Liability Only policies:
The policy covers the vehicle owner's legal liability to pay compensation for:
- Death or bodily injury to a third party person.
- Damage to third party property.
Liability is covered for an unlimited amount in respect of death or injury and damage to third party property for Rs.7.5 lacs under Commercial vehicle and private and Rs. 1 lakh for Scooters / Motor Cycles.
In addition to the coverage under liability only, this policy covers loss or damage to the insured vehicle and its accessories due to:
- Fire, explosion, self-ignition or lightning.
- Burglary, housebreaking or theft.
- Riot and Strike.
- Malicious Act.
- Terrorist Act.
- Earthquake (Fire and Shock) Damage.
- Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone and Hailstorm.
- Accidental external means.
- Whilst in transit by road, inland waterway, lift, elevator or air.
- By landslide/Rockslide
The policy also pays for towing charges from the place of accident to the workshop upto a maximum limit of Rs.300/- for Scooters/Motorcycles and Rs.1500/- for cars and commercial vehicles. It is also permissible to opt for higher towing charges subject to payment of extra premium.
A restricted cover is also available covering the risk of Fire and/or Theft only, in addition to the compulsory cover granted under "Liability Only Policy". However the same is not available in case of vehicle ratable under Class D, Tariff for Miscellaneous and special types of vehicles.
The important exclusions under the policies are:
- Wear and tear, breakdowns
- Consequential loss
- Loss when driving with invalid driving license or under the influence of alcohol.
- Loss due to war, civil war, etc.
- Claims arising out of contractual liability.
- Use of vehicle otherwise than in accordance with `limitations as to use ' (e.g. private car being used as a taxi)
Rating factors Rating depends upon the following factors:
- Cubic capacity
- Geographical zone
- Age of the vehicle
- GVW of in case of commercial vehicles
- Add on Covers