Every vehicle used in a public place must have third-party insurance under the Motor Vehicles Act. It pays for injury or death of other people and damage to their property caused by your vehicle. It does not pay for damage to your own vehicle.
A comprehensive policy adds own-damage cover for your vehicle — accident, theft, fire and other perils listed in the policy. A standalone own-damage policy covers only your vehicle and needs a separate valid third-party policy.
- Car insuranceThird-party and comprehensive cover for private cars, add-ons and claims.
- Two-wheeler insuranceCover for scooters and motorcycles: third-party, own damage and renewals.
Products
No products are listed in this category yet. Products appear here only after Finobazaar has reviewed them against the insurer's documents; we do not show invented products or prices.
What policies usually cover
- Third-party liability: injury, death and property damage to others
- Own damage (comprehensive or standalone): damage to or theft of your vehicle, up to the IDV
- Compulsory personal accident cover for the owner-driver, unless you already hold qualifying cover
- Add-ons you choose, such as zero depreciation or roadside assistance
Your policy wording lists exactly what is covered, the limits and the exclusions.
What to check before you buy
- Policy type: third-party only, comprehensive or standalone own-damage
- IDV, the value used for a total loss or theft
- No Claim Bonus carried over from your previous policy
- Deductibles (excess) you pay on each own-damage claim
- Add-ons and their conditions
- Cashless garages near you and how claims are reported
Key terms
- Third-party insurance
- Covers your legal liability for injury, death or property damage caused to others. Required by law.
- Comprehensive insurance
- Third-party cover plus own-damage cover for your vehicle in one policy.
- Insured Declared Value (IDV)
- The value of your vehicle agreed in the policy. It is the most the insurer pays for a total loss or theft, and it falls as the vehicle ages.
- No Claim Bonus (NCB)
- A discount on the own-damage premium for claim-free years. It belongs to you, not the vehicle, and does not reduce the third-party premium.
- Add-on
- Extra cover bought with the own-damage part, such as zero depreciation, engine protection, return to invoice or roadside assistance.
Rules that apply
- Third-party insurance is compulsory for a vehicle used in a public place. [1]
- Third-party premiums are notified by the Central Government in consultation with IRDAI, so they are the same at every insurer for the same vehicle class. Own-damage premiums are set by each insurer. [2]
- For a general insurance claim, the insurer is to appoint a surveyor within 24 hours of the claim being reported, the surveyor is to report within 15 days, and the insurer is to decide within 7 days of the report. Motor losses of ₹50,000 or more need a licensed surveyor. [3]
Rules referred to
- Motor Vehicles Act, 1988 – section 146
A vehicle used in a public place must have third-party insurance. - Motor Vehicles (Third Party Insurance Base Premium and Liability) Rules, 2022 (G.S.R. 394(E), 25 May 2022)
Third-party premiums are notified by the Central Government in consultation with IRDAI. Revisions have been proposed since; check the current notification. - IRDAI Master Circular on Protection of Policyholders' Interests, 2024 (IRDAI/PP&GR/CIR/MISC/117/9/2024, 5 September 2024)
Complaint handling, claim timelines for life, health and general insurance, Ombudsman awards.
Finobazaar read published copies of these rules on 19 October 2026. Rules change: check the current text on irdai.gov.in or with your insurer.
Calculators
Guides and checklists
- How to make a motor insurance claimOwn-damage, theft and third-party claims: reporting, survey and settlement.
- Renewing an insurance policyGrace periods, keeping your benefits and what to check before you renew.
- Claim rejected? Complaints and the Insurance OmbudsmanHow to challenge a rejection or short payment: insurer, IRDAI's Bima Bharosa and the Ombudsman.
- Lost or missing policy documentsGetting a duplicate policy and making a claim when the papers cannot be found.
- Motor insurance claim: document checklistDocuments commonly asked for in own-damage, theft and third-party motor claims.
- Policy renewal checklistWhat to have ready and to check before you renew a policy.
- Policy details review checklistWhat to check in a new policy, ideally within the free-look period.
Official resources
- IRDAI – Insurance Regulatory and Development Authority of India (opens in a new tab)The insurance regulator: regulations, circulars and the lists of registered insurers and intermediaries.
- IRDAI policyholder website (opens in a new tab)IRDAI's site for policyholders: consumer education and how to complain.
- Bima Bharosa – IRDAI grievance portal (opens in a new tab)Register and track a complaint against an insurer after you have complained to the insurer.Toll-free 155255 or 1800 4254 732; email complaints@irdai.gov.in. IRDAI accepts complaints from the policyholder or claimant, not from agents or other people writing for them.
Addresses checked on 19 October 2026.