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MOTOR INSURANCEMOTOR INSURANCE
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Types of PoliciesTypes of Policies
There are two types of Policies :There are two types of Policies :
(i)(i) Liability Only PolicyLiability Only Policy:: Covers Third PartyCovers Third Party
Liability for bodily injury and/ or death andLiability for bodily injury and/ or death andProperty Damage .Property Damage .
Personal Accident Cover for OwnerPersonal Accident Cover for Owner--Driver isDriver is
also included.also included.
((ii)ii) Package Policy:Package Policy: Covers loss or damageCovers loss or damage
to the vehicle insured in addition toto the vehicle insured in addition to (i)(i)above.above.
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Whatis Covered Undera Motor Policy?
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Own Damage Inclusions
Damage orlossto insured vehiclecausedby:
Fireexplosion, selfignition, orlightning
Burglary, housebreaking ortheft
Riots or Strike Act ofGodperils (events outside human control. I.e., earthquake
,flood, typhoon, hurricane, storm, tempest, cyclone, hailstorm, frost)
In transit (process of delivering a vehicle from one location to another.This cover is applicable within India)
Maliciousact (Intentional damage or destruction of another person orbusinesss property)
Landslide/Rockslide
Terroristactivity
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Electrical & ElectronicFittings:Electrical & ElectronicFittings:
Electrical/Electronicitemsthatareadditionallyfitted(notincludedin themanufacturerssellingprice ofthe vehicle)can beinsuredatan additionalpremium of4% on thevalue ofsuchfittings
Thishasto bespecificallydeclaredbytheinsuredin theproposalform &/orin aletterformingpart oftheproposalform.
AccessoriesAccessories
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CNG/LPG fuel
Any vehicle fitted with an RTA approved
CNG /LPG kit, should to be insured separately
at an additional premium @ 4% on the value
of the kit., and Rs. 60 under liability section.
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CheckyourunderstandingCheckyourunderstanding
What is the amount added to the premium forinbuilt accessories?
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There is no additional premium charged for
inbuiltaccessories. The cost of the accessoriesare taken into account while calculating the
IDV.
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What is the additional amount added to be paid
for Electrical accessories fitted by thecustomer?
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4% of the cost of the accessory
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Mr Rajkumar has installed a gas kit on his own
cost to his Baleno LXI. The cost of the gas kit
is Rs. 18,000/-Calculate the exact premium Rajkumar has to
pay for the gas kit?
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The additional premium payable for the gas kit
is 4% of the value of the kit. i.e. 4% ofRs.18,000/- = Rs. 720/- & Rs. 60 under
liability section.
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Personal Accident Cover
Personal Accident covers the insured in the event ofthe person sustaining bodily injuries resulting solelyand directly from an accident, resulting into death or
disablement.
Personal Accident Owner-Driver Compulsory for Rs.2,00,000/- SI
Passengers Optional up to Rs. 2,00
,000
/- SI perpassenger
TwoWheeler Owner Driver Compulsory for Rs.1,00,000/-
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Scope of CoverScope of Cover -- Compulsory PA for OwnerCompulsory PA for Owner--DriverDriver
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Is PA cover applicable only to the insured or does it
extend to other passengers as well?
The PA cover covers the following :
Personal Accident Cover for Owner Driver which is
compulsory
Personal Accident Cover for occupants
Legal liability to paid driver (As perWorkmens
Compensation Act.) Liability to employees
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Liability
Any loss or damage to third party
Thirdparty
Insurancecoverstheliabilityarising out ofanypermanentinjury/deathto athirdperson causedbytheinsuredcar/two wheeler
Italso coversallth
elegalexpensesincurredfordefendingthethirdpartyclaimaccidentinvolvinghis/her vehicle
Thirdparty Property Damage
Anydamagecausedto theproperty ofathirdperson
byyour vehicledueto an accident
Damageto thirdpartypropertyiscoveredupto an amountofRs. 7. 5 lacsforprivatecarand Rs. 1.0lacfortwowheelers.
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Package Policy
OD + TP Liability + PA
Package Policy is wider in scope and covers
accidental damage to the insured vehicle.
It also covers liability to third parties forbodily injury or death and/or property damage,
injury to the owner, driver and occupants
caused as a result of an accident involving the
insured vehicle.
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Does Motor Insurancecovereverything?
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General Exclusions
Consequential Loss due to accidents (secondarylosses suffered as a consequence of an original loss)
Damage to tyres & tubes without the vehicle beingdamaged
Driver being under the influence of liquor and drugsat the time of accident
Damage to insured's own property
Intentional self injury or attempted suicide Accident occurring outside geographical area of
operation covered by the policy
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ExclusionsExclusions -- ContdContd
Vehicle used otherwise than limitations as to use
Vehicle driven by any one other than a licensed driver
Losses due to ionizing radiation or contamination byradioactivity
Losses caused due to nuclear weapons material
Losses caused due to war and war like situation
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CheckyourunderstandingCheckyourunderstanding
Is an OD claim, caused after consumption ofalcohol, a valid claim ??