Motor InsurancePrivate Car Insurance
Table of ContentsPrivate Car Insurance
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Private Car Insurance
Private Car Insurance has two parts one is third party legal liability, which is mandatory to drive a car on the road and second is to cover losses/ damages to the car by Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide. & Burglary, theft, riot, strike, malicious act, accident by external means, any damage in transit by road, rail, inland waterway, lift, elevator or air.
Car insurance becomes one of the most important purchases you'll make. A financial safeguard for a large variety of situations, Private car insurance covers loss or damage to the vehicle insured, Personal Accident to the owner of the car which is available for passengers as well and Third-Party Liability cover.
Factors for premium:
- IDV (Insured Declared Value)
- CC (Cubic Capacity of Engine)
- Registration Zone (Zone A- Delhi, Kolkata, Mumbai, Chennai, Ahmadabad, Pune, Bangalore, Hyderabad Zone B- Rest of India)
- NCB (No claim bonus)
- Add on Covers
- Fuel type (Petrol / Diesel / CNG / LPG)
- Get the best insurance policy for your car from the top insurers
- Easy and instant online car insurance and renewal process
- Comprehensive coverage for your vehicle
- A wide range of Add-on covers for improved protection
- It pays for the car damages as a result of the collision, accidental death or natural calamities. Protects against legal, financial liabilities towards third parties which otherwise would need to be paid by the insured
- It pays for hospitalization expenses in case of an accident
- It reduces the financial and legal damages that can arise from a third-party liability or damage
- Savings in expenses with rider benefits like roadside assistance, zero depreciation etc
- Any loss or damage caused to the vehicle due to Natural Calamities: Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide.
- Any Loss or Damage caused due to accidents/collision with other vehicles.
- Any loss or damage caused to the vehicle due to Manmade Calamities: Burglary, theft, riot, strike, malicious act, accident by external means, any damage in transit by road, rail, inland waterway, lift, elevator or air.
- Personal accident cover: The motor insurance provides compulsory personal accident cover of Rs. 2 lakhs for individual owner-driver of the vehicle insured while travelling in, mounting or dismounting from the car. Compensation is payable for death and various types of permanent disabilities.
- Third-party legal liability: Protects against legal liability arising due to accidental damages, any permanent injury/ death of a person and/or any damage caused to the property.
Add on Cover
- Zero Depreciation Claim
- No Claim Bonus Protection
- Return to Invoice
- Cost of consumables
- Repair of Glass, Fiber, Plastic and Rubber Parts
- Daily Allowance
- Engine & Gear Box
- Loss of Personal Belongings
- Emergency Transport and Hotel Expenses
- Loss of Use / Down Time Protection
Secondary Add on features
- Loss/damage to electrical/non-electrical accessories such as stereos, fans, air-conditioners etc. and to CNG/LPG fuel kit.
- Roadside Assistance cover
- On-site minor repair
- Duplicate key/ Key Replacement
- Hydrostatic locks or Locked/Lost keys
- Emptying of the Fuel type
- Battery jump start
- Tyre change
- Fuel delivery
- Car Wash
- Towing cost reimbursement for services provided out of the company's providers' net- work
- Transport, Redelivery or Repatriation of Repaired Vehicle
- Towing and Removal of the covered vehicle
- Personal & Passenger Assist Cover (hospital allowance, medical expenses, and medical transport assistance)
- Any consequential loss or contractual liability
- Vehicle being used in contravention of limitations as to use (e.g. for hire or reward, organized racing or speed testing etc.)
- War and nuclear perils
- Loss of accessories by theft, unless the vehicle is stolen at the same time
- Any accidental loss or damage and/or liability caused sustained or incurred outside the geographical area, as the motor tariff of India, it is limited to India but can be covered for neighbouring countries by paying extra premium.
- The Insurers shall not be liable for each and every claim under Section I (Loss of or damage to the vehicle insured) of this policy in respect of the deductible stated in the schedule.
- The company shall not be liable to make any payment in respect of:
- Consequential loss, depreciation, General Ageing, wear and tear, mechanical or electrical breakdown, failure or Breakages
- Damages to Tyres and Tubes unless the vehicle is damaged at the same time in which case the liability of the company shall be limited to 50% of the cost of replacement
- Any accidental loss or damage suffered whilst the Insured or any person driving the vehicle with the knowledge and consent of the Insured is under the influence of intoxicating liquor or drugs.
No Claim Bonus
Any accidental loss or damage suffered whilst the Insured or any person driving the vehicle with the knowledge and consent of the Insured is under the influence of intoxicating liquor or drugs.
|Period of Insurance||% of NCB on OD Premium|
|The preceding year||20%|
|Preceding two consecutive years||25%|
|Preceding three consecutive years||35%|
|Preceding four consecutive years||45%|
|Preceding five consecutive years||50%|
No Claim Bonus will only be allowed provided the policy is renewed within 90 days of the expiry date of the previous policy.
The schedule of depreciation for fixing IDV of the vehicle
|Age of Vehicle||Depreciation|
|Not Exceeding 6 Months||5%|
|Exceeding 6 Months but not exceeding one year||15%|
|Exceeding 1 Year but not exceeding two years||20%|
|Exceeding 2 Years but not exceeding three years||30%|
|Exceeding 3 Years but not exceeding four years||40%|
|Exceeding 4 Years but not exceeding five years||50%|
IDV of a vehicle beyond five years of age and obsolete models of vehicles is to be determined based on an understanding between the insurer and the insured. IDV shall be treated as market value throughout the policy period without any future depreciation for total loss (TL) / Constructive Total Loss (CTL) claim.
Deduction for depreciation at the rates mentioned below in respect of parts replaced
- for all rubber/nylon/plastic parts, tyres, tubes, batteries and airbags - 50%
- For fibreglass components - 30%
- For all parts made of glass - Nil
- Rate of depreciation for all other parts including wooden parts will be as per the following schedule
|Age of Vehicle||Depreciation|
|Not Exceeding 6 Months||Nil|
|Exceeding 6 Months but not exceeding one year||5%|
|Exceeding 1 Year but not exceeding two years||10%|
|Exceeding 2 Years but not exceeding three years||15%|
|Exceeding 3 Years but not exceeding four years||25%|
|Exceeding 4 Years but not exceeding five years||35%|
|Exceeding 5 Years but not exceeding 10 years||40%|
|Exceeding 10 years||50%|
In the event of loss, the following are immediate actions to be taken.
Intimate the insurer the occurrence of loss, submit a full statement in writing of the claim, provide the nature and extent of loss and also the estimate of loss. Any delay in intimation might jeopardize the claim as the insurer may express an inability in accepting liability of the loss/damage.
- To take all steps to reduce and minimize the extent of loss/damage and liability.
- Proximate cause of the loss and assess the type/extent and whether it is within the scope of the policy.
- To extend full co-operation to the insurer and the surveyor appointed for completion of the survey work and for proper assessment of the loss.
- Produce all such records and proof as may be required by the surveyor or the insurer for arriving at the extent of loss and the liability under policy.
- Provide documents such as, claim form, claim bill, copy of Policy, DL, RC copy etc.
- Keep the damaged property under the safe custody until advised by the surveyor/insurer regarding its disposal.
- Identification of the subject-matter insured.
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