of the insured vehicle or impose policy restrictions. The wordings used in such endorsements are directly provided by the insurer. In addition to the above, endorsements can also be used to document changes in name, address, vehicle, etc. You can raise a request for such changes by visiting the ‘Contact Us’ page on the website. Alternatively, you can copy-paste the following link to your device search bar and access the page directly: https://www.bajajfinservmarkets.in/contact-us.html.

  • ✔️Should my vehicle be involved in an accident, when do I inform this to the police?

    Incidents that result in injury to self or a third party, vehicle theft or third-party property damages need to be reported to the police immediately.

  • ✔️What do you mean by cashless claims and non-cashless claims/reimbursement?

    Let us segregate this to understand this better. Cashless Claims: Under this facility, charges related to vehicle repairs are paid to the garage directly from the insurance company. However, to avail this facility, the insured vehicle must be repaired at one of partner/network garages. Non-cashless/reimbursement: Suppose you end up having your vehicle repaired at a garage that is not part of our network, you will have to pay the charges. Post this, you can claim reimbursement for the amount by providing original payment receipts/bills. 

  • ✔️What steps do I take if my vehicle gets stolen?

    First things first, don’t panic. Get a hold of the situation and proceed to report this immediately to the police. Post that, get in touch with us on our Toll-Free Number - 1800-209-5858.

  • ✔️Is it possible to transfer my vehicle insurance to the person who has purchased my vehicle? If yes, how?

    Sure, you can transfer your car insurance policy or bike insurance to the person who purchases your vehicle. However, you need to inform the insurance company in writing about this insurance policy transfer. Post this, you will have to fill in a new proposal form, pay a fee to facilitate the transfer and NCB recovery on a pro-rata basis dated from the day of transfer till the expiry of the policy. You must also make note that this entire process must be recorded/done within 14 days from the transfer date else the insurance company will not be liable to pay any claim for own damage caused to the insured vehicle.

  • ✔️What do you mean by the term ‘Deductible’?

    The term ‘Deductible’ refers to any excess payment/amount over and above the claim payable by the insurance company. This amount ranges from Rs. 50 for two-wheelers to Rs. 500 for cars/four-wheelers/commercial vehicles. The increase in amount depends upon the vehicle carrying capacity. In some cases, the insurance company may charge an additional excess which is calculated basis the age of the vehicle and if there are many claims made for the same.

  • ✔️What do you mean by IDV? How it IDV calculated?

    IDV is the abbreviation for Insured’s Declared Value and refers to the current market value of the vehicle. This refers to the maximum sum assured that is fixed by the insurance company and is only provided in the event of vehicle theft or loss of the vehicle. IDV is calculated basis the selling price listed by the current manufacturer minus the depreciation percentage.
  • ✔️I am looking for ways to reduce the premium on my car and two-wheeler. How do I do this?

    Maintaining a claim-free record results in a No Claim Bonus which helps to reduce your vehicle insurance premium. Upon accumulation of NCB, you can avail of a discount on the Own Damage Premium of your vehicle. In addition to this, if you have an anti-theft device installed in your vehicle and the same has approval of the Automotive Research Association of India, you can avail of a discount of Rs. 500. You can also make use of voluntary excess to reduce your premium. This means you opt to bear the loss of a certain amount from each claim made.

  • ✔️What do you mean by compulsory deductible?

    Let us understand this with an example. Let’s say you have met with an accident and the cost of repairs amounts to Rs. 5000, you will need to pay some of the amount (assuming its Rs 1000). This amount is calculated based on the vehicle carry capacity and is known as compulsory deductible.
  • ✔️What is meant by ‘Personal Accident Cover’?

    Under this provision, you are provided with coverage against Permanent Total Disablement (PTD), Accidental Death, terrorism and any such acts that may arise out of terrorism.
  • ✔️What do you mean by ‘Own Damage’ Premium?

    ‘Own Damage’ or OD Premium entitles the policy holder to make a claim for compensation in the event of damage caused to the vehicle due to earthquakes, fires, etc. One can also claim for compensation in the event of vehicle theft.
  • ✔️In motor insurance terminology, what is meant by ‘Zero Depreciation’ / ‘Nil Depreciation’?

    Also known as ‘zero dep’ or bumper to bumper cover, zero depreciation policy offers complete coverage without factoring in the depreciated value of the vehicle. In simpler words, should your car get damaged due to an accident/collision, with zero depreciation in place, the insurance company will pay the policyholder the entire cost claimed during settlement. This is an add-on feature offered by motor insurance providers and the premiums charged are more than what one would pay for a regular, comprehensive motor insurance policy. At present, we do not offer zero/nil depreciation cover However, with a standard car policy, only 50-100% of the expenses (for replacement of damaged car parts - plastic, fiber and/or metal) is provided by the insurance company. Replacing such parts can be expensive especially when you don't have zero depreciation cover.
  • ✔️How do I get my customer portal user id and password?

    You will receive your customer portal login credentials when the policy is issued. Also, if you happen to forget your password, you need to login to the customer portal (https://www.bajajfinservmarkets.in/cust/#/) using your registered email ID and click on the 'Forget Password' button. We will then send you a link to reset your password.

  • ✔️Is it possible to renew my motor insurance from a different city?

    Given that the entire process is online, yes, you can. However, this is only possible if your insurance policy has not yet expired.
  • ✔️What is third-party liability coverage?

    Third-party liability is a benefit offered by us that covers the following risks - 1. Accidents resulting in the injury/death of the third-party, 2. Damages resulting in damages caused to the third-party, and 3. Any such liability that is a result of the death of the third-party or if the injury that is stated is unlimited.

User Reviews and Testimonials on Our Motor Insurance Policies

User Reviews and Testimonials on Our Motor Insurance Policies

4out of 5

8 reviews

Best vehicle insurance in the market

Once my vehicle insurance policy got expired and inspection was required for motor insurance renewal, the executive arrived the next day and the policy was issued within hours!

A trusted source for two wheeler insurance

Motor insurance online booking experience is very seamless, especially if one is renewing the motor insurance policy it is the most hassle-free process and it got done in few clicks and few minutes.

The insurance plan was customer friendly

I applied for a vehicle insurance and the overall experience was quite commendable. I have recommend motor insurance on Finserv MARKETS to my friends and family members too.

Easy Insurance Process

Executive provided complete information and explained every detail as per my requirement. Portal was simple and easy to use. Way to go Finserv MARKETS!

Got my motor insurance in no time

I availed the Bajaj Allianz motor insurance for my Baleno, through the fast and easy online process of Finserv MARKETS. I must say, the services provided are brilliant!

Best Motor Insurance available!

With affordable premium rates and benefits like 24X7 on-call support, the Motor Insurance is the best policy I have found so far!

Perfect Plan for complete coverage

With the recent increase in penalties for breaking traffic rules & vehicle insurance getting mandatory, I started looking for a comprehensive motor insurance online. I instantly got the Motor Insurance as it seemed a reliable choice with the extensive network garages and great add-on covers available.

Great Platform

When I was looking for motor insurance online, the features and add-on covers with Bajaj Allianz vehicle insurance seemed great. The purchasing process is also very quick and easy. Happy with Finserv MARKETS!