Strengthening road safety through Comprehensive Motor Insurance

VMPL
Mumbai (Maharashtra) [India], May 21: India's mobility landscape is undergoing a significant shift, with rising traffic density and accident exposure reshaping the risk environment for vehicle owners. In India, on average, 546 people die every day in traffic-related accidents. According to the latest report by the National Crime Records Bureau (NCRB), 1.99 lakh people died in traffic accidents in 2024, an increase of 0.79 per cent compared to 2023, when 1.98 lakh people lost their lives.
For most vehicle owners, the impact extends well beyond the incident itself, often translating into significant financial strain from repair costs and vehicle damage to third-party liabilities. While motor insurance adoption has improved, many continue to rely on basic third-party cover, which offers limited protection and leaves a noticeable gap when it comes to real-world risks.
At the same time, the cost of owning and maintaining a vehicle is steadily rising. Spare parts are more expensive, repairs are more complex, and even minor damage can lead to significant expenses. Add to this the growing impact of climate-related events like flooding and extreme weather, and the need for more comprehensive protection becomes even clearer.
This evolving landscape highlights a critical shift that motor insurance is no longer just about regulatory compliance, but about ensuring adequate and responsive financial protection in the face of increasingly unpredictable risks.
SBI General Insurance outlines key considerations for vehicle owners to strengthen their motor insurance coverage:
- Limitations of Third-Party Coverage - While third-party motor insurance is mandatory, it offers limited protection. Comprehensive motor insurance provides broader coverage, including own damage, theft, and natural calamities, helping reduce out-of-pocket expenses during unforeseen events.
- Align Coverage with Rising Repair Costs - With increasing costs of spare parts and the growing use of advanced vehicle technology, repair expenses are steadily rising. Add-ons such as zero depreciation cover can help minimise depreciation-related deductions and reduce out-of-pocket costs during claims.
- Prepare for Climate-Related Risks - Incidents such as flooding, waterlogging, and extreme weather events are becoming more frequent. Coverage options such as engine protection can help safeguard against such risks, which may not always be included in standard policies.
- Evaluate Claims Experience and Service Efficiency - An effective motor insurance policy goes beyond pricing. Factors such as claims settlement efficiency, turnaround time, and transparency play a critical role in ensuring a smooth claims experience.
- Ensure Timely Renewals for Continuous Protection - Policy lapses can lead to loss of accumulated benefits and expose vehicle owners to financial risks. Timely renewals help ensure uninterrupted coverage and continuity of policy benefits.
As risks on the road continue to evolve, the focus is gradually shifting from minimum compliance to comprehensive risk preparedness. Insurance decisions today require a more informed and proactive approach, taking into account not just regulatory requirements but also real-world exposure and financial impact.
SBI General Insurance encourages vehicle owners to periodically review their motor insurance coverage, align it with changing risk conditions, and adopt a protection-first approach to mobility.
SBI General Insurance offers a comprehensive motor insurance solution such as Car Insurance Policy and Two Wheeler Insurance designed to address evolving on-road risks. The coverage extends beyond basic third-party liability to include protection against own damage, theft, natural calamities, and accidents. Customers can further enhance their policies with add-ons such as roadside assistance, return-to-invoice cover, zero depreciation cover, consumables cover and, enabling more customised and end-to-end protection. With a strong claims network and a focus on seamless service, the offering is aimed at ensuring timely support and reducing financial stress during unforeseen events.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same.)