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About Motor Insurance
Motor insurance is meant for cars, two wheelers and other road vehicles. A motor package policy protects the insured vehicle against the damage caused due to accidents and natural disasters.
In addition to the own vehicle damage, motor vehicle insurance also provides mandatory coverage for third-party liabilities.
Simply put, comprehensive vehicle insurance allows for worry-free drives by curbing your vehicle repair expenses and helping you adhere to the law when on the road.
Benefits of Health Insurance
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Quick claim settlement
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Reduce repair expenses
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What is covered?
Loss or damage due to natural disasters
Any damage to your vehicle due to natural disasters such as earthquakes, floods, cyclones and storms, rockslides and landslides, hailstorms, frosts etc. will be covered by us.
Personal accident cover
A Personal Accident (PA) cover of ₹15 lakh will be available for the registered owner-driver of the insured vehicle and an optional PA cover of ₹2 lakh will be available for co-passengers at extra premium.
Loss or damage against man-made disasters
Losses or damages to your insured vehicle caused due to man-made disasters including theft, fire, riot, strike, road accident, terrorist activity, and any damage caused during transit by road, rail, inland waterway, lift, elevator or air will be covered by us.
Third-party legal liability
We provide protection against legal liabilities arising due to an accident involving your vehicle, resulting in bodily injuries, death, or property damage to a third party.
What is not covered?
- Damage due to wear and tear and ageing of vehicle
- Loss due to depreciation of the vehicle
- Damage or loss while driving/riding without valid license
- Damage or loss while driving/riding under the influence of liquor or drugs
- Damages caused when a vehicle is being used for a purpose it’s not meant for
- Mechanical/electrical breakdown
- Loss/damage due to war, mutiny or nuclear risk
Documents Required
How to Make Claim a MAKS Finserv Motor Insurance Policy
With digitisation, motor insurance claim processing is now possible on-the-go with our IL TakeCare app. Moreover, with emerging need for zero contact processes, it is now possible to survey the condition of your vehicle virtually through InstaSpect, our live video inspection feature on the IL TakeCare app.
Steps to file a claim
Claim
Call our toll-free helpline number 1800 2666 or MAKS Finserv website for assistance in case of an unfortunate accident / breakdown or for vehicle insurance claim intimation.
Inspection
Opt for video inspection/ physical inspection of your vehicle.
Approval
Get instant repair approval and track your claim status through our Claim Tracker
Types of personal loan interest rates
Personal loans come with two types of rates of interest: Fixed interest rate and floating interest rate.
1. Fixed interest rate
As the name suggests, the interest rate remains the same throughout the loan tenor. Thus. the loan E Ils will also remain constant.
2. Floating interest rate
A floating, adjustable, or variable interest rate is linked to an internal benchmark of a financial institution. Changes to this benchmark will affect the rates. Hence, floating rates vary throughout the loan tenor.
Both of these rates have advantages and disadvantages. Fixed rates keep ENls constant, which helps in budgeting. On the other hand, floating rates go up or come down along with the internal benchmark rate.
Methods for Interest Calculation on Personal Loan
1. Flat rate method
In this method, the applicable rate of interest is charged on the entire principal throughout the tenor.
2. Reducing balance method
In the diminishing balance or reducing balance method, the applicable rate of interest is chargeable on the outstanding principal after each EMI is paid off. Thus, the interest is calculated every month on the loan balance. Borrowers pay lower interest on the loan compared to the flat rate method.
Interest rate calculation formula
The interest rate for a personal loan through the flat rate method and the reducing balance method is calculated using the following formula:
1. Flat rate method
The rate of interest is chargeable on the entire loan principal. The formula for this method is — ENI = (principal + total interest payable) / loan tenor in months Wherein, total interest payable = P x r x n/100
Contact MAKS Finserv Customer Care
If you are a new customer who is looking for information about the
MAKS Finserv Motor Insurance
- Visit our branch by finding us on Google
- SMS HELP to +91 9717708810
Frequently Asked Questions
A comprehensive motor package insurance policy provides coverage for own damage and third-party liabilities. Under a motor insurance policy, losses or damages to the insured vehicle, caused due to natural and man made disasters are covered. Personal Accident Cover is included in case of injury or death of registered owner-driver in any vehicle-related mishap.
