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Motor Insurance: Make your car or bike ‘fire-proof’, keep these things in mind while buying a policy

In case of incidents like fire, it is important to know some things about the cover, otherwise the insurance companies will not be able to get compensation for the damage caused to the vehicle due to fire.

Motor Insurance: Recently, there have been incidents of fire in four electric scooters including Ola S1. Even before this, there have been reports of other types of cars or bikes catching fire. An insurance policy is purchased to cover any damage caused to your vehicle. However, in case of incidents like fire, it is important to know some things about the cover, otherwise the insurance companies will not be able to get compensation for the damage caused to the vehicle due to fire. According to insurance experts, a comprehensive plan for a car or bike covers damages caused by fire.

No specific plan to fire-proof

According to Deepak Yohannan, CEO, MyInsuranceClub, there is no specific plan to cover the car-bike from fire and only a comprehensive plan is needed for this. According to the CEO of MyInsuranceClub, if you have taken only third party insurance cover, then the damage caused to your vehicle due to fire will not be covered i.e. you should cover your damages with third party insurance. There are two types of motor insurance in the country- third party insurance which is compulsory and the other is standalone damage policy. According to Rakesh Goel, director, Probus Insurance, fire cover is not covered in third party insurance and it is covered in standalone policies. In addition to fire, a comprehensive motor insurance policy covers the damage caused to the vehicle by theft, accident and natural calamity, etc.

take care of these things

  • It is mandatory to take third party cover but to cover any kind of damage to your vehicle, a comprehensive plan should be taken.
  • If any such change has been made in the vehicle which changes its basic features and if the vehicle catches fire, then the claim will not be received. In such a situation, keep in mind that whatever changes are made to the vehicle, get it done from any authorized dealers so that the additional parts can be added to the Insured Declared Value (IDV) of the vehicle.
  • The claim can be rejected due to the negligence of the driver.
  • Mechanical defects like short-circuit, overheating, oil leakage or fuel seepage are not covered in the policy. While buying the policy, definitely check what will not be covered in it.
  • If the vehicle catches fire outside a locality (geographical area), it will also not be covered in the policy.

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How much will you claim

According to Yohannan, the claim amount will depend on the amount spent on getting the vehicle repaired after the fire, the mandatory deductible amount and the depreciation part of the part that needs to be repaired or has been repaired. The depreciation will depend on the age of the vehicle. If repairing of the vehicle is not possible, it will be treated as a total loss and the IDV as specified in the policy will be paid. According to Aditya Kumar, Vice President (Motor Underwriting), Digit Insurance, if the car-bike is damaged due to fire, then a cover equal to the maximum Insured Declared Value (IDV) can be available. In case of an electric vehicle, the claim amount will also depend on the warranty provided by the original equipment manufacturer (OEM).

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