MOTOR VEHICLE INSURANCE

Importance: 40% of insurance premium from this class Motor Vehicle Insurance classified into 1.Private Car, 2.Motor cycle, 3.Scooter, 4. Comm. Vehicles a)Light b) Medium, c)Heavy 5. Passenger carrying vehicle, 6. Motorized Rickshaw, 7. Three wheelers, 8. Taxis, 9. Buses a) Mini b) Medium c) Heavy, 10. Misc. vehicles a) Ambulance b) Publicity Van c) Mobile Library d) Dispensary TYPE OF LOSSES 1. Loss or damage to vehicle 2. Third party liability

MOTOR VEHICLE LIABILITY ONLY POLICY 1

Covers third party liabilities for bodily injuries and/or property damage. Personal accident cover for owner/driver As per Motor Vehicle Act 1939 & Amendment 1988, no vehicle can ply in public place without this policy. Following are compulsorily covered 1) Any liability incurred by insured in respect of death or bodily injury 2) Damage to any property to any third party 3)Death or bodily injury to any person of a public

LIABILITY ONLY POLICY 2

4. Liability arising under Workman Compensation Act 1923 in respect of death or bodily injury of a) Paid driver of the vehicle b) Conductor or ticket examiner in public service vehicles c) Workers carried in a goods vehicle d) Liability in respect of death or bodily injury of passengers who are carried for hire or rewards or by reason of or in pursuance of contract of employment

LIABILITY ONLY POLICY 3

The policy of insurance should cover the liability incurred in respect of any one of accidents as under 1. Death or bodily injury to any person: Amount of liability incurred without any limit 2. Damage to any property of third party: Limit of 100% 3. Liability in respect of death or bodily injury to any passenger of public service vehicle in a public place is the amount of liability incurred (No limit) 4. Section 140 of Motor Vehicle Act1988 provides for liability of owner of Motor Vehicle to pay compensation in certain cases on principle of no fault, compensation payable is Rs50K for death,25K for permanent disability of any person resulting in for accident arising out of use of motor vehicle

MOTOR VEHICLE PACKAGE POLICY

Also known as Comprehensive Policy similar to all vehicles: Sec.1: Loss or damage: Risk covered are Fire,explosion,self ignition or lightening Burglary, house breaking or theft Riots/ strikes Earth quake(Fire or stock damage) Flood,Typhoon,Hurricane,Storm,Tempest,Inundation,Cyclo ne,Hailstorm,Frost Accidental external means Malicious act Terrorist activities Transit by road, rail,inland water lift,elevator Landslide, rockslide

MOTOR VEHICLE PACKAGE POLICY: EXCLUSIONS 1

Consequential losses Depreciation Wear & tear Mechanical & electrical breakdown Failure in breaking Damage to tyres unless vehicle is damaged at the same time (50% of replacement payable) Loss due to driving under of intoxicated liquor/ drug

MOTOR VEHICLE PACKAGE POLICY: EXCLUSIONS 2

1. In case of motorcycle & comm. Vehicles additional exclusions are Loss or damage to accessories by burglary, house breaking or theft unless vehicle is stolen at the same time Comm. Vehicle: damage caused by overloading or strain to vehicle Towering charges: To & fro to workshop: Motor Cycle:300/-,Car:1500, Taxis:1500,3 wheelers:750 Compulsory Excess:

2. 3. 4.

MOTOR VEHICLE PACKAGE POLICY: EXCLUSIONS 3

COMPULSORY EXCESS: 1. Repairs: After authorization by insurance co. a)Motorcycle: Rs 150 b)Car & comm. Vehicle: Rs 500 Insurer is furnished detailed estimate of cost given every assistance to ensure that repairs are necessary & charges are reasonable 2. Liability to third parties: As already discussed plus legal cost & expenses 3. Personal accident cover to owner & driver: death or total disability within 6 months For Comm. Vehicle: while vehicle towering one disabled mechanically propelled vehicle