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Motor Insurance - An Overview
Motor insurance is a financial product that offers protection against losses or damages caused to your vehicle due to accidents, theft, natural calamities, or third-party liabilities. It is a mandatory requirement under the Motor Vehicles Act, 1988 for all vehicle owners in India. Whether it is a car, bike, or commercial vehicle, motor insurance ensures financial security and peace of mind on the road.
Fastzeal offers streamlined and comprehensive motor insurance services to help you choose the right plan at the best price. Our platform connects you with top insurers and ensures hassle-free policy issuance and claim support.
Types of Motor Insurance
Fastzeal helps you choose between different types of motor insurance based on your needs:
1. Third-Party Motor Insurance
Mandatory by law, this covers legal liability towards third parties for injury, death, or property damage.
2. Comprehensive Motor Insurance
Offers both own damage and third-party liability coverage, including protection against theft, fire, natural calamities, and accidents.
3. Standalone Own Damage Insurance
For those who already have third-party coverage, this policy covers damage to your own vehicle.
4. Commercial Vehicle Insurance
Specialized insurance for commercial use vehicles like trucks, taxis, delivery vans, etc.
5. Two-Wheeler Insurance
Customized plans for scooters and motorcycles with affordable premiums and extensive coverage.
Advantages of Motor insurance
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Legal Compliance: Motor insurance ensures you are legally allowed to drive on Indian roads.
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Financial Protection: Covers damage repair or replacement costs in case of accidents, theft, or natural disasters.
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Third-Party Liability Cover: Protects you from legal and financial liabilities arising from injury or damage to third parties.
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Personal Accident Cover: Provides compensation for death or disability of the owner-driver.
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Cashless Repairs: Access to a wide network of cashless garages.
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No Claim Bonus (NCB): Get discounts on your renewal premium for claim-free years.
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Towing Assistance: Many policies offer roadside and towing assistance during breakdowns.
Eligibility Criteria
To avail of a motor insurance policy through Fastzeal, the applicant must:
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Be an Indian resident.
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Be the registered owner of the vehicle.
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Be at least 18 years old.
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Possess a valid driving license.
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Have vehicle registration documents.
Note: For commercial vehicles, additional permits and legal documents may be required.
Documents Required
The following documents are typically required to buy or renew a motor insurance policy:
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Vehicle Registration Certificate (RC)
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Valid Driving License
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Recent Photograph of the Vehicle (in some cases)
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Previous Insurance Policy (if applicable)
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Identity Proof (Aadhaar Card, PAN Card, etc.)
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Address Proof (Voter ID, Utility Bill, etc.)
Process
Fastzeal simplifies the motor insurance process in just a few easy steps:
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Visit Fastzeal Website
Navigate to our motor insurance section. -
Enter Vehicle Details
Provide your vehicle registration number, make, model, and year of manufacture. -
Compare Plans
Instantly view a list of available motor insurance policies from leading insurers. -
Select & Customize
Choose the plan that suits your needs. You can add optional covers as required. -
Upload Documents
Submit the required documents digitally. -
Make Payment
Complete the payment process securely. -
Receive Policy
Get your motor insurance policy directly on your email and dashboard.
Features
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Instant Online Purchase: Buy or renew motor insurance instantly through Fastzeal.
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Wide Insurer Network: Compare policies from top-rated insurers in India.
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Cashless Garage Access: Get repairs at authorized service centers without upfront payments.
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Add-On Covers: Include options like zero depreciation, engine protection, and return to invoice.
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Quick Claim Assistance: Fastzeal provides real-time claim tracking and expert support.
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Renewal Reminders: Never miss your policy renewal with timely alerts.
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Secure Payments: Multiple safe payment options to choose from.
Frequently Asked Questions:
Motor Insurance is a policy that provides financial protection against damages or losses arising from accidents, theft, fire, or natural disasters involving a vehicle. It also covers third-party liabilities as per legal requirements.
Yes, as per the Motor Vehicles Act, 1988, it is mandatory to have at least third-party motor insurance for any vehicle plying on Indian roads.
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Third-Party Insurance: Covers legal liabilities towards a third party.
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Comprehensive Insurance: Includes third-party cover + own vehicle damage, theft, fire, and natural calamities.
IDV is the maximum sum insured for your vehicle under the policy. It’s the current market value of the car and forms the basis for compensation in case of total loss or theft.
Yes, NCB is linked to the policyholder, not the vehicle, so you can transfer your accumulated NCB when buying a new vehicle.
Zero Depreciation Cover is an add-on rider that ensures no deduction for depreciation on replaced parts during a claim—offering higher claim amounts.
Fastzeal offers expert assistance in:
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Choosing the best-suited motor insurance plan
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Renewing expired policies
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Adding relevant riders like Zero Dep and Engine Protect
Yes, but if the policy has expired, your vehicle may need to undergo an inspection, and you might lose your NCB if not renewed within 90 days of expiry.
You generally need:
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Insurance policy copy
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Driving license
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RC (Registration Certificate)
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FIR (for theft or major accidents)
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Claim form and repair bills
Absolutely! Fastzeal helps you compare coverage, IDV, add-ons, and premiums from multiple insurers to find the most cost-effective and reliable motor insurance solution.
