When you buy Motor Insurance Online there is no documentation and you get your policy instantly.
There are two types of Motor or Car Insurance. They are:
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:
The Insured will be covered for any liability arising from any accident caused by or arising out of the use of the private car in respect of:
All motor policies are annual policies issued for a period of twelve months. However for the purpose of renewal an extension to a further period (which should be less than twelve months) can be allowed with the approval of a competent authority. An additional premium will be collected for such extensions. Period less than twelve months can be given on Short Period basis only with the approval of the competent authority.
We require a proposal form in the following situations:
Customer need to produce the vehicle for inspection under the following circumstances:
The premium rating for Private Cars is based on the following factors:
For the purpose of rating, the whole of India is divided into two zones depending upon the place of registration. The zones are:
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.
Manufacturer's listed Selling Price will include 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:
SCHEDULE FOR DEPRECIATION FOR ARRIVING AT IDV
The discounts that can be allowed under the Private Car policies are:
The various PA covers under Private Car policies are:
If the customer sells the vehicle to another person, the Insurance can be transferred in the name of the buyer. The buyer (transferee) has to apply for transfer of Insurance with us, within 14 days from the date of transfer of the vehicle in his name. If the customer wants to substitute another private car of his in this policy, the policy will not be transferred to the buyer. The buyer (transferee) has to buy a fresh Insurance.
An endorsement is a written evidence of an agreed change to a policy. It is a document that incorporates changes in the terms of the policy. If there are any alterations to be done in the policy the customer needs to approach the Insurance Company to effect the change in the policy. This is done by way of an endorsement. An endorsement may be issued at the time of issuing the policy to provide additional benefits and cover (e.g., legal liability to driver) or to impose restrictions (e.g., accidental damage deductible). The wordings of those endorsements are provided in the tariff. An endorsement may also be issued subsequently to record changes such as change of address, change of name, change of vehicle, etc.
Yes, the policy can be cancelled at the option of the customer with 7 days notice to the insurer and the insurer will cancel the policy on Short period basis and refund of premium if any, will be made. The refund will be subject to no claim under the policy and retention of minimum premium of 100. But cancellation would be made only after ensuring that the vehicle is insured elsewhere at least for Liability Only policy.
If cheque bounce intimation is sent to the customer, the customer needs to approach the nearest office of the Insurance Company for fresh payment immediately. The customer needs to produce his vehicle for inspection along with bank charges of 200 to be paid. It is more critical in case of Motor Insurance because the vehicle will be on road without any insurance and if any claim arises during the intermediate period, the Insurer will not be in a position to pay the claim since the premium has not been received.
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