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What are the policy coverage? |
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Own Damage to your vehicle - The policy
covers you against any loss or damage caused to your car or it's accessories
due to natural and man made calamities as defined in the scope of
coverage
(i) Personal Accident Cover - The motor insurance provides you
compulsory personal accident cover for individual owners of the
vehicle, the personal accident cover is upto Rs. 2 lacs for a premium
of Rs. 100.
You can also opt for a personal accident cover for passengers.
Rs.2 Lac is the maximum coverage that can be offered, it can be
reduced proportionately upto Rs.5 for Rs.10000 cover.
Third Party legal liability - The policy covers the vehicle owner's
legal liability to pay compensation for:
- Death or bodily injury to a third party person.
- Damage to third party property.
Liability is covered for an unlimited amount in respect of death
or injury and damage to third party property for Rs.7.5 lacs under
Commercial vehicle and private and Rs. 1 lakh for Scooters / Motor
Cycles.
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What is the scope of a Private Car Policy? |
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The private car can be used for social, domestic and pleasure purposes
and also for business purposes excluding the carriage of goods other
than samples by the insured or his employees.
The Insurer will protect the customer against any loss or damage
to the Private Car and its accessories whilst thereon for the following
events:
- Fire, explosion, self ignition or lightning
- Burglary, housebreaking or theft
- Riot or strike
- Earthquake (fire and shock damage)
- Flood typhoon, hurricane, storm, tempest, inundation, cyclone,
hailstorm, frost
- Accidental external means
- Malicious act
- Terrorist activity
- Whilst in transit by road, rail, inland- waterway, lift, elevator
or air
- Land slide, rock slide
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What is meant by IDV? |
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IDV means Insured's Declared Value. It is the value of the vehicle,
which is arrived at by adjusting the current manufacturer's listed
selling price of the vehicle with depreciation percentage as prescribed
in the Tariff.
For the vehicles that are obsolete and aged over 5 years, the IDV
will be the value agreed between the Insurer and the Insured.
Manufacturer's listed Selling Price = Cost Price + Local Duties/Taxes,
excluding Registration and Insurance.
For the vehicles that are obsolete or aged over 5 years, the IDV
will the value agreed between the Insurer and the Insured.
The value of the obsolete vehicles and the vehicles aged over 5
years are arrived by our Assessment Team with the help of various
resources like IMAs, Panel of Surveyors, Car Dealers, Second Hand
Car dealers, etc.
Depreciation slabs for arriving at IDV are below:
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