Vehicle Insurance
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Assured extensive protection against accidental damages and other incidents makes Vehicle Insurance a necessity.

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While owning a vehicle is most people’s dream, it takes years of hard work to be able to do so. The damages can be immense if an unfortunate incident occurs. This is where Vehicle Insurance comes in handy.

What is a Vehicle Insurance
Policy?

The damages to the vehicles can be immense if any unfortunate incident occurs. To protect against accidents, we have a Vehicle Insurance policy. Vehicle insurance is like any other insurance, except with other insurances the choice is ours; in this case, it is mandatory to have at least an active third party insurance cover.

The Government decided to make it mandatory for the betterment and security of society. Policies provide extensive coverage to both two and four-wheelers, depending on the type of vehicle one has and opts to insure. There are three types of Vehicle Insurance policies, Third-party, Comprehensive and Own Damage Insurance policies.
Under Third-party insurance, only the damages/losses caused to a third-party person or property are covered as a part of the plan. On the other hand, Comprehensive insurance offers complete coverage by covering not only third-party liabilities but also losses/damages to your vehicle like loss due to an accident, fire, natural calamity, or even theft of the vehicle. In case you have an active third party cover and want to protect your own vehicle from damages too, you can opt for an Own Damage cover. One can also opt for a Compulsory Personal Accident cover in case you don’t have one. It compensates the insured owner-driver up to a sum of Rs 15 lac in case of death or permanent disabilities to the insured due to an accident involving an insured vehicle.

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Why is a Vehicle Insurance Policy Important?

Owning a vehicle in today's times has become a need more than a luxury. People prefer to travel long-distance or for any other requirement in the comfort of their cars instead of other means of transport. At the same time, it is crucial to have a Vehicle Insurance policy in place by securing car insurance or bike insurance for owned vehicles.

When one sits down to analyse their needs and requirements, they understand a lot more about the Vehicle Insurance policy they could opt for. Due to the growing market, several insurance companies provide the best of services and plans. Vehicle insurance policies not only cover damages to one's vehicle but also losses covered to anyone getting injured (third-party) in any sort of mishap or accident.

One may be a fantastic driver, but unforeseen circumstances are not in our control, for which we need to be prepared in advance. Customers tend to be ignorant towards Vehicle Insurance due to the rising premium rates. However, it guarantees to be a valuable and essential investment if we look at it from a long-term perspective.

In the end, the Vehicle Insurance policy should match the size of the pocket and not burn a hole in it or be a burden on the existing expenses of any individual. With maximum coverage and ideal exclusions, a decent vehicle insurance policy proves to be quite effective during times of need. It will cover the costs of damage and relieve the insured from financial stress.

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Benefits of Buying Vehicle Insurance Online

Since insurance policies are offered both online and offline, there are several benefits to buying a policy via the online method. Let us look at the pros of online buying as compared to an offline mode:

Minimal Documentation

Minimal Documentation

Less paperwork or zero documentation is one of the best offerings in online Vehicle Insurance. The documents required to fulfil the criteria are submitted online, and the proposal form is also filled digitally. Once it is approved, the policy document is sent over to the insured in soft copy form at the registered email ID.

No Requirement of an Insurance Agent

No Requirement of an Insurance Agent

We make it easy for you to understand the details of your policy, what it covers and what it does not cover, which ultimately eliminates the need for an insurance agent.

Instant Policy Issuance

Instant Policy Issuance

It is only a matter of minutes after you have made your choice for your insurance policy to be issued. Individuals do not have to wait endlessly for days to get the policy approval. As compared to offline mode, it generally takes days for the policy documents to be issued.

Online Comparison

Online Comparison

This benefit stands out between online mode vs. offline mode. Policy seekers are able to compare and analyse several policies of different companies on their own. This enables them to understand where they can derive maximum benefits. The comparable points that generally get checked are – coverage, features, and premium rate.

Minimal Documentation

Less paperwork or zero documentation is one of the best offerings in online Vehicle Insurance. The documents required to fulfil the criteria are submitted online, and the proposal form is also filled digitally. Once it is approved, the policy document is sent over to the insured in soft copy form at the registered email ID.

No Requirement of an Insurance Agent

We make it easy for you to understand the details of your policy, what it covers and what it does not cover, which ultimately eliminates the need for an insurance agent.

Instant Policy Issuance

It is only a matter of minutes after you have made your choice for your insurance policy to be issued. Individuals do not have to wait endlessly for days to get the policy approval. As compared to offline mode, it generally takes days for the policy documents to be issued.

Online Comparison

This benefit stands out between online mode vs. offline mode. Policy seekers are able to compare and analyse several policies of different companies on their own. This enables them to understand where they can derive maximum benefits. The comparable points that generally get checked are – coverage, features, and premium rate.

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​​What is Covered in Vehicle Insurance?

It is duly necessary to check and verify the kind of coverage provided by the insurance company before proceeding to make any final commitment. Under any policy, one should check for the most apparent and mandatory inclusions. Some are categorised under:

Third-Party Cover

Covers legal liabilities

Covers legal liabilities

In the unfortunate event that an accident leads to the death of a person, the policy will cover the legal liabilities arising out of the same and compensate the family of the deceased as per the Court’s judgement.

Damages to third party

Damages to third party

Covers damages to a third party property up to a sum of INR 7.5 lakhs. It also includes damages to a third party vehicle.

Treatment of injuries

Treatment of injuries

Covers the cost of treatment of injuries to a third party in case of an accident.

Comprehensive Policy

Unforeseen Circumstances

Unforeseen Circumstances

We often come across unexpected severe circumstances that could turn our lives around. Some unforeseen situations could be natural calamities like tsunamis, earthquakes, floods, etc.; Vehicle Insurance policies also cover damages to your vehicle due to riots, strikes, explosions, damage caused due to fire, etc and even theft.

Repairs of vehicles

Repairs of vehicles

When your vehicle gets damaged due to an accident, this policy covers for repairs of your vehicle.

​​What is Not Covered in Vehicle Insurance?

With Insurance, it is the exclusions that one has to be careful about. The common exclusions are given below:

Illegal Driving

Illegal Driving

If one is found driving without a valid driver's license, violating traffic rules, if the driver is underage, if they are not a legal citizen of the country or if the insured or any other person with the consent of the insured is found driving the vehicle under the influence of alcohol/drugs, then the damages arising out of an accident are not covered by the insurance policy and responsibility for all damages occurring out of it is of the owner.

Consequential Damages

Consequential Damages

If there is any compulsive decision after knowing a possible severity, it is not covered. For e.g., if the engine oil is leaking and the driver chooses to go on with the ride, thereby failing the gearbox, it is consequential damage. This would not be covered in the policy. Cases of violation of the vehicle manufacturer’s guidelines for use of the vehicle are also not covered.

Commercial Use

Commercial Use

As your vehicle is registered for personal use, the cover will not be valid if the vehicle is found to be used for commercial activities. Claims arising from contractual liabilities (insured pledging their vehicle on loan) are also not covered if the vehicle is not being driven by the insured at the time of the accident.

Expiration/Lapse of Policy

Expiration/Lapse of Policy

Any damages/liability arising after the expiration of the policy will not be covered by the company. Renewal of the Vehicle Insurance policy is a mandatory criterion before applying for any claims whatsoever.

Damages due to nuclear activities

Damages due to nuclear activities

Any damage to the vehicle due to war, nuclear radiation/ weapons, rebellions or invasions are not covered.

Criminal Activities

Criminal Activities

If there is any chance that the vehicle is involved in any kind of heinous crimes like murder, staged accidents, or theft, then one cannot avail insurance benefits.

Why use the PhonePe App for Buying Vehicle Insurance Policy?

PhonePe, apart from providing services in digital wallets, UPI payments, mutual funds, introduced insurance products with the aim of providing a one stop solution to the customer for their financial needs.

The affordable prices coupled with the multitude of options

Enhanced coverage for their vehicle with value added services such as engine protection, zero depreciation, etc.

Bike Insurance plans start at just INR 538/yr* and Car insurance starts from INR 2094/yr^.

A policy can be issued in less than two minutes.

*TP Price for less than 75CC two-wheelers. All savings are provided by insurers as per IRDAI approved insurance plans. Standard T&C apply.
^TP Price for less than 1000CC cars. All savings are provided by insurers as per IRDAI approved insurance plans. Standard T&C apply.

Buying Vehicle Insurance on PhonePe

To buy the vehicle insurance policy on the PhonePe App, follow the steps below.

STEP 1/4
  1. 1. Select Insurance Options

    Select the Insurance tab and choose a Motor Insurance type

  2. 2. Enter details

    Enter your car number and proceed

  3. 3. Select the Plan & fill other details

    Choose your desired plan & Provide owner and car details next

  4. 4. Buy Plan

    Review & Buy

STEP 1/4

1. Select Insurance Options

Select the Insurance tab and choose a Motor Insurance type

Got questions?
Read on to find out more!

Is Vehicle Insurance mandatory in India?
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What is a No Claim Bonus in a Vehicle Insurance policy?
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What is third-party Vehicle Insurance?
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Can I claim Vehicle Insurance if I damage my vehicle?
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Can the Insurance Company deny your claim?
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What are the key benefits of Vehicle Insurance?
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PhonePe Insurance Broking Services Private Limited. IRDAI Direct Broker (Life & General)
Reg. 766 and Broker Registration Code IRDA/DB 822/20 Valid till 10/08/2024.

Regd. office - Office-2, Floor 4,5,6,7, Wing A, Block A,Salarpuria Softzone, Service Road,
Green Glen Layout, Bellandur, Bengaluru, Karnataka-KA, Pin- 560103

CIN: U66000KA2020FTC132814

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