What are the different coverage limits an insured can avail?
The sum insured of your commercial vehicle insurance policy is limited to the IDV of your vehicle. This is the maximum compensation you can receive in case of theft or total loss of the vehicle. IDV is the current market price of the vehicle after deducting depreciation. For a liability only plan, the amount of compensation payable is capped at Rs. 7, 50, 000. Finally, if your plan included personal accident cover, you and/or your family members can receive compensation of up to Rs. 15 lakh in case of disability or death arising due to an accident.