Motor-Package-and-Liability-only-Policies

We Cover
Motor vehicle which includes private cars Motorized Two wheeler's and Commercial vehicles excluding vehicles running on rails.

Who can Insure ?
1. Owners of the vehicle Financiers or Lessee who have insurable interest in a motor vehicle.

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.

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 work slide

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 Motorized 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 applicable 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 reasonable repairs immediately necessary subject to the limit provided for.

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

Consequential 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 license

Liability only 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

Consequential 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

Extension of Cover on payment of additional premium

Additional premium is payable to extend the cover under the Package and Liability Only policies in case of the following :

The Geographical area may be extended to include :
a) Bangladesh b) Bhutan c) Nepal d) Pakistan e) Sri Lanka f) Maldives by charging additional premium of Rs. 500/- per vehicle in case of package policy and Rs.100/- per vehicle in case of Liability only Policy.

Personal Accident covers are available to names and unnamed persons travelling in the Motor Vehicles including employees

In case of vehicles belonging to Embassies / Consulates etc. where the "import duty" element is not included in the IDV the premium for Own Damage shall be loaded by 30%.

Electrical / Electronic Fittings :
Electrical / Electronic Fittings which do not form part of the vehicle manufactured and imported have to be specifically covered separately by paying additional premium of 4% on the value of such fittings.

CNG / LPG-Bi-fuel Kits :
Vehicles fitted with CNG/LPG Bi-fuel kits have to be separately declared and premium is chargeable at 4% on the value of such kit.

Fibre Glass Fuel Tanks :
An additional premium of Rs.50/- for OD cover for all vehicles except Miscellaneous Type of Commercial Vehicles : for Miscellaneous Type of Commercial Vehicle it is Rs. 100/-.

Transfers
In case of change of ownership please ensure to effect the transfer of Insurance policy within 14 days from the date of transfers of ownership.

Change of Vehicles
A vehicle can be substituted by another vehicle for the same class for the balance period of a policy subject to adjustment of premium if any on pro-rata basis from the date of substitution.