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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
      • Accidental external means
      • Fire, Self ignition, lightning
      • Burglary, house breaking or theft
      • Terrorist activity
      • Riot, Strike and Malicious Damage
      • Earthquake
      • Flood, cyclone and Inundation etc
      • While in transit by rail, road, air, elevator, lift or inland waterways
      • Landslide or workslide

None of the above perils can be excluded from the scope of a policy.

Loss or damage to accessories by burglary/house breaking/theft
      • For private car it is covered
      • In case of Motorised Two Wheelers this can be covered on payment of an additional premium at 3% of the IDV of such accessories
      • Loss or damage to Lamp, Tyres, mudguard and / or bonner side parts, bumpers etc., can be covered on payment of additional premium. This is applicatble only to Commercial Vehicles.

If the vehicle is disabled in an accident, cover is provided for the reasonable cost of the following :
      • Its removal to nearest reapirers
      • The cost of reasonalble repairs immediately necessary

subject to the limit provided for.

 
(b) Package Policy - Section II
Section II (Liability) of Package Policy :

      • Liability to third parties bodily injury and or death and property damage
      • Personal accident cover for the owner driver for a specified sum insured

The following are payable under Section II of the Package Policy subject to the limit of liability laid down in the Motor Vehicles Act :

      • The insured's legal liability for death / disability of third party
      • Loss or damage to third party property
      • Claimant's cost as decided by the court
      • All costs and expenses incurred with company's written consent
      • In case of death of an Insured person, entitled to indemnity for a liability incurred under this policy, his legal representative will be indemnified in place of insured, if he observed all conditions as the insured himself.
 
What is not payable under the policy ?

  • Contractual liability.
  • War perils, nuclear perils and drunken driving
  • Consequentail loss, Depreciation, Wear and tear, mechanical or electrical break down
  • Damage suffered due to driving the vehicle under the influence of intoxicating liquor or drugs
  • Claims arising outside the geographical area specified in the policy
  • Claims arising whilst the vehicle is used in contravention of the limitations as to use
  • Claims arising when the vehicle is driven by a person without valid driving licence

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