What are the different coverage limits an insured can avail?
An insured can avail sum insured for the vehicle which is called ‘Insured Declared Value’. The insured declared value reflects the current market value of the vehicle minus depreciation. Under liability coverage, the insured can avail third party liability cover. Insurers offer third party liability cover against injury and damage up to a sum of Rs. 7, 50, 000. However, there is an option to opt for lower coverage at Rs, 6000. A lower coverage will result in a lower ‘liability only’ premium.
- What is the amount for which I need to insure my commercial vehicle? How is IDV connected to the amount needed to insure vehicle?
- What kind of risks is covered by IFFCO Tokio third party policy?
- Consequences if I forget to renew my commercial auto insurance on time
- Can I renew my commercial vehicle insurance with IFFCO Tokio?
- What is a No Claim Bonus?