Motor Insurance
Type of policies General Regulation
Rating and Tariff
History of Motor Insurance
1894
1895
1899
1903
1930 & 1934
1960
1939
1946
1988 & 1989
Mechanically propelled vehicle Adapted for use upon roads Whether the power of propulsion is transmitted thereto from an external source
But does not includeVehicles running upon fixed rails Or in any other enclosed premises Or engine capacity is less than 49 cc
Vehicle used for social, domestic and pleasure purposes and also for professional purposes (excluding carriage of goods other than samples) of the insured or used by insureds employees for such purpose but excluding use for hire or reward, racing, pace making, reliability trial, speed testing and use for any purpose in connection with motor trade.
Motorized two wheeler (With or with out side car) used for social, domestic and pleasure purposes and also for professional purposes (excluding carriage of goods other than samples) of the insured or used by insureds employees for such purpose but excluding use for hire or reward, racing, pace making, reliability trial, speed testing and use for any purpose in connection with motor trade.
Goods Carrying Vehicles (Own Goods) Private Carrier
Goods Carrying Vehicles (General Cartage) Public Carrier
Passengers Carrying Vehicles
TYPES OF LOSSES
OWN DAMAGE Loss or damage to the vehicle
LIABILITY Loss or damage to third party
1. 2. 3. 4. 5. 6. 7.
Fire, explosion, self ignition or lightning; Burglary, housebreaking or theft; Riot ,Strike or Malicious damage; Earthquake; Terrorism; Accidental External Means; Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone, hailstorm Frost; 8. Transit damage by road, rail or inland waterway, lift, elevator or air; 9. Landslide and rockslide.
1. Any accident outside the geographical area; 2. Consequential loss, normal wear and tear; 3. Driving without a valid license for that class of vehicle; 4. Driving under the influence of Liquor/ drugs; 5. Vehicle not being used as per limitations to use; 6. Mechanical or electrical breakdown, failures, breakages;
7. Contractual Liability; 8. Limitation to use; 9. Driver Clause;
10. Consequential loss;
11. Radiation or contamination;
12. Nuclear weapons;
13. War.
For all rubber/ nylon/ plastic parts, tyres and tubes, batteries, and air bags 50%
30%
For fibre glass components
Nil
As per schedule
For all parts made of glass
Wooden parts
Age of Vehicle
<6 months 6 months < 1 Year 1 Years < 2 Years
% of Depreciation
Nil 5% 10%
2 Years < 3 Years
3 Years < 4 Years 4 Years < 5 Years 5 Years < 10 Years 10 Years <
15%
25% 35% 40% 50%
Age of Vehicle <6 months 6 months < 1 Year 1 Years < 2 Years 2 Years < 3 Years 3 Years < 4 Years 4 Years < 5 Years
% of Depreciation 5% 15% 20% 30% 40% 50%
All type of Vehicle 1st Year 2nd Year 3rd Year 4th Year 5th Year
% of Discount 20% 25% 35% 45% 50%
1. Death or bodily injury to any person including occupants carried in the vehicle.
2. Damage to property other than property
belonging to the insured or held in trust or in
the custody or control of the insured.
1. The Act provides for unlimited liability in respect injury. 2. Rs. 6000 in respect of any one claim or of Third Party death or bodily
series of claims arising out of one event
100%
Death Losses of two limbs or sight of two eyes or one limb and sight of one eye. Loss of one limb of sight of one eye
100%
50% 100%
Permanent Total disablement
1. Private Car-200K 2. Two wheeler-100K
Motor Trade Package Policy
Motor Trade Internal Risks Policy
Liability Only Policy
Rates provided are minimum Loading on tariff premium rates by 100% for adverse claims experience of the vehicle insured and individual risk perception as per the insurers assessment Further loading of 100% provided of the experience continues to be adverse No further loading
Geog. Zones Location of RTO
Private Car and Two wheeler Commercial Vehicles
Cubic Capacity of the vehicle Age of the Vehicle Entitlement of No Claim Bonus Additional Coverage opted for
Invoice Price (X) (+) (-) (+) (+) (+) (+) Final OD
Depreciation
Rate Electrical Accessories NCB Basic TP Owner Driver LPG/CNG @ 60 Passenger Final TP
IDV
Basic OD 4% after dep. Final OD
Final TP Service Tax
Loss of accessories by Theft additional premium @ 3% of the value minimum Rs.50
Legal Liability to Paid drivers,cleaners-Rs.25 per person
Legal Liability to employees- Rs.60
Cover for rallies / racing
<1000 cc-Rs 15,000 >1000 cc but < 1500 cc Rs 20,000
> 1500 cc- Rs 30,000
Vehicles specially designed or modified for
use of the blind, handicapped and mentally challenged persons - Rs.25/- per vehicle. All other vehicles - Rs.100/- per vehicle
Motor policies can be extended to include : a) Bangladesh b) Bhutan c) Nepal d) Pakistan e) Sri Lanka f) Maldives
