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4th August 2016, 03:43 PM
Super Moderator
 
Join Date: Aug 2012
Re: IRDA Guidelines For Vehicle Insurance

Hi the IRDA provide the insurance against the loss or damage in the vehicle insurance of the IRDA so you can have a look


Section I. Loss Of or Damage to the Vehicle Insured

1. The Company will indemnify the insured against loss or damage to the vehicle insured hereunder and / or its accessories whist thereon

By fire explosion self ignition or lightning;

By burglary housebreaking or theft;

By riot and strike;

By earthquake (fire and shock damage);

By flood typhoon hurricane storm tempest inundation cyclone hailstorm frost;

By accidental external means;

By malicious act;

By terrorist activity;

Whilst in transit by road rail inland-waterway lift elevator or air;

By landslide rockslide.

Subject to a deduction for depreciation at the rates mentioned below in respect of parts replaced;

a) For all rubber / nylon / plastic parts, tires and tubes, batteries and air bags - 50%

b) For fiber glass components - 30%

c) For all parts made of glass - Nil

d) Rate of depreciation for all other parts including wooden parts will be as per the following schedule:

Age Of The Vehicle % Of Depreciation For Fixing IDV Of The Vehicle

Not exceeding 6 months 5%

Exceeding 6 months but not exceeding 1 year 15%

Exceeding 1 year but not exceeding 2 years 20%

Exceeding 2 years but not exceeding 3 years 30%

Exceeding 3 years but not exceeding 4 years 40%

Exceeding 4 years but not exceeding 5 years 50%


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