Category
Motor Insurance
15 terms explained in plain English, with Indian context.
- Bumper-to-Bumper CoverBumper-to-bumper cover is the marketing name commonly used in Indian motor insurance for the zero-depreciation add-on, an optional rider ...
- Comprehensive InsuranceComprehensive motor insurance is a package policy that combines the statutory third-party liability cover with an own-damage cover and (u...
- Endorsement (Motor)An endorsement on a motor insurance policy is a written modification the insurer adds to the policy after issuance, recording a change in...
- Engine Protection CoverEngine protection cover is an optional motor insurance add-on that pays for damage to the engine, gearbox, and related drivetrain compone...
- IDV (Insured Declared Value)IDV, or Insured Declared Value, is the insurer's estimate of the current market value of your vehicle at the start of the policy year.
- Long-Term Two-Wheeler InsuranceLong-term two-wheeler insurance is a motor insurance policy with a multi-year term, most commonly five years for the third-party (TP) com...
- No Claim Bonus (NCB)No Claim Bonus (NCB) is a discount the insurer applies to the own-damage (OD) portion of your motor insurance premium at renewal, as a re...
- Own Damage (OD)Own damage (OD) is the part of a motor insurance policy that covers physical damage to the insured vehicle itself — as distinct from thir...
- Pay-As-You-Drive (PAYD)Pay-As-You-Drive (PAYD) is a motor insurance pricing structure where the own-damage premium is linked to the actual kilometres driven dur...
- Personal Accident Cover (Motor Owner-Driver)Personal Accident (PA) cover for the owner-driver is a statutorily mandatory component of every Indian motor insurance policy issued to a...
- Return-to-Invoice CoverReturn-to-Invoice (RTI) cover is an optional motor insurance add-on that pays the original invoice value of the vehicle (ex-showroom pric...
- Roadside AssistanceRoadside Assistance (RSA) is an optional motor insurance add-on that provides emergency support when a vehicle becomes immobile due to a ...
- Third Party LiabilityThird-party liability (TP) insurance is the statutory minimum motor insurance required in India by the Motor Vehicles Act 1988, Section 146.
- Voluntary Deductible (Motor)A voluntary deductible in motor insurance is an amount the policyholder agrees to bear out of pocket on every own-damage claim, in exchan...
- Zero Depreciation CoverZero depreciation cover (also called 'bumper-to-bumper' or 'nil-depreciation' add-on) is an optional rider on motor own-damage insurance ...