Value Auto Coverage
Head out on the roads with IFFCO Tokio’s comprehensive car insurance policy and choose from a wide list of optional covers with our Value Auto Coverage Insurance to avail 360° protection when driving on the road. Our Value Auto Coverage Insurance has been thoughtfully designed to keep you covered for a number of possibilities (conditions as well as expenses) which occur in real-world use.
The add-ons offered under this product protect you and your vehicle from situations where coverage is generally excluded. These additional benefits are optional add-ons to a basic car insurance policy and based on your requirement, you can choose the covers you need under your Value Auto Coverage insurance policy.
Here are some of its key features:
- Waiver of the amount deducted towards depreciation on parts
- Cover for Insured’s personal effects and belongings
- Coverage for your daily travel cost
- Reimbursement of medical expenses incurred by vehicle occupants
- Personal accident cover, Protection of NCB benefit
- Increased third party property damage liability cover
- Cost of transportation and redelivery of the vehicle
- Cost of hotel accommodation for the vehicle passengers
How does Value Auto Coverage Insurance work?
Value Auto Coverage Insurance includes 12 benefits which can be easily applied to an existing motor package policy. Sometimes a standard motor insurance plan can fall short of providing protection that you may need. This is where Value Auto Coverage insurance helps a lot. It is an additional benefit that comes at an additional cost, but it protects your vehicle from a range of situations.
Here is a list of benefits that are added to your comprehensive IFFCO Tokio car insurance when you buy Value Auto Coverage Insurance: -
- Depreciation Waiver - This waiver negates the effect of depreciation on vehicles. So, the amount deducted towards depreciation on parts of the vehicle is waived for partial loss claims under the Motor Package Policy.
- New Vehicle Replacement - In case of total loss claims, the insured gets the difference amount between the current ex-showroom price and IDV of the vehicle as detailed in the policy.
- Daily Rental/Travel Cost (Applicable for Private Cars and Two Wheelers) - Insured will be paid daily rental or travel cost, in case of both partial and total losses, for the time required to effect vehicle claim settlement, subject to the maximum time periods specified for such reimbursement.
- Personal Effect and Belongings - It covers the personal belongings of the insured person which are in/on the insured vehicle which get damaged or stolen
- Medical Expenses - Compensation for medical expenses of the vehicle occupant occupants (including driver, but excluding paid passengers) in case of accidental injury sustained as a result of insured peril or any injury sustained while resisting an act of theft or burglary on the vehicle.
- Personal Accident Coverage - A more extensive personal accident cover, more extensive than that available under the basic Motor Policy for all occupants (including driver, but excluding paid passengers). It covers all permanent and temporary disabilities, as well as other additional benefits.
- No Claim Bonus (NCB) Protection - Protect your No Claim Bonus with this benefit, and get better discounts on policy renewal. Under this benefit, the insured’s renewal NCB eligibility is unaffected by all standalone glass claims. NCB is earned, retained or reduced (as mentioned in the policy wordings) for all other claims, as per the existing NCB entitlement and the number of claims under the expiring policy.
- Increased Property Damage Liability Benefit - Increased cover for third party property damage beyond ₹750,000 limit, as available under the basic Motor Policy.
- Wreckage/Debris Removal Cost – This covers the cost incurred for removal of debris or wreckage, following damage to the vehicle as a consequence of an insured peril.
- Towing and/or Removal/Storage of the Insured Vehicle - This benefit will cover the cost of towing, removal, and storage of the vehicle if it has suffered damages which cannot be repaired at the sight.
- Accommodation and Travelling Expenses - In case the insured vehicle suffers damages due to a covered peril and requires repairing time beyond 12 hours, IFFCO Tokio will pay for the cost of hotel accommodation for the vehicle passengers up to three nights (subject to limits)
- Transport, Redelivery or Repatriation of Repaired Vehicle – It also reimburses the cost of transportation and redelivery of the vehicle (subject to distance limits), in case repairs take more than 72 hours, and the insured or driver is not present there.
Benefit specifically for commercial vehicle
Loss of Income or Vehicle Hire Cost - This benefit is applicable only for commercial vehicles. When the insured vehicle is unavailable for operation and use, then IFFCO Tokio will reimburse reasonable costs of hiring a similar vehicle of same make and model, or will cover the loss of income.
Why purchase Value Auto Coverage Insurance?
The Value Auto Coverage Insurance can be added to IFFCO Tokio’s Motor Package Policy. Purchasing this cover along with your comprehensive car insurance policy makes the coverage a lot more exhaustive.
To keep things flexible, we offer a choice of 12 covers, out of which purchasing 3 covers is compulsory. So, instead of looking for different covers, simply opt for Value Auto Coverage insurance.
Are add-ons really required?
Owning a vehicle requires its proper maintenance to ensure that it keeps running efficiently. And if the vehicle suffers damage or loss, there needs to be a comprehensive car insurance policy that can supply for the damage or loss suffered by the vehicle.
But, often it happens that getting covered for every kind of damage is not possible only through a comprehensive car insurance plan. In such a case, an insurance rider comes handy. These add-on covers come at a nominal extra premium, but offers substantial benefits, which are actually helpful in a range of situations.
Adding add-on benefits to an existing policy can help you customize your car insurance policy the way you want. For people who want to have a wider coverage and keep risk covers in one place or with a single insurer, such add-on benefits are extremely useful. The Value Auto Coverage Insurance is an all-encompassing cover that can be added to a motor vehicle insured under Motor Package Policy, to extend the coverage of a comprehensive insurance policy.
Scope of coverage offered by Value Auto Coverage Insurance
The general inclusions and exclusions for Value Auto Coverage Insurance are the same as for the Motor Package Policy. For an exhaustive list of specific exclusions applicable for each of the separate benefits sections of this coverage, please refer to the policy wording.
The benefits listed above will be applicable provided the insured vehicle is lost or damaged as a consequence of the insured perils, which are as follows: -
- Fire and explosion
- Lightning or self-ignition
- Burglary, housebreaking and/or theft
- Riot and strike
- Fire and shock damage due to earthquake
- Natural calamities including flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost
- Accident by external means
- Malicious act
- Terrorist activity
- Whilst in transportation by road, rail, inland waterway, lift, elevator or air
- Landslide and rockslide
Any loss or damage as a consequence of the exclusions will not be covered under Value Auto Coverage Insurance for car or bike insurance: -
- Any loss or damage which happens outside the geographical limitations
- Any damage to the insured vehicle in case the driver, with the consent of insured, is driving under influence of liquor or drugs.
- Damage to tyre(s) and tube(s) excluding theft, unless the insured vehicle is damaged at the same time.
- Contractual liability claims unless they are specifically covered.
- Any damage while the insured vehicle is driven by a person who is not a licensed driver.
- Any claim, unless it is mentioned in the Standard Motor Package Policy issued by IFFCO Tokio, except for any specific relaxation or agreement by the company to do away with this exclusion.
- Any accidental damages to insured vehicle(s) when the insured vehicle is
- Used for an illegal purpose and/or is used otherwise than in accordance with the limitations of use.
- Being driven by someone other than the driver as stated in the driver’s clause of the schedule of Standard Motor Package Policy.
- The vehicle is damaged due to war and nuclear risks.
- Any damage suffered by the vehicle due to confiscation, detention or destruction by order of any Government or lawfully constituted authority.
- Any damage due to normal wear and tear damage, with age.
- Any consequential loss.
- Any existing damage, injury, accident, disease or illness occurring before the coverage begins.
ITGI may cancel this Coverage by sending 7 (Seven) days notice in writing by recorded delivery to Insured. Insured will then be entitled to a pro-rata refund of premium for the un-expired period of this Coverage from the data of cancellation, which ITGI will to pay on demand. In the event of no claim/Intervention for Roadside Assistance, Insured may cancel this Coverage by sending 7(Seven) days written notice to. ITGI will then allow a refund as per the guidelines.
Important Things to Know
- This insurance product includes 12 sections of add-on benefits
- A minimum of three sections (add-on benefits) have to be chosen
- There is no compulsory section
- There are maximum claim limits for most of the listed benefits. These limits are either specified in the policy or have to be opted for by the insured.
- The Scope of Coverage for the benefits under “Value Auto Coverage” is valid and applicable for all the benefits, extensions, endorsements, condition(s), provision(s) of the relevant Standard Motor Package Policy of ITGI for the same Insured Vehicle
- The premium computation is done separately for each section.
Frequently Asked Questions
- Can I choose any benefits according to my choice?
Yes, this cover has a total of 12 add-on benefits and insured can choose as per choice. However, choosing 3 benefits is compulsory.
- Is there any cover for existing damage?
No, existing damage comes under the exclusions of this insurance cover. Any Damage, injury or accident occurring before the cover commences, will not be covered.
- What are the items covered under ‘Personal Effect and Belongings’?
It includes the articles in the vehicle excluding money, jewellery, valuables which are normally worn, used or carried.
- What is the inference of ‘total loss’ in the ‘New Vehicle Replacement’ benefit?
It refers to a situation where the insured vehicle suffers damage beyond repair. In insurance terms, this means that the aggregate cost of repair of the vehicle, subject to term(s) and condition(s) of the policy, exceeds 75% of IDV (Insured Declared Value) of the vehicle as defined in the Standard Motor Package Policy.
- What are the limits on the monetary coverage offered under each of the benefits?
For most of the listed benefits in the insurance cover, there are maximum monetary limits, which are either specified or have to be chosen by the insured.
- What is depreciation?
Depreciation is defined as the decrease in the value of the vehicle with time due to age, and wear and tear. As your car ages, its market value goes down, and so does the claim amount that you get.
- What is the coverage offered under ‘Personal Accident Coverage’ in this insurance?
The personal accident cover with this insurance is extensive, and provides much wider coverage than the personal accident cover offered under the basic motor policy. This benefit covers all the occupants of the vehicle (including driver, but excluding paid passengers). The personal accident cover has permanent and temporary disabilities as well as various additional benefits, covered.
**To understand exactly about the policy coverage, exclusions etc, please read the Policy Wording carefully.**