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Motor Insurance

 

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    Motor Insurance

    As per the Motor Vehicles Act, 1988 it is mandatory for every owner of a Motor vehicle plying on public roads, to take an insurance policy, to cover the amount, which the owner becomes legally liable to pay as damages to Third Parties as a result of accidental death, bodily injury or damage to property. A Certificate of Insurance must be carried in the vehicle as a proof of such insurance as per the Motor Vehicles Act, 1988.

    Motor insurance is an insurance policy that covers the policyholder in case of financial losses – resulting from an accident or other damages – sustained by the insured vehicle. A  motor insurance policy covers damages to third party and third-party property along with compensating for own damages as well.

    Motor Insurance protects the owner of the vehicle against damages to the vehicle and pays for any liabilities owed by the vehicle owner as per law. The owner of the vehicle is legally liable for any injury or damage to life or property caused by used of the insured vehicle.

     

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    Motor insurance can be classified generally as

    • Two-wheeler insurance
    • Car insurance (for all Private cars)
    • Insurance for Commercial Vehicles (MotorCabs,Autorikshaws- 3w PCV, Goods Vehicles – 4 wheeler and 3 wheeler goods, School Bus, Heavy Goods Vehicle, Passenger carrying vehicles – both state carriage and contract carriage)
    • Miscellaneous Vehicles (Tractors, Trailors, Ambulance, JCB and all other miscellaneous vehicles alike)

    Types of Motor insurance Covers

    PACKAGE INSURANCE

    • A package policy covers the risk of third party liability, vehicle coverage and the personal accident coverage to the owner in case of accidental death.
    • According to the month and year of manufacture of the vehicle, tp rates change accordingly and this will be a deciding factor of insurance premium
    • Model and brands highly influence the vehicle value(IDV ) as the same is proportional to the premium
    • NO CLAIM BONUS (NCB) is a reward given by an insurance company to an insured in caseif there is no ownership change / renewal of policy within 90 days of expiry without fail / not making any claims last year. The NCB is a discount ranging between 20%-50% and is given to the insured while renewing a policy.
    • Next deciding factor is the type of policy customer took last year, if it is a full coverage policy, NCB will be rewarded if eligible. if it’s a tp policy , NCB benefits will not be there as because the pyp doesn’t have vehicle coverage last year
    • As per the city classifications, vehicle belongs to ZONE A, B or C which affects the insurance rates to an extent
    • Insured Declared Value (IDV) is the value of the vehicle, which is the key deciding factor in motor insurance,Year-by-Year; vehicle value will be deducted by 10 % as depreciation.

    Full coverage insurance (break cases) as depends to the year are processed through declaration or inspection photos

    LIABILITY ONLY POLICY

    A third-party car insurance plan provides coverage against any legal liability arising out of injuries to a third party when the policyholder is at fault. It covers damages and injuries caused by the insured vehicle, to a third-party person or property. Third party does not cover the risk to the vehicle. Year of manufacture will be the sole deciding factor. Up to 25 years, Tp coverage can be provided. Non-hypothecated vehicles can take third party policy.

    The policy covers the vehicle owner's legal liability to pay compensation for:

    • Death or bodily injury to a third party person.
    • Damage to third party property.

    Liability is covered for an unlimited amount in respect of death or injury and damage to third party property for Rs.7.5 lacs under Commercial vehicle and private and Rs. 1 lakh for Scooters / Motor Cycles.

    Dos AND Dont's

    Dos

    Dont’s

    Read your policy thoroughly and let us know of any error in relation to the vehicle/insured’s details within the policy schedule immediately.

    In case of accident to your commercial vehicle, do not remove the vehicle from the spot till spot survey is done.  In case of shifting of the vehicle from the place of accident by police or other authorities get the spot survey done at the shifted place.

    Diaries the renewal date and remember to renew your policy well before the expiring date. In case of break you can lose your NCB and also may have to bring your vehicles for inspections.

    Do not allow your policy to lapse and lose NCB thereon. Ensure that it is renewed well before its expiry.

    In case of change of address, transfer /sale of vehicle, change of registration no., any alteration in the vehicle etc.  please inform the policy issuing office immediately.  Comply with any requirement that may be advised by them. 

    Do not commit any liability or any compensation or payment to any person injured or to any family member of deceased without the express written confirmation of the company.

    In case of an accident, please inform the nearest office or policy issuing office whose contact numbers are given in the policy schedule. Follow it up with a written intimation. Please also submit completed claim form & estimate of repairs from workshop where repairs are to be conducted.

    In case of accident to commercial vehicles/major accident/involvement of two or more vehicles, a spot survey is also required for which contact our nearest office.

    In case of emergency shifting of vehicle due to traffic considerations or by authorities to a nearby place, ensure photographs are taken at the spot.  

    Do not hand over your vehicle to any person unless you ensure that he has a valid & effective driving license.

    Do not hand over vehicle to any unknown person. (In case, you have a driver all these instructions may be passed on to him and ensured also.)

    Keep ready all the vehicular documents like RC book, D/L, permit, load challan etc. For verification at the time of survey with one set of photocopies for submission to the surveyor. 

    Do not leave your keys in the vehicle and/or leave any door unlocked when you leave the vehicle.

    Always comply with legal requirements while driving in relation to the use of vehicle.

    Do not breach any permit rules and/or fitness terms & conditions.

    In case of third party deaths, injury or property damage please inform the police immediately (Lodge an FIR) and also the policy issuing office. Give details of the policy, date and time of accident, name of driver, his DL no. details of death/injury/property damaged.

    Do not  drive or allow anyone to drive under the influence of liquor, drugs or other intoxicating materials.

    All summons/notices received from any tribunal or court filed against you by a third party should be immediately informed to the office.

    Do not approach any unauthorized person for renewal.

    In case of theft of vehicle intimate police and also office on the same day. Lodge an FIR immediately

    Do not use Mobile Phone while driving.

    In case of sale, inform policy issuing office and ensure that vehicle RC is transferred in the buyer’s name within 14 days. Also let office know if you wish to retain NCB earned by you for transfer to your new vehicle.

     

     

    Always keep a legible photo copy of the DL of your driver and details of his current & permanent address.

     

     

    Keep a record of the wages paid to your driver.

     

     

    Please observe all Traffic Rules, maintain lane discipline and drive safely.

     

     
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    ADDITIONAL MOTOR INSURANCE COVERAGES

     
     
    NIL DEP COVERAGE

    Nil dep coverage is also known as ZERO DEP /BUMPER TO BUMPER INSURANCE etc. Under this policy, there is total (100%) coverage for all fibre, rubber and metal parts of the vehicle without any deduction of depreciation.It means that if your vehicle is damaged following an accident, no depreciation will be subtracted from the coverage of wearing out of any body parts of car excluding tyres and batteries. The insurance company will be liable to bear the entire cost of the body part for replacement. It although does not cover engine damage due to water ingression or oil leakage. No mechanical breakdown, oil change or consumables are covered in this policy. The policy also comes with a limit on the number of claims one can put in a year. Nildep coverage is provided according to the vehicle age and is different for every insurance companies. An ADDITIONAL PREMIUM is charged for adding nildep cover to the policy

     
     
    RETURN TO INVOICE( RTI )

    Return to Invoice is an add-on option, which covers the gap between the insured declared value and the invoice value of your car along with the registration and other applicable taxes. RTI helps you in fetching purchase value (on road price) of the car in case of theft or total loss.

     
     
    NON FARE PAYING PASSENGER COVER ( NFPP)

    They are the people who are allowed to travel in a vehicle free. For instance, in a private car: person other than driver is an NFPP, Person on the back seat of a two-wheeler is an NFPP and likewise. In a full coverage policy , this coverage can be added as per customer request

     
     
    ENGINE AND GEAR BOX PROTECTION

    The engine and gearbox protection add-on covers the cost of the following components: Repair and replacement cost of all engine child parts. Repair and replacement cost of all gearbox child parts. Labour cost incurred for the repair and replacement. Cost of consumables like nuts, bolts, lubricating oil, coolants, etc.

     
     
    LOSS OF PERSONAL BELONGINGS

    This means that any belongings that may have been in the car are a loss to you and you will have to pay for them out of your pocket. You could get the belongings covered through an add-on cover at an additional premium

     
     
    KEY REPLACEMENT COVER

    Car Key Cover or the Key Replacement Cover is an Add-on to the  insurance policy. The insurance company will reimburse the insured, up to the insured amount specified in the insurance policy for replacing the insured

     
     
    ROAD SIDE ASSISTANCE

    Roadside Assistance Coverage means a professional technician comes to your rescue when your car breaks down in the middle of the journey leaving you stranded

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