#1
February 8th, 2017, 06:03 PM
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IRDA Vehicle Insurance
I want to get the details of Vehicle Insurance of Insurance Regulatory and Development Authority (IRDA)?
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#2
February 9th, 2017, 09:10 AM
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Re: IRDA Vehicle Insurance
Motor insurance gives protection to the vehicle owner against (i). damages to his/her vehicle and (ii). pays for any Third Party Liability determined as per law against the owner of the vehicle. Third Party Insurance is a statutory requirement. Driving a motor vehicle without insurance in a public place is a punishable offence in terms of the Motor Vehicles Act, 1988. Types of Motor Insurance: Broadly there are two types of insurances policies that offer motor insurance cover: Liability Only Policy (Statutory requirement) Package Policy (Liability Only Policy + Damage to owner’s Vehicle usually called O.D Cover Remember that if you take only a Liability Only Policy, damage to your vehicle will not be covered. Hence, it would be prudent to take a Package Policy which would give a wider cover, including cover for your vehicle. Motor Insurance covers: The damages to the vehicle due to the following perils are usually covered under OD section of the Motor Insurance policy: Fire, Explosion, Self- Ignition, Lightning Burglary/Housebreaking / Theft Riot & Strike Earthquake Flood, Storm, Cyclone, Hurricane, tempest, inundation, hailstorm, frost Accidental external means Malicious Act Terrorism acts While in Transit by Rail/ Road, Inland waterways, Lift, Elevator or Air Land slide / Rock slide Motor Insurance excludes: The following contingencies are usually excluded under the Motor Insurance Policy: Not having a valid Driving License Under Influence of intoxicating liquor/ drugs Accident taking place beyond Geographical limits While Vehicle is used for unlawful purposes Electrical/Mechanical Breakdowns Basis of Sum Insured: For Own Damage: The Sum Insured under a Motor Insurance policy reflects the value of the motor vehicle determined based on the concept known as Insured's Declared Value. Insured's Declared Value is the value arrived at based on the Manufacturer's present value and depreciation based on the Age of the Vehicle. For Third Party: Compulsory Personal accident cover for owner-driver is also included. Policy can also be extended to cover various other risks like Personal Accident to occupants of vehicle, Workmen's Compensation to Driver, etc over and above the cover available to him under statute. Contact- IRDA Head Office: Hyderabad 3rd Floor, Parisrama Bhavan, Basheer Bagh, Hyderabad - 500004, Telangana, INDIA. +91 40 2338 1100 +91 40 6682 3334 |