
Motor Insurance


The overall insurance premium for this segment has been growing at between 17-20% for the past 2 years and will continue to maintain this momentum in the future years, given that Long Term policies have been approved recently by IRDA. As per a recent global study, the Motor Insurance premium is likely to double to around Rs.115,000 crores by 2025. Motor TP premium constitutes 56% of the overall Motor Insurance GPW and Own Damage Premium 44%.

In India, as per the IRDA business data, Motor Insurance GPW is at Rs.59,246 crores for 2017-18, which represents 70% of the Retail lines of business overall. But as a % of the overall General Insurance premium, the Motor premium represents around 39% in terms of GPW. This premium is for both Own Damage and Third Party premium.
What is the Basis of Arriving at Sum Insured for your Motor Policy?
The Sum Insured under a Motor Insurance policy reflects the value of the motor vehicle determined based on the concept known as Insured’s Declared Value. Insured’s Declared Value is the value arrived at based on the Manufacturer’s present value and depreciation based on the Age of the Vehicle.
For Third Party:
Coverage is as per requirements of the Motor Vehicles Act, 1988 . Compulsory Personal accident cover for owner-driver is also included.
Motor Insurance Products
TATA AIG
Coverage for Partial Loss & total loss arising out of accident, Fire & allied perils and theft.
Bajaj Allianz
Coverage for Partial Loss & total loss arising out of accident, Fire & allied perils and theft.
IFFCO Tokio
IFFCO Tokio offers the best car insurance policy to protect cars from every possible risk.
Universal Sompo
Universal Sompo offers the best motor insurance policy to protect vehicles from every possible risk.