What Motor Insurance is :
Motor insurance gives protection to the vehicle owner against
Types of Motor Insurance cover :
Broadly there are two types of insurances policies that offer motor insurance cover
What Motor Insurance covers :
The damages to the vehicle due to the following perils are usually covered under OD section of the Motor Insurance policy
What Motor Insurance excludes :
The following contingencies are usually excluded under the Motor Insurance Policy:
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 :
Coverage is as per requirements of the Motor Vehicles Act, 1988 . 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, Work mens Compensation to Driver, etc over and above the cover available to him under statute.