Value Auto Coverage
Widen the scope of your basic car insurance policy with add-on covers
Widen the scope of your basic car insurance policy with add-on covers
What it covers?
Value Auto Coverage Insurance includes 12 benefits that 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.
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 periods specified for such reimbursement.
Personal Effect and Belongings - It covers the personal belongings of the insured person who are in/on the insured vehicle which gets damaged or stolen.
Medical Expenses - Compensation for medical expenses of the vehicle occupants (including the driver, but excluding paid passengers) in case of an accidental injury sustained as a result of an 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 the 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 the 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 that 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 of repairs take more than 72 hours, and the insured or driver is not present there.
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.
Whilst in transportation by road, rail, inland waterway, lift, elevator or air.
Landslide and rockslide.
Important Things to Know
This insurance product includes 12 sections of add-on benefits.
A minimum of three sections (add-on benefits) has 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.
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 the insured, is driving under the influence of liquor or drugs.
Damage to tire (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 the 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 unexpired period of this Coverage from the date of cancellation, which ITGI will 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.
Yes, this cover has a total of 12 add-on benefits and insured can choose as per choice. However, choosing 3 benefits is compulsory.
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.
It includes the articles in the vehicle excluding money, jewellery, valuables which are normally worn, used or carried.
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.
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.
Car Insurance from IFFCO Tokio Helped me with this Value Auto Coverage Service. This covers a lot of my concerns and I am very happy from IFFCO Tokio Insurance.
Rated by: Naman Sachdeva