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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. The Certificate of
Insurance must be carried in the vehicle as a proof of such
insurance. The policy
covers all types of vehicles plying on public roads. Two
types of covers are available:
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Liability Only policies: |
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Covers Third Party
liability for bodily injury and / or death and property
damage. Personal Accident cover for Owner-driver is also
included. The policy pays compensation for:
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Death or bodily
injury to a Third Party
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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/ Private vehicle and Rs. 1 lakh for
Scooters / Motor Cycles. |
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Package Policy |
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In
addition to above the policy covers loss or damage to
the insured vehicle and its accessories due to:
- Fire, explosion,
self-ignition or lightning.
- Burglary,
housebreaking or theft.
- Riot and Strike.
- Malicious Act.
- Terrorist Act.
- Earthquake (Fire and
Shock) Damage.
- Flood, Typhoon,
Hurricane, Storm, Tempest, Inundation, Cyclone and
Hailstorm.
- Accidental external
means.
- Whilst in transit by
road, inland waterway, lift, elevator or air.
- By
landslide/Rockslide
The policy also pays
for towing charges (max Rs 300/- for scooters/
motorcycles, Rs.1500/- for private car/taxies and Rs.
2500/- for commercial vehicles) from the place of
accident to the workshop/ garage.
The premium depends
upon the following :
- IDV. (Insured
Declared value)
- Cubic capacity of
the engine
- Geographical zone
where the vehicle is plying
- Age of the vehicle
- GVW of in case of
commercial vehicles
- Additional covers
opted for such as accessories, personal accident to
passengers and/or paid driver, legal liability to
employees, legal liability to non fare paying
passengers in commercial vehicles only.
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Vehicle Insurance
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