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Exclusions
a) Consequential loss,wear and tear,mechanical or electrical breakdown, failures or breakages
b) damage to tyres unless the motor vehicle is damaged at the same time when the liability of the insurer is limited to 50% of the cost of replacement ;
c) any accidental loss or damage suffered whilst the insured or any person driving with the knowledge and consent of the insured is under the influence of intoxicating liquor or drugs.
d) cost of part/s and allied labour , failure of which led any accident.
General Exceptions
Vehicles plying outside the Geographical Area, claim out of any contractual liability, vehicles being used otherwise than in accordance with the limitations as to use, being driven by any person other than a driver as stated in the Drivers Clause, nuclear risks, liability directly or indirectly arising from nuclear weapons material are the general exceptions.
Period of the Policiy
Generally annual policy are issued but there is an exception like long term two wheeler policy which continues till the fitness of the vehicle is valid according to RTA
Basis of Sum Insured
Invoice price for new vehicle together with additional expenditure if any on accessories can be the basis of Sum Insured.
Pricing / Premium Fixing
The Tariff Advisory Committee have laid down rules, regulations, rates, advantages, terms and conditions for transaction of motor insurance business. The rate has been revised since 01.04.90 and liability risk premium since 01.07.98.
For Private Car Policies...
Own damage premium comes around 3% of Insured's Estimated Value declared and liability premiums to be added @ Rs.340/- or Rs.509/- depending on cubic capacity (for not exceeding 1500cc & exceeding 1500cc ).
For Motor Cycle / Scooter Policies...
Own damage premium to be charged ranging from Rs.33/- to Rs.132/- depending on cubic capacity plus surcharge on Insured Estimated Value ( 1.1% except Auto Cycle ) where minimum Act premium ranges from Rs.57/- to Rs.96/- according to cubic capacities.
For all the motor policies , premium has to be deposited with 5% service tax and entire premium has to be given in advance before commencement of risk.
Basis of Indemnity
Basis of Indemnity will be to the extent lost/suffered in terms of replacement value for the parts to be replaced in case of partial accidental damage with associated labour to be assessed by an Independent surveyor (relaxed for in-house surveyor within the estimate of Rs.20,000/-) keeping policy terms and codition in view. For total loss, market value determined by an independent surveyor will be the basis. For extensive damage which ultimately makes the repairing uneconomical may be considered for total loss to be derived by the independent surveyor. In such cases, the insured, if wishes, can retain the salvage and net amount can be disbursed towards total settlement.
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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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