About Motor Insurance (Car/Bike)

Loanpao’s Motor Insurance protects your car or bike against accidents, theft, and third-party liabilities. Choose between third-party and comprehensive plans, with add-ons like zero depreciation and roadside assistance, ensuring safety and compliance with Indian regulations.

Why Choose Motor Insurance?

  • Coverage: Third-party or comprehensive (up to Insured Declared Value)
  • Premium: Starting at ₹1,000/year for bikes, ₹3,000/year for cars
  • No-Claim Bonus: Up to 50% premium discount for claim-free years
  • Add-Ons: Zero depreciation, roadside assistance, engine protection
  • Cashless Repairs: At 12,000+ network garages
  • Tax Benefits: Deduction for commercial vehicles under Section 80C
  • Quick Claims: Online claim processing within 7 days

Are You Eligible?

Criteria Requirement
Applicant Type Indian resident or NRI
Age 18 years and above
Vehicle Ownership Registered car or bike in applicant’s name
Vehicle Age Less than 15 years for cars, 10 years for bikes
Bank Account Active savings account for premium payment

What Documents Do You Need?

  • KYC: Aadhaar, PAN, or passport
  • Vehicle RC: Registration Certificate copy
  • Driving License: Valid for applicant
  • Previous Policy: For no-claim bonus transfer (if applicable)
  • Vehicle Invoice: For new vehicles to determine IDV
  • Passport-size photographs

Competitive Premium Rates

Insurer Vehicle Type Annual Premium (₹5 lakh IDV, Comprehensive)
Bajaj Allianz Car ₹6,000 - ₹8,000
HDFC ERGO Car ₹5,800 - ₹7,800
ICICI Lombard Bike ₹1,500 - ₹2,500
Reliance General Bike ₹1,400 - ₹2,400
Tata AIG Car ₹6,200 - ₹8,200

Extra Charges:

  • GST: 18% on premiums
  • Add-Ons: ₹500 - ₹2,000/year (e.g., zero depreciation)
  • Policy Administration: ₹50 - ₹150/month

Note: Premiums vary based on vehicle type, IDV, add-ons, and no-claim bonus. Rates are indicative as of May 2025 and subject to change.

Calculate Your Premium

Enter values and click Calculate Premium to see results.

How to Apply for Motor Insurance

  • Visit loanpao.in or contact our insurance partners.
  • Compare plans from top insurers like Bajaj Allianz, HDFC ERGO, or Tata AIG.
  • Select third-party or comprehensive coverage and add-ons.
  • Fill out the application form with personal and vehicle details.
  • Submit KYC, RC, driving license, and previous policy (if applicable).
  • Pay the premium online or via bank account.
  • Receive policy document within 3-7 days.

Common Questions About Motor Insurance

What is Motor Insurance?
Insurance for cars and bikes, covering accidents, theft, and third-party liabilities.
What is the difference between third-party and comprehensive?
Third-party covers only damages to others; comprehensive includes own vehicle damages and add-ons.
What is No-Claim Bonus?
A discount on premiums (up to 50%) for each claim-free year.
What is Insured Declared Value (IDV)?
The market value of your vehicle, determining the maximum claim amount.
Are add-ons mandatory?
No, add-ons like zero depreciation or roadside assistance are optional.
Can I transfer my no-claim bonus?
Yes, when renewing or switching insurers, provided you submit the previous policy.
Is motor insurance mandatory?
Third-party insurance is mandatory under the Motor Vehicles Act, 1988.