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Motor Insurance

Private car insurance policy provides coverage for loss of or damage to your vehicle against the risk of accident, fire, theft, floods, earthquake, riot, strike etc. The policy also gives coverage for your liability arising out of death, injury to third party and/ or third property damage.

Types of covers :-

Third Party/ Liability only/ Act Policy :-

  • Death or injury to any person by the vehicle - Unlimited.
  • Damage to any property of third party - Maximum of Rs. 7,50,000/-
  • Compulsory PA Cover for owner driver.

Package Policy :-

  • This covers the followings besides the aforesaid covers.
  • Loss or damage to vehicle (the risk cover are accidental damage, fire, theft, Riot & Strike, Earthquake, Flood, terrorism etc. - Up to the amount of insured declared value (IDV).

Additional Covers Available :-

  • Electrical accessories - premium @ 4% of the value.
  • CNG/LPG kit - 4% of the value.
  • Paid driver Rs. 25/- covers the accidental death to the sum extent of Rs. 1,00,000/-.
  • Optional P.A. covers to occupants @ Rs. 5 for every 10,000 cover subject to maximum of Rs. 2, 00, 000 per person.
  • Extension of geographical area

Type of Coverage which Impacts Your Quotes

This compensates the damages to a third party and their property. It’s best for those planning to insure their car just because it's mandatory (but we wouldn't recommend that!).
The quote that you get for TP cover is the sum of its components which include:

  • The basic third-party premium.
  • Premium for Personal Accident Owner Driver Cover – Rs. 100.
  • Goods and Service tax – 18%.

The basic premium for third-party depends on the cubic capacity. These rates are revised each year by IRDA. From 1st April, 2017, the third-party insurance rates are:
Condition Relating to Engine Capacity Applicable Premium Rate

Not exceeding 1000cc Rs. 2,055
Above 1000cc but lower than 1500cc Rs. 2,863
Exceeding 1500cc Rs. 7,890

This covers damages to the third party, as well as your own car. It is best for those wanting to cover for losses for accidents and incidents such as theft and natural disasters.
The quote that you get for comprehensive coverage is the sum of its components which include:

  • Third-Party premium
  • Own Damage premium
  • Premium for Personal Accident Owner Driver Cover – Rs. 100
  • Charges for additional coverage (add-ons)
  • Goods & Services Tax – 18%

The own damage premium depends on Insured Declared Value (IDV), engine capacity and vehicle RTO. The IDV is the value of the car based on its ex-showroom price and depreciation percentage. An add-on cover depends on your car’s requirement and thus is a variable. The service tax is charged on the OD premium.

Additional Covers in Car Insurance

Zero Depreciation Cover

For the repair or replacement expenses of plastic, rubber, glass and other materials which would otherwise not be covered in a regular policy.

Engine Protection

For times when the monsoons are at their destructive worst, and leave your car's engine and your tear glands vulnerable to flooding.

NCB Protection

To continue enjoying a discounted premium on your no-claim bonus year-on-year, even after making a claim during the policy period.

Invoice Cover

To recover as much as the car's on-road price or Insured Declared Value, in case of total loss (such as theft or a really bad accident).

Inclusions and Exclusions in Car Insurance

Inclusions Exclusions
  • Own Car Damage for all damages that occur to your car due to accidents
  • Personal Accident Cover if you’re injured in an accident, the insurer compensates you
  • Financial protection from Natural Calamities such as floods, earthquakes, etc.
  • In case of Theft, your insurer will pay an amount equal to your IDV
  • Man-made disasters including riots, strikes, fire, and terrorism is covered
  • Damages caused if you’re caught driving under the influence of alcohol
  • Loss and damages that are caused due to war and nuclear risk
  • Accidental Damages caused while you were using your car for illegal activities
  • Losses incurred while driving without valid license
  • Regular mechanical expenses due to consistent wear and tear