Vehicle Insurance: FAQs

Yes. Every motor vehicle used on public roads must have at least third-party insurance under the Motor Vehicles Act.

Insured Declared Value is the vehicle’s market value for insurance and the maximum payout on total loss or theft.

A discount on your own-damage premium for each year without a claim. It belongs to you, not the vehicle, and can usually be transferred to a new vehicle.

It pays the full cost of replaced parts without deducting depreciation. It is usually available for newer vehicles.

Not always. It is required for theft, third-party injury, death or major damage, and may be requested in other cases.

Renew immediately. A break can lose the bonus and may need an inspection. Driving uninsured attracts a penalty.

Yes. You may switch and generally keep your no-claim bonus with proof.

Normal wear and tear, mechanical breakdown, driving under the influence, driving without a valid licence and consequential losses are typical exclusions.