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Aditya Birla Capital LimitedAditya Birla Capital Limited (“ABCL”) is a listed systemically important non-deposit taking Non-Banking Financial Company (NBFC) and the holding company of the financial services businesses. ABCL and its subsidiaries/JVs provides a comprehensive suite of financial solutions across Loans, Investments, Insurance, and Payments to serve the diverse needs of customers across their lifecycles. Powered by over 61,600 employees, the businesses of ABCL have a nationwide reach with over 1,690 branches and more than 200,000 agents/channel partners along with several bank partners.
Nationwide Branches
1,690
No. of Employees
61,600+
Agents/Channel Partners
2,00,000+
Aggregate Assets
INR 5.53 Lakh Cr
Consolidated Lending Book
INR 1.65 Lakh CrCorporate Governance Policies
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Experience ConseQuest- A game where your decisions drive your future.
Motor Insurance
- Own-damage and third party coverage
- Range of add-ons for coverage enhancement
- Easy digital process
Why do you need Motor Insurance?
When driving your vehicle in India, you need a valid insurance policy, just like you need a driving license. Besides the requirement, a motor insurance policy protects your drive against possible mishaps and compensates you for financial losses. So insure your vehicle for a worry-free ride.
Top Benefits
Legal mandate
Third-party insurance coverage is mandatory per the Motor Vehicles Act of 1988. If you have a vehicle, you need to get it insured.
Different plans
Choose from different types of Motor Insurance plans and get customised coverage for your vehicle.
Third-party coverage
Protect your finances against third-party liabilities if your vehicle causes injury, death, or third-party property damage.
Coverage against loss or theft of own vehicle
Get covered for the financial loss if natural or man-made calamities damage your vehicle or if it is stolen.
Compare Our Motor Insurance Products
Different types of Motor Insurance plans have different features and benefits. Have a look at their comparative analysis.
| All Motor Insurance plans | Own damage Motor Insurance | Third-party Motor Insurance | Comprehensive Motor Insurance |
|---|---|---|---|
| COVERAGE
|
Damage to the vehicle or theft | Third-party liabilities | Own damage + third-party liabilities |
| TENURE
|
1 year | 1 year, 3 years or 5 years | 1 year |
| ADD-ONS
|
Available | Limited add-ons are available | Available |
| PREMIUM
|
Depends on IDV | Set by IRDAI | Depends on IDV + Third-party premium set by IRDAI |
Choose add-ons for extra protection
Get started with Motor Insurance
How to buy?
- Login in to the ABCD App
- Go to the Motor Insurance homepage under the Insurance domain.
- Enter your vehicle number & other relevant vehicle details.
- Compare various car or bike insurance plans from leading insurers.
- Select any suitable add-ons or update your Insured Declared Value as per the requirement.
- Choose the plan that fits your pocket & fulfils your needs.
- Get assistance from our call centre (if required)
- Choose any mode of online payment to pay the premium amount.
- Once the premium is paid, the policy will be instantly issued on the basis of successful KYC.
How to renew?
- Login in to the ABCD App
- Go to the Motor Insurance homepage under the Insurance domain.
- Enter your vehicle number & other relevant vehicle details.
- Compare various car or bike insurance plans from leading insurers.
- Select any suitable add-ons or update your desired Insured Declared Value. Pro tip: Your IDV should be less than 10% less than Previous year policy.
- Choose the plan that fits your pocket & fulfils your needs.
- Get assistance from our call centre (if required)
- Choose any mode of online payment to pay the premium amount.
- Once Payment, your vehicle policy will be instantly renewed.
How to claim?
- Inform about the damage to the Insurance company on their toll-free number or email.
- Fill & submit the claim form along with the required documents
- Take an estimate of the repair of the damaged vehicle.
- The insurance company will send a surveyor to prepare a report of the damaged vehicle.
- Based on the surveyor’s report, your vehicle will be sent to the network garage for repairs.
- Submit the repair invoice, payment receipt & other requested documents
- If all the documents are in place, your vehicle will get repaired in the insurer’s network garage and you get a cashless claim.
- In case of reimbursement, pay the garage for the repairs & the amount will be reimbursed
Customer Satisfaction Stories
Hear from our customers what they have to say about their experience.
Aditya Birla Sun Life Insurance Customer
Due to seamless branch support and timely communication from ABSLI, my maturity payout process was quite smooth.
Aditya Birla Sun Life Insurance Customer
Haryana, India
Aditya Birla Sun Life Insurance Customer
Entire surrender process was quite smooth with timely documentation and payout. Great experience!
Aditya Birla Sun Life Insurance Customer
Gujarat, India
ABCD - One app for all your insurance needs
Secure your vehicle against loss, damages and third-party liabilities. Buy motor insurance plans in a few steps with the ABCD app.
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Choice of plans for both bikes and cars -
Simple online process to buy and renew motor insurance
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One-click premium payments and instant policy issuance
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Understanding Motor Insurance
What is Motor Insurance?
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Motor Insurance is an insurance policy for vehicles. It covers the damages that the vehicle might suffer and compensates for the financial loss.
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Motor Insurance also covers damages caused by the vehicle to third parties and pays the underlying financial liability on your behalf.
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Every vehicle is mandated to have a Motor Insurance policy to run on Indian roads legally.
What are the features of Motor Insurance?
- Comes in different variants such a third-party insurance, comprehensive insurance, standalone OD insurance, with a variety of add-on covers as well.
- Different plans for cars and bikes, coverage depends upon the age, make, condition, etc. of the vehicle.
- Coverage tenure is usually one year, but can also be purchased for a longer term.
- Covers unlimited liability for third party deaths.
- Offers cashless and reimbursement claims for hospitals in case of accidents and injuries involving any covered party.
What is covered and what is excluded in Motor Insurance?
Coverage
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Third party bodily injury or death
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Third party property damage
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Damage to the vehicle due to man-made causes
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Damage to the vehicle due to natural disasters
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Accidental death or disability suffered by the owner/driver
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Theft of the vehicle
Exclusion
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Deliberate accidents
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Driving under the influence of alcohol or drugs
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Driving without a valid licence
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Driving outside India’s borders
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Criminal acts
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Consequential loss
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Depreciation and normal wear and tear
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Mechanical and electrical breakdown
Common Motor Insurance terminologies
IDV
Stands for Insured Declared Value. It represents the vehicle’s value after factoring in age-based depreciation.
Compulsory deductible
The part of claim which is compulsorily borne by the policyholder while the insurer pays the rest.
Voluntary deductible
The part of claim which you voluntarily undertake to pay from your pockets over and above the compulsory deductible
Add-ons
Optional coverage features that enhance the scope of the policy and are available at an additional premium
No Claim Bonus (NCB)
Premium discount allowed on renewals for not making claims in the previous policy years.
What factors affect the Motor Insurance premium?
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Type of policy
comprehensive plans charge a higher premium than third-party plans.
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IDV
Higher the IDV, higher the premium
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Engine
Petrol and diesel engines have different impacts on premium
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Add-ons
Add-on covers come with an extra cost.
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Age of the vehicle
Older the vehicle, lower the premium
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Registration location
Vehicles in metros attract higher premiums
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Claim history
Premiums are higher if claims have been made in past years
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Make, model and variant
It determines the vehicle’s value which affect the premium
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Available discounts
discounts reduce the overall premium
How is the IDV calculated under Motor Insurance plans?
IDV is calculated by the following formula
IDV = (manufacturing company’s listed selling price - depreciated value) + (value of vehicle accessories - depreciation of accessories)
Depreciation is determined as follows
|
Age of the vehicle |
Depreciation rate |
|
Less than 6 months |
5% |
|
More than 6 months but less than a year |
15% |
|
More than a year but less than 2 years |
20% |
|
More than 2 years but less than 3 years |
30% |
|
More than 3 years but less than 4 years |
40% |
|
More than 4 years but less than 5 years |
50% |
|
More than 5 years |
Agreed mutually between the policyholder and insurance company |
How much No Claim Bonus is available under Motor Insurance plans?
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After one claim-free year - 20%
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After two successive claim-free years - 25%
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After three successive claim-free years - 35%
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After four successive claim-free years - 45%
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After five successive claim-free years - 50%
FAQs on Motor Insurance
Your Motor Insurance coverage is usually effective for 12 months from the commencement date (or as indicated on your policy schedule). However, third party coverage for new vehicles is for 3 and 5 years for car and bike respectively.
The vehicle's insurance covers it, as liability follows the vehicle. So, if someone else is driving with your permission, your bike/car insurance applies.
Yes, if you sell your car or bike, you can transfer the insurance to the buyer. The new owner needs to apply for the transfer within 14 days of getting the vehicle in their name. They'll also need to pay the premium for the remaining policy period.
NCB stands for No Claim Bonus. It's a reward for vehicle owners who haven't made any claims in the previous policy year. You can accumulate it over time. If you have not made a claim in the previous policy year, you get a discount of 20-50% on the own damage premium for your vehicle.
Yes, according to the Motor Vehicle Act, every vehicle on the road must be insured, at least with a liability only policy.
Yes, you can cancel the policy, but only after making sure the vehicle is insured for at least third party (liability only) coverage from the same or another insurer.
Yes, it's important to inform about changes in the engine or chassis number immediately. Provide a copy of the vehicle registration along with the original policy for the necessary correction and issuance of an updated insurance certificate.
The Insured’s Declared Value (IDV) is the total insurance coverage for the vehicle, set at the start of each policy period. It includes the value of side cars and any additional accessories not in the manufacturer’s listed selling price.
It is a document that proves you have a valid insurance policy, and it's required by the Motor Vehicles Act.
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Private vehicle insurance: Covers you and your vehicle financially from personal injury, accidents, theft, and other threats
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Commercial vehicle insurance: Useful for all vehicles not used for personal purposes including trucks, buses, taxis, and other vehicles
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Proof of Identity (Passport/ driving licence/ Aadhaar/ PAN Card/ government-issued photo ID)
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Proof of Address (Passport/ driver’s licence /Bank or post office passbook / government-issued Photo ID
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Recent passport-size photo
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Driving licence
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Vehicle Registration Certificate
A motor insurance policy is usually issued for a year, after which you have to renew it.
The premium for your vehicle will depend on
● Type of policy - comprehensive plans charge a higher premium than third-party plans
● Age of the vehicle - Older the vehicle, lower the premium
● Registration location - Vehicles in metros attract higher premiums
● Claim history - Premiums are higher if claims have been made in past years
● Make, model and variant - It determines the vehicle’s value which affect the premium
● Available discounts - discounts reduce the overall premium
● Engine: Petrol and diesel engines have different impacts on premium.
● Add-ons: Add-on covers come with an extra cost.
You should renew your vehicle insurance every year as it is required by law to have the vehicle you are driving insured.
You are advised to buy a new policy immediately, as you can not legally drive on Indian roads with an uninsured vehicle. The best practice is to renew it before expiry. In case of policy expiration, the vehicle will have to undergo and inspection before a new policy is sanctioned.
Yes, it is required by law to have a minimum of a third-party vehicle insurance.
While buying vehicle insurance, you need to consider factors such as coverage, add-ons, personal accident cover, claim process, IDV, network garages, NCB, depreciation cover, policy document, and premiums.