#1
4th August 2016, 03:09 PM
| |||
| |||
IRDA Guidelines For Vehicle Insurance
Hi I am having the Vehicle Insurance form the IRDA so can you please tell me that what are the guidelines for the loss or damage in the vehicle insurance of the IRDA??
|
#2
4th August 2016, 03:43 PM
| |||
| |||
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% |
|