We Cover Motor vehicle which includes private cars, Motorised Two wheelers and Commercial vehicles excluding vehicles running on rails Who can Insure ? Owners of the vehicle, Financiers or Lessee, who have insurable interest in a motor vehicle. Insured's Declared Value (IDV) (a) In case of vehicle not exceeding 5 years of age, the IDV has to be arrived at by applying the percentage of depreciation specified in the tariff on the showroom price of the particular make and model of the vehicle. (b) In case of vehicles exceeding 5 years of age and Obsolete models (manufacture of those vehicles which have been stopped by the manufacturers), they have to be insured for the prevailing market value of the same as agreed to between the insurer and the insured. (a) Package Policy - Section I Section I (Own Damage - OD) of Package Policy : Section I of package policy covers loss or damage to the vehicle and / or accessories due to
None of the above perils can be excluded from the scope of a policy. Loss or damage to accessories by burglary/house breaking/theft
If the vehicle is disabled in an accident, cover is provided for the reasonable cost of the following :
(a) Package Policy - Section II
Section II (Liability) of Package Policy :
The following are payable under Section II of the Package Policy subject to the limit of liability laid down in the Motor Vehicles Act :
What is not payable under the policy ?
(b) Liability Only Policy As per Section II of the package policy Discounts The following are the discounts available on the premium payable.
Extension of Cover on payment of additional premium Additional premium is payable to extend the cover under the Package and Liability Only policies in case of the following :
Other Information (I) Transfers : In case of change of ownership, please ensure to effect the transfer of Insurance policy within 14 days from the date of transfers of ownership. (II) Change of Vehicles : A vehicle can be substituted by another vehicle for the same class, for the balance period of a policy subject to adjustment of premium, if any, on prorata basis from the date of substitution. Note Particulars of cover, liability and exclusion given above are not complete or exhaustive. Our nearest branch office may be approached for complete details.