Myth: Motor insurance is only for accidents where I am not at fault.
Reality: Motor insurance covers all types of accidents, provided you have a valid license and are not under the influence of drugs or alcohol while driving. Comprehensive insurance also includes mechanical faults or damages, theft, flood, terrorism, riots etc. However, please remember that you must use the vehicle for the purpose it’s registered. So if you are using your personal vehicle for commercial purposes, insurance won’t cover it. And, if you have taken it outside the country, your insurance may not cover it.
Myth: I do not need insurance if I am buying a used car.
Reality: Insurance is legally mandated, irrespective of whether your car is old or new. Driving an uninsured car is a punishable offence. In case the process seems tedious to you, Truebil.com offers used cars and does all the paperwork too, including insurance.
Myth: If my car is old, I can just have a third party insurance.
Reality: A third party insurance does not pay for damages your car suffers. So, take a plan based on your driving history and the car’s condition, not on the age of the car.
Myth: Once I sell my car, my No Claim Bonus gets transferred to the new owner.
Reality: Your No Claim Bonus is a reflection of your driving skills. No matter how many cars you buy or sell, your NCB travels with you!! It is always applicable to your insurance policy, not to someone else’s.
Myth: Motor insurance does not cover consumables.
Reality: These days, most companies offer add-on policies that cover consumables and even mechanical faults. So research and buy the add-ons that you or your car might need.
Myth: An insurance is long-term. Once I buy, I can’t change the insuring company.
Reality: Insurance policies are normally valid for a year unless you have bought a multi-year plan. You can change the insurer at the time of policy renewal; again remember that your NCB travels with you, irrespective of the insurer.
Myth: The entire insurance chain is extremely time-consuming and complex.
Reality: These days, the entire process can be done online. Many companies even allow you to log the claim online.
Myth: If I have a driver, I need to take a separate policy.
Reality: The insurance policy is for the car, so you do not need a separate policy just for your driver. However, do ensure that your driver has a valid license and is legally allowed to drive, otherwise, in the case of accidents, your claim will be rejected.