Session 19: Accident & motor Insurance,

Nature Disclosure, Terms &Conditions

 Motor Insurance
Motor insurance (also known as auto
insurance, car insurance, or vehicle
insurance) is insurance purchased for cars,
trucks, and other vehicles. Its primary use
is to provide protection against losses
incurred as a result of traffic accidents and
against liability that could be incurred in
an accident.
 Excess, Compulsory excess, Voluntary
excess
An excess payment, also known as a deductible, is
the fixed contribution you must pay each time your
car is repaired through your car insurance policy.
A compulsory excess is the minimum excess
payment your insurer will accept on your insurance
policy. Minimum excesses vary according to your
personal details, driving record and insurance
company.
In order to reduce your insurance premium, you may
offer to pay a higher excess than the compulsory
excess demanded by your insurance company.
Basis of premium charges
Gender
Age
Marital Status
Vehicle Classification
Driving history
Distance
Reasonable estimation
Contd.
Odometer-based systems
GPS-based system
OBDII-based system
Coverage available
Liability
Combined single limit
 Split limits
Full coverage
Collision
Comprehensive
Uninsured/underinsured Motorist
coverage
Contd.
Loss of use
Loan/lease payoff
Towing
 Personal Property
 Behavior based insurance
The use of non-intrusive load monitoring
to detect drunk driving and other risky
behaviors has been proposed. A US patent
application combining this technology
with a usage based insurance product to
create a new type of behavior based auto
insurance product is currently open for
public comment on peer to patent.
Thank you