Own Damage to your vehicle - The policy covers you against any loss or damage caused to your car or it's accessories due to natural and man made calamities as defined in the scope of coverage
(i) Personal Accident Cover - The motor insurance provides you compulsory personal accident cover for individual owners of the vehicle, the personal accident cover is up to Rs. 2 lacs.
You can also opt for a personal accident cover for passengers. Rs.2 Lac is the maximum coverage that can be offered.
Third Party legal liability - 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 lacs for Scooters / Motor Cycles.
A cover note is a temporary certificate of insurance issued by the Insurer before the issuance of a policy after the Insured has given a duly filled in proposal form and has paid the premium in full.
A cover note is valid for a period of 60 days from the date of issue of the cover note and the insurer shall issue the Certificate of Insurance before the cover note expires.
IDV means the Insured's Declared Value. It is the value of the vehicle, which is arrived at by adjusting the current manufacturer's listed selling price of the vehicle with a depreciation percentage as prescribed in the Tariff. For the vehicles that are obsolete and aged over 5 years, the IDV will be the value agreed between the Insurer and the Insured.
Manufacturer's Listed Selling Price = Cost Price + Local Duties/Taxes, excluding Registration and Insurance.
The value of the obsolete vehicles and the vehicles aged over 5 years are arrived by our Assessment Team with the help of various resources like IMAs, Panel of Surveyors, Car Dealers, Second Hand Car dealers, etc.
All motor policies are annual policies issued for a period of twelve months. However, extension to a further period less than 12 months can be allowed with the approval of the competent authority, for arriving the renewals of the customer on a common date or for any other reason convenient to the customer. Additional premium needs to be collected for such extensions. Period less than 12 months can be given on a Short Period basis only with the approval of the competent authority.
We require a proposal form in all the following situations: