#1
18th January 2017, 05:40 PM
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New India Assurance Company Two Wheeler Insurance
Can you tell me about the scope of Two Wheeler/Motor Insurance Policy as offered by New India Assurance Company for public of India?
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#2
19th January 2017, 10:18 AM
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Re: New India Assurance Company Two Wheeler Insurance
As per the Motor Vehicles Act, 1988 it is mandatory for every owner of a vehicle plying on public roads, to take an insurance policy, to cover the amount, which the owner becomes legally liable to pay as damages to third parties as a result of accidental death, bodily injury or damage to property. A Certificate of Insurance must be carried in the vehicle as a proof of such insurance. Scope Liability Only policies: The policy covers the vehicle owner's legal liability to pay compensation for: 1. Death or bodily injury to a third party person. 2. 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. Package Policy In addition to the coverage under liability only, the policy covers loss or damage to the insured vehicle and its accessories due to: 1. Fire, explosion, self-ignition or lightning. 2. Burglary, housebreaking or theft. 3. Riot and Strike. 4. Malicious Act. 5. Terrorist Act. 6. Earthquake (Fire and Shock) Damage. 7. Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone and Hailstorm. 8. Accidental external means. 9. Whilst in transit by road, inland waterway, lift, elevator or air. 10. By landslide/Rockslide The policy also pays for draw charges from the place of accident to the workshop up to a maximum limit of Rs.300/- for Scooters/Motorcycles and Rs.1500/- for cars and commercial vehicles. It is also allowed to opt for higher towing charges subject to payment of extra premium. 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: 1. IDV. 2. Cubic capacity 3. Geographical zone 4. Age of the vehicle 5. GVW of in case of commercial vehicles 6. Add on Covers |
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