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The New India Car Assurance |
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Motor Policy
This policy covers all types of vehicles plying on public roads.
Highlights
This policy covers all types of vehicles plying on public roads such as:-
• Scooters& Motorcycles
• Private cars
• All types of commercial vehicles
• Motor Trade (vehicles in show rooms and garages)
As per the Motor Vehicles Act, 1988 it is mandatory for every owner of a 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.
Two types of covers are available:
1. Liability only policy.
This covers third party liability for bodily injury liability and / or death and property damage. Personal Accident cover for Owner-driver is also included.
2. Package policy.
This cover loss or damage to the vehicle insured in addition to (1) above.
No- claim discounts are available on renewal of policy, ranging from 20% to 50%, depending upon the type of vehicle and the number of years for which no claim has been made.
Scope
Liability Only policies:
The policy covers the vehicle owner´s legal liability to pay compensation for:
1. Death or bodily injury to a third party person.
2. 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.
Package Policy
In addition to the coverage under liability only, this policy covers loss or damage to the insured vehicle and its accessories due to:
1. Fire, explosion, self-ignition or lightning.
2. Burglary, housebreaking or theft.
3. Riot and Strike.
4. Malicious Act.
5. Terrorist Act.
6. Earthquake (Fire and Shock) Damage.
7. Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone and Hailstorm.
8. Accidental external means.
9. Whilst in transit by road, inland waterway, lift, elevator or air.
10. By landslide/Rockslide
How to select the sum insured
The sum insured of a vehicle in a Motor Policy is referred to as the I.D.V., which stands for Insured´s declared Value.
In case of theft of vehicle or if the vehicle is totally damaged and beyond repairs in an accident, the claim amount payable will be determined on the basis of the IDV. The IDV of the vehicle is to be fixed on the basis of manufacturer´s listed selling price of the brand and model of the vehicle proposed for insurance at the commencement of insurance / renewal and adjusted for depreciation as per schedule.
IDV of vehicle which is beyond 5 years of age and of obsolete models of the vehicles (i.e. models which the manufacturers have discontinued to manufacture) is to be determined on the basis of an understanding between insurer and insured.
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 Top Providers |
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ICICI Prudential Life |
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SBI Life Insurance |
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Life Insurance Corp. |
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Bajaj Allianz Insurance |
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United India Insurance |
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