Best of Motor Ins Full Detail
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1
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MOTOR INSURANCE DEALS WITH
FOLLOWING LOSSES DUE TO USE OF
VEHICLE :-
LOSS OR DAMAGE TO VEHICLE
ITSELF
ACCIDENTAL INJURY / DEATH OF
THIRD PARTY
PROPERTY DAMAGE OF THIRD PARTY
2
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HISTORY OF MOTOR
INSURANCE
1894 - FIRST CAR WAS INTRODUCED IN U.K.
1895 - FIRST INSURANCE POLICY WAS ISSUED COVERING THIRD PARTY LIABILITY.
1899 OWN DAMAGE WAS ADDED.
1930-1934 ACT WAS PASSED MAKING THIRD PARTY INS. COMPULSORY.
3
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1939 MOTOR VEHICLE ACT WAS PASSED
IN INDIA.
1946 PROVISION OF COMPULSORY T.P.
INS. WAS INTRODUCED.
1988 M.V.ACT OF 1939 WAS REPLACED.
1989 THIS NEW ACT BECAME EFFECTIVE
FROM 01-07-1989 4
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APPLICABILITY OF BASIC
PRINCIPLES
UTMOST GOOD FAITH
INSURABLE INTEREST
INDEMNITY
SUBROGATION
CONTRIBUTION
PROXIMATE CAUSE
5
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TYPES OF MOTOR VEHICLES
DEFINITION OF MOTOR VEHICLE AS
PER M.V.ACT,1988
ANY MECHANICALLY PROPELLED
VEHICLE ADAPTED FOR USE UPON
ROADS
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TYPES OF MOTOR VEHICLES
MOTOR VEHICLES ARE BROADLY
CLASSIFIED INTO FOLLOWING THREE
CATAGORIES :-
PRIVATE CARS USED FOR
SOCIAL,DOMESTIC,PLEASURE &
ROFESSIONAL PURPOSES
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TWO WHEELERS USED WITH OR
WITHOUT SIDE
CAR FOR ABOVE
PURPOSES
COMMERCIAL VEHICLES ALL
OTHER VEHICLES
8
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CLASSIFICATION
OF
COMMERCIAL VEHICLES
GOODS CARRYING
a) PRIVATE CARRIERS CARRYING
OWN GOODS
b) PUBLIC CARRIERS CARRYING
GOODS FOR
HIRE OR
REWARD
9
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PASSENGER CARRYING USED
FOR HIRE OR
REWARD
(BUSES,
AUTOS,
TAXIES etc.)
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MISC. & SPECIAL TYPE VEHICLES
AGRICULTURE TRACTORS,
AMBULANCES, CRANES, DUMPERS,
FIRE BRIGADE, BULLDOZERS, BREAK-
DOWN VEHICLES, EXCAVATORS,
CINEMA FILM RECORDING &
PUBLICITY VANS, ROAD ROLLERS,
DISPENSARIES etc.
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COMPULSORY THIRD PARTY
INSURANCE
AS PER M.V.ACT,1939 AND AS AMENDED IN 1988, EVERY MOTOR VEHICLE MUST BE COMPULSORILY INSURED FOR ANY ACCIDENTAL INJURY / DEATH AND / OR PROPERTY OF THIRD PARTY.
CHAPTERS X,XI & XII OF M.V.ACT,1988 DEALS WITH THIS COMPULSORY INSURANCE
12
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INDIA MOTOR TARIFF
IN INDIA, MOTOR INS. HAS BEEN GOVERNED
BY THIS TARIFF, ISSUED BY TAC, REVISED
FROM TIME TO TIME LATEST EFFECTIVE
FROM 01-07-2002.
THIS TARIFF HAS LAID DOWN RULES,
REGULATIONS, RATES, ADVANTAGES,
TERMS AND CONDITIONS FOR
TRANSACTING MOTOR INSURANCE.
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TYPES OF POLICIES
LIABILITY ONLY POLICY (THIRD PARTY)
PACKAGE POLICY
T.P.+ FIRE & THEFT
FIRE & THEFT ONLY
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LIABILITY ONLY POLICY
APPLICABLE TO ALL CLASSES OF
VEHICLES WITH SUITABLE CHANGES
IN LIMITATIONS AS TO USE.
15
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SCOPE OF COVER COVERS INSUREDS LEGAL LIABILITY
ARISING OUT OF USE OF VEHICLE, IN
RESPECT OF :
a) DEATH OF OR BODILY INJURY TO
ANY THIRD PARTY,AS PER M.V.
ACT - UNLIMITED.
b) THIRD PARTY PROPERTY DAMAGE
(LIMIT SPECIFIED IN POLICY) 16
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INCLUDING CLAIMANTS COST &
EXPENCES.
INCLUDING INSUREDS COST &
EXPENCES, IF INCURRED WITH THE
WRITTEN CONSENT OF INSURERS.
INDEMNIFICATION FOR ANY OTHER
PERSON DRIVING ON BEHALF OF
INSURED,PROVIDED POLICY TERMS &
CONDITIONS OBSERVED.
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IN CASE OF INSUREDS DEATH, HIS
PERSONAL REPRESENTATIVE WILL BE
INDEMNIFIED.
INSURERS HAVE THE RIGHT OF
REPRESENTATION IN ANY INQUIRY OR
TO DEFEND IN THE COURT OF LAW.
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AVOIDANCE OF CERTAIN
TERMS AND RIGHTS OF
RECOVERY
NO POLICY CONDITION OR ENDORSEMENT
WILL EFFECT ANY INDEMNIFICATION
UNDER THE POLICY WHICH IS TO BE AS
PER M.V.ACT.
BUT THE INSURER CAN RECOVER THE
AMOUNT FROM THE INSURED IN CASE OF
LIABILITY BEYOND POLICY COVERAGE.
19
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PERSONAL ACCIDENT COVER
TO OWNER -DRIVER
WHILE DRIVING, MOUNTING INTO OR
DISMOUNTING FROM OR TRAVELLING IN THE
VEHICLE AS CO-DRIVER.
FOR BODILY INJURY / DEATH CAUSED BY
VOILENT, ACCIDENTAL, EXTERNAL AND VISIBLE
MEANS WITHIN 6 MONTHS OF INJURY.
SUM INSURED Rs. 2 LAKHS (AS PER SCALE OF
COMPENSATION) 20
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PROVIDED
DEATH OR INJURY NOT ARISING OR RESULTING FROM :
a) INTENTIONAL SELF INJURY,
SUICIDE OR ATTEMPTED SUICIDE,
PHYSICAL DEFECT;
b) ACCIDENT HAPPENING UNDER THE
INFLUENCE OF INTOXICATING
LIQUOR OR DRUGS 21
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GENERAL EXCEPTIONS
THE COMPANY HAS NO LIABILITY IN
CASE :
THE VEHICLE IS BEING DRIVEN
OTHER THAN AS PER LIMITATIONS
AS TO USE
DRIVER NOT SATISFYING
CONDITIONS OF DRIVER CLAUSE
ANY CONTRACTUAL LIABILITY
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DEATH OR INJURY OF AN EMPLOYEE
DURING THE COURSE OF HIS
EMPLOYMENT, EXCEPT AS PER W.C.ACT;
DEATH OR INJURY TO ANY PERSON
BEING CARRIED IN THE VEHICLE,
EXCEPT UNDER CONTRACT OF
EMPLOYMENT;
LIABILITY ARISING OUT OF WAR LIKE
PERILS OR USE OF NUCLEAR MATERIAL 23
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GENERAL POLICY CONDITIONS
1. WRITTEN NOTICE OF CLAIM
2. NO ADMISSION, OFFER OR PAYMENT
WITHOUT WRITTEN CONSENT OF THE
INSURER.
3. VEHICLE TO BE MAINTAINED IN GOOD
CONDITION AT ALL TIMES.
4. CONTRIBUTION TO CLAIM IN CASE OF
MORE THAN ONE POLICY.
5. CONDITION OF ARBITRATION 24
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PACKAGE POLICY
PRIVATE CAR
THE POLICY HAS FOLLOWING THREE
SECTIONS :-
SECTION I OWN DAMAGE
SECTION II THIRD PARTY LIABILITY
SECTION III PERSONAL ACCIDENT
COVER TO OWNER
DRIVER
25
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PACKAGE POLICY PRIVATE CAR
SECTION I OWN DAMAGE
THE COMPANY WILL INDEMNIFY AGAINST LOSS OR DAMAGE TO THE INSURED VEHICLE CAUSED BY
a) FIRE, EXPLOSION, SELF IGNITION OR LIGHTNING;
b) BURGLARY HOUSEBREAKING OR THEFT;
c) RIOT & STRIKE; 26
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d) EARTHQUAKE;
e) FLOOD, TYPHOON, HURRICANE,
STORM, TEMPEST, INUNDATION,
CYCLONE, HAILSTORM, FROST
PACKAGE POLICY PRIVATE CAR
27
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f) ACCIDENTAL EXTERNAL MEANS;
g) MALICIOUS ACT;
h) TERRORIST ACTIVITY;
i) WHILST IN TRANSIT BY ROAD, RAIL, INLAND WATERWAY, LIFT, ELEVATOR OR AIR;
j) LANDSLIDE / ROCKSLIDE 28
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PRIVATE CAR PACKAGE POLICY
SUBJECT TO DEDUCTION FOR
DEPRECIATION AS PER RATES BELOW IN
RESPECT OF PARTS REPLACED :-
FOR ALL RUBBER, NYLON, PLASTIC
PARTS, TYRES & BATTERY - 50%
FOR FIBRE GLASS COMPONENTS - 30%
FOR GLASS PARTS - NIL 29
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PRIVATE CAR PACKAGE POLICY
4. RATES OF DEPRECIATION FOR ALL
OTHER PARTS (METALLIC) INCLUDING
WOODEN PARTS ARE ACCORDING TO
THE AGE OF THE VEHICLE AND ARE
SPECIFIED IN THE POLICY.
30
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PACKAGE POLICY PRIVATE CAR
EXCLUSIONS :
THE INSURER SHALL NOT BE LIABLE TO
MAKE ANY PAYMENT IN RESPECT OF :-
a) CONSEQUENTIAL LOSS, DEPRECIATION,
WEAR & TEAR, MECHANICAL AND
ELECTRICAL BREAKDOWN, FAILURES
OR BREAKAGES; 31
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PACKAGE POLICY PRIVATE CAR
b) DAMAGE TO TYRES & TUBES UNLESS THE VEHICLE IS DAMAGED AT THE SAME TIME IN WHICH CASE THE LIABILITY OF THE CO. SHALL BE LIMITED TO 50% OF THE COST OF REPLACEMENT;
c) ANY ACCIDENTAL LOSS OR DAMAGE IF THE VEHICLE IS BEING DRIVEN BY A PERSON UNDER THE INFLUENCE OF INTOXICATING LIQUOR OR DRUGS. 32
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PACKAGE POLICY PRIVATE CAR
PROTECTION &
REMOVAL COST - Rs.1,500 (max)
AUTHORISATION
FOR REPAIR - Rs. 500 (max)
33
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PACKAGE POLICY PRIVATE CAR
SUM INSURED
INSUREDS DECLARED VALUE (IDV)
THIS VALUE IS FIXED AT THE
COMMENCEMENT OF EACH POLICY
PERIOD FOR THE INSURED VEHICLE
ON THE BASIS OF MANUFACTURERS
LISTED SELLING PRICE OF THE
BRAND & MODEL (AGE OF VEHICLE) 34
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PACKAGE POLICY PRIVATE CAR
SECTION II T.P.LIABILITY
COVER AS PER THIRD PARY LIABILITY
POLICY
35
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PACKAGE POLICY PRIVATE CAR
SECTION III P.A. COVER TO
OWNER DRIVER
COVERAGE SAME AS STUDIED IN
T.P.LIABILITY COVER
SUM INSURED - Rs.2,00,000
(FIXED) 36
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PACKAGE POLICY PRIVATE CAR
GENERAL EXCEPTIONS :-
1) ANY LOSS / LIABILITY INCURRED
OUTSIDE THE GEOGRAPHICAL AREA
2) CONTRACTUAL LIABILITY
3) USE OF VEHICLE OTHER THAN AS PER
LIMITATIONS AS TO USE
37
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4) DRIVEN OTHER THAN AS PER
DRIVER CLAUSE
5) ANY CONSEQUENTIAL LOSS
6) LIABILITY ARISING FROM RADIATION,
RADIOACTIVE CONTAMINATION
PACKAGE POLICY PRIVATE CAR
38
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7) USE OF NUCLEAR WEAPONS MATERIAL
8) WAR OR RELATED PERILS
9) COMPULSORY DEDUCTIBLE
UPTO 1500 cc. Rs.500 per event
MORE THAN 1500cc 1000 per event
PACKAGE POLICY PRIVATE CAR
39
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PACKAGE POLICY PRIVATE CAR
GENERAL CONDITIONS
1. WRITTEN NOTICE OF CLAIM
2. NO ADMISSION, OFFER OR
PAYMENT WITHOUT WRITTEN
APPROVAL
40
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PACKAGE POLICY PRIVATE CAR
3. INDEMNITY THE CO. MAY AT ITS OPTION REPAIR, REINSTATE OR REPLACE THE VEHICLE OR PARTS OR PAY IN CASH. THE LIABILITY NOT TO EXCEED :
a) FOR TOTAL LOSS / CTL IDV LESS SALVAGE
b) FOR PARTIAL LOSS COST OF REPAIRS LESS DEPRECIATION, LESS SALVAGE
41
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4. VEHICLE TO BE MAINTAINED IN FIT
CONDITION AT ALL TIMES. AFTER
DAMAGE AGGRAVATION NOT
COVERED.
5. CONDITION OF CANCELLATION
6. CONDITION OF CONTRIBUTION
PACKAGE POLICY PRIVATE CAR
42
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PACKAGE POLICY PRIVATE CAR
7. CONDITION OF ARBITRATION
8. OBSERVANCE OF POLICY TERMS -A
PRECONDITION TO LIABILITY ADMISSION
9. TRANSFER OF POLICY WITHIN 3 MONTHS
FROM THE DATE OF DEATH OF INSURED
43
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PACKAGE POLICY
2 WHEELERS
THE POLICY HAS FOLLOWING THREE
SECTIONS :-
SECTION I OWN DAMAGE
SECTION II THIRD PARTY LIABILITY
SECTION III PERSONAL ACCIDENT
COVER TO OWNER
DRIVER 44
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PACKAGE POLICY 2 WHEELERS
SECTION I (OWN DAMAGE)
COVERAGE SAME AS PER PRIVATE CAR PACKAGE POLICY - EXCEPT
1. THEFT OF ACCESSORIES NOT COVERED UNLESS THE VEHICLE IS STOLEN AT THE SAME TIME.
2. PROTECTION & REMOVAL (TOWING) MAXIMUM PAYBLE - Rs.300
45
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PACKAGE POLICY 2 WHEELERS
3. AUTHORISATION FOR REPAIR
MAXIMUM - Rs.150
4. COMPULSORY DEDUCTIBLE - Rs.50
5. OTHER EXCLUSIONS SAME AS PER
PRIVATE CAR POLICY
46
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PACKAGE POLICY 2 WHEELERS
SECTION II THIRD PARTY LIABILITY
SAME AS PER PRIVATE CAR POLICY
EXCEPT
PROPERTY DAMAGE LIABILITY Rs.6000
AS PER M.V.ACT
CAN BE INREASED TO Rs.1 LAKH 47
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PACKAGE POLICY 2 WHEELERS
SECTION III PERSONAL ACCDT. COVER TO
OWNER DRIVER:-
SAME AS PER PRIVATE CAR POLICY
LIMIT - Rs.1 LAC
48
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PACKAGE POLICY 2 WHEELERS
GENERAL EXCLUSIONS & POLICY
CONDITIONS SAME AS PER PRIVATE CAR
POLICY
49
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PACKAGE POLICY COMMERCIAL VEHICLE
THE POLICY HAS FOLLOWING FOUR
SECTIONS :-
SECTION I OWN DAMAGE
SECTION II THIRD PARTY LIABILITY
SECTION III TOWING DISABLED VEHICLES
SECTION IV PERSONAL ACCIDENT
COVER TO OWNER
DRIVER
50
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PACKAGE POLICY FOR
COMMERCIAL VEHICLES
SECTION I (OWN DAMAGE)
SCOPE / TERMS OF COVER SAME AS PER
PRIVATE CAR PACKAGE POLICY
EXCEPT THE FOLLOWING :-
1. NO LIABILITY FOR DAMAGE CAUSED BY
OVERLOADING OR STRAIN OF THE
VEHICLE 51
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PACKAGE POLICY FOR
COMMERCIAL VEHICLES
2. NO LIABILITY FOR LOSS OF
ACCESSORIES BY THEFT UNLESS THE
VEHICLE IS STOLEN AT THE SAME TIME
3. PROTECTION AND REMOVAL CHARGES
3 WHEELERS Rs. 750
TAXIES Rs.1500
OTHERS Rs.2500
4. AUTHORISATION FOR REPAIRS Rs.500 52
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PACKAGE POLICY FOR
COMMERCIAL VEHICLES
SECTION II THIRD PARTY LIABILITY
COVERAGE AS PER THIRD PARTY LIABILITY ONLY POLICY.
EXCLUSIONS :
THE POLICY WILL NOT BE LIABLE FOR:-
a) INJURY/DEATH/DAMAGE CAUSED BEYOND THE LIMITS OF ANY CARRIAGE WAY OR THOROUGH FARE.
53
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PACKAGE POLICY
COMMERCIAL VEHICLES
b) DEATH / INJURY TO ANY PERSON IN THE
COURSE OF HIS EMPLOYMENT EXCEPT
AS PER W.C.ACT.
c) L.L. TOWARDS PERSON CARRIED IN THE
VEHICLE. CONSIGNOR OF GOODS IS
COVERED.
d) DAMAGE TO PROERTY BELONGING TO
OR HELD IN TRUST OF THE INSURED OR
BEING CARRIED IN THE VEHICLE.
54
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PACKAGE POLICY
COMMERCIAL VEHICLES
e) DAMAGE TO ANY BRIDGE AND/OR
VIADUCT &/OR TO ANY ROAD &/OR ANYTHING BENEATH BY VIBRATION / WEIGHT CARRIED BY THE VEHICLE.
f) DEATH / INJURY TO ANY PERSON WHO IS NOT AN EMPLOYEE OF THE INSURED AND NOT BEING CARRIED FOR HIRE OR REWARD.
55
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PACKAGE POLICY FOR
COMMERCIAL VEHICLES
SECTION III,
TOWING DISABLED VEHICLES
ALLOWED PROVIDED
a) TOWING IS NOT FOR REWARD
b) NO LIABILITY FOR DAMAGE TO TOWED
VEHICLE OR PROPERTY CARRIED IN IT
56
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PACKAGE POLICY FOR
COMMERCIAL VEHICLES
SECTION IV
PERSONAL ACCIDENT COVER TO OWNER
DRIVER
SAME AS PER LIABILITY ONLY POLICY
GENERL EXCEPTIONS
SAME AS IN PVT CAR PACKAGE POLICY 57
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PACKAGE POLICY FOR
COMMERCIAL VEHICLES
GENERAL CONDITIONS
SAME AS PER PRIVATE CAR PACKAGE POLICY WITH FOLLOWING ADDITIONAL CONDITION :-
IN CASE OF PROPERTY DAMAGE, THE INS.CO. MAY PAY TO THE INSURED THE FULL AMOUNT OF THEIR LIABILITY AND RELINQUISH THE DEFENCE TO THE INSURED WHO WILL BEAR THE COST AND EXPENSES OF DEFENCE. 58
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OTHER TYPES OF POLICIES
THIRD PARTY + FIRE &/OR THEFT.
SECTION I
ANY LOSS OR DAMAGE TO THE VEHICLE
DUE TO FIRE &/OR THEFT
ALL OTHER SECTIONS, EXCLUSIONS,
TERMS AND CONDITIONS ARE SAME
59
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SPECIAL POLICIES
TRADE POLICIES ISSUED TO MOTOR
DEALERS OR DISTRIBUTORS OR
ENGAGED IN THEIR OVERHAUL OR
REPAIR.
TRADE CERTIFICATES ARE ISSUED BY
TRANSPORT AUTHORITY
60
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TRADE POLICIES
TWO TYPES OF POLICIES
1) Motor trade package policy
(Road Risk) Risk coverage in
Public Place
2) Motor Trade Internal Risk
covers loss only within the
Insureds business premises
61
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GENERAL REGULATIONS
GR -1 INSURANCE NOT PROVIDED FOR:
Motor ins. in India to be conducted in
accordance with this tariff.
GR -2 PROPOSAL FORM:
Specified Proposal Form is to be
submitted.
GR -3 POLICY FORMS:
Policies to be issued only on Standard
forms
62
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GENERAL REGULATIONS
GR -3
A) TWO TYPES OF POLICIES:
1) LIABILITY ONLY POLICY
2) PACKAGE POLICY.
B) RATING :
RATES ARE PROVIDED IN
TARIFF. 100% LOADING FOR
ADVERSE CLAIMS EXPERIENCE. 63
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GENERAL REGULATIONS
GR -4 EXTENSION OF GEO. AREA :
Geographical Area is India, can be
extended to Bangladesh, Bhutan,
Nepal, Pakistan, Sri Lanka, Maldives
on payment of extra premium.
GR -5 VINTAGE CARS :
Cars manf. Prior to 31-12-1940 and
certified by Vintage & Classic Car Club
of India 64
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GENERAL REGUATIONS
GR -6 CLASSIC CARS:
Cars manf. Between 31-12-1940 &
31-12-1970 are considered by Club.
GR -7 VALUED POLICIES:
Not permitted to issue Agreed Valued
Policies except in case of Vintage
Cars.
65
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GENERAL REGULATIONS
GR -8 INSUREDS DECLARED VALUE:
IDV is deemed to be the SUM
INSURED and valid through out
the policy period.
GR -9 DEPRECIATION ON PARTS FOR
PARTIAL LOSS CLAIMS.
Scale of depreciation as per tariff.
66
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GENERAL REGULATIONS GR-10 GEOGRAPHICAL ZONES :
For rating purpose, India has been
divided into following zones according
to Registration office :-
i) Private cars,2 wheelers & up to 6 passengers
carrying vehicles for hire or reward
(commercial)
ZONE-A : Ahmedabad, Bangalore,
Chennai, Hyderabad,
Kolkata, Mumbai, New Delhi and
Pune 67
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GENERAL REGULATIONS
ZONE B : Rest of India
FOR OTHER VEHICLES :
ZONE A : Chennai, Delhi/New Delhi
Kolkata, Mumbai
ZONE B : All other State Capitals.
ZONE C : Rest of India
68
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GENERAL REGULATIONS
GR-11 PERIOD OF INSURANCE:
Maximum Period 12 months, further
extension for less than 12 months
on pro-rata allowed subject to
renewal with same insurer.
69
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GENERAL REGULATIONS
GR-12 RATES FOR SHORT PERIOD
COVER:
For shorter period policies, scale is
provided in the tariff.
No liability only policy to be
issued for short period 70
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GENERAL REGULATIONS
GR-13 DISPLAY OF PREMIUM:
Own Damage and Liability
premiums to be shown
separately in the policy.
Similarly all loadings and
discounts are to be shown
separately.
71
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GENERAL REGULATIONS
GR -14 COMPUTATION OF PREMIUM:
Premium payable to be computed
according to the tables given in the
tariff.
GR -15 PAYMENT OF PREMIUM :
Full premium to be received before
commencement of cover.
No installments.
72
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GENERAL REGULATIONS
GR-16 MINIMUM PREMIUM :
Minimum premium is Rs.100.
Specially designed vehicles for
handicapped persons is Rs.25.
GR-17 TRANSFER OF VEHICLE:
Liability cover is deemed to be
automatically transferred to the
new owner from the date of
transfer 73
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GENERAL REGULATIONS
GR-17 contd.
OWN DAMAGE section shall be
transferred ONLY on specific request
subject to the following :-
Application within 14 days
Consent of transferor
Fresh proposal form
Evidence of sale
74
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GENERAL REGULATIONS
Surrender of old Cert. of Insurance
Inspection of the vehicle
Transfer Fee of Rs.50
Recovery of No Claim Bonus.
GR-18 CHANGE OF VEHICLE :
Substitution by same class of vehicle
allowed on payment of difference of prem.
However, proof of Liability Ins. Of earlier
vehicle is required except T/L
75
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GENERAL REGULATIONS
GR-19,20 & 21 VEHICLE SUBJECT TO
HIRE PURCHASE, LEASE OR
HYPOTHECATION:
Vehicle to be insured in the
name of registered owner and
not in joint names.
GR-22 COVER NOTE:
To be issued in Form No.52.
Valid for 60 days, to be followed
by policy. 76
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GENERAL REGULATIONS GR-23 CERTIFICATE OF INSURANCE:
To be issued in Form No.51.
GR-24 CANCELLATION & DOUBLE
INSURANCE :
A) Cancellation of policy :-
7 days notice from both sides;
Provided no claim under the policy
If by Ins. co., pro-rate adjustment 77
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GENERAL REGULATIONS
GR-24 contd.
If by Insured, premium retention on short
period basis.
Original Cert. of Ins. To be surrendered
Insured to give proof of Liability cover
extension.
Insurer to inform RTA by recorded delivery
about cancellation of policy.
78
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GENERAL REGULATIONS
GR-24 contd.
B) DOUBLE INSURANCE :
Later policy to be cancelled on pro-rata
refund of prem. Retention of Min. prem.
Provided no claim under any policy.
If both the policies with same insurer,
100% refund.
If earlier policy to be cancelled, premium to
be retained on short period basis.
79
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GENERAL REGULATIONS
GR-25 CANCELLATION & ISSUANCE
OF FRESH CERT. OF INS.:
Following any change in the
policy, if a new cert. is to be
issued, charges Rs.50.
GR-26 CERT./COVER NOTE
DESTROYED OR MUTILATED:
For issue of Duplicate, Rs.50
charges
80
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GENERAL REGULATIONS
GR-27 NO CLAIM BONUS:
a) Allowed only after completion of 12
months continuous insurance;
a) Only on own damage premium;
b) Ranges from 20% to 50%(Max.)
c) Similar %age for all classes of vehicles. 81
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GENERAL REGULATIONS
GR-27 contd.
e) No NCB on Motor Trade policies
f) In case of claim, NCB will reduce to zero
g) Entitlement is protected up to 90 days of date of expiry;
h) If the vehicle is sold and not replaced, entitlement preserved up to 3 years;
82
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j) Co. owned vehicles if transferred to employ.,
using it exclusively, NCB can be transferred
in his name;
k)In case of change of Insurer, proof of
entitlement from previous insurer to be
furnished.
i) On transfer of vehicle, NCB recovered or adjusted;
83
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GENERAL REGULATIONS
GR-27 contd.
l) SUNSET CLAUSE :
If insured is entitled to 55% or 65% at
renewal between 1-7-2002 and 30-6-
2003, the same %age will be protected
until a claim arises in which case NCB
will revert to NIL.
84
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GENERAL REGULATIONS
GR-28 AUTOMOBILE ASSOCIATION
MEMBERSHIP DISCOUNT :
5% of OD premium (Max.200/- for
Pvt. Car and 50/- for 2 wheelers)
Valid for period of membership
(on pro-rata basis)
GR-29 DISCOUNT FOR VINTAGE CARS
25% ON OD prem.
85
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GENERAL REGULATIONS
GR-30 DISC. FOR ANTI THEFT DEVICE:
2.5% ON OD prem.-Max.500/-
Provided device is approved by
ARAI, Pune and installation is
certified by any AAI.
GR-31 CONCESSION FOR LAID-UP
VEHICLES:
Min. 2 consecutive months. Pro-
rata adjustment of premium.
86
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GENERAL REGULATIONS
GR-32 MID TERM INCLUSION /
CANCELLATION OF EXTRA
BENEFITS:
Permitted once in policy period.
GR-36 COMPULSORY PA COVER:
To Owner-Driver (Individual
only)
2 wheeler - Rs.1 lakhs - Rs. 50
Others - Rs.2 lakhs - Rs.100 87
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GENERAL REGULATIONS
GR-36 contd.
No such cover to companies or
owner not holding effective driving
license.
Owner having number of vehicles,
cover only at one vehicle at his
option.
88
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GENERAL REGULATIONS
GR-36 contd.
OPTIONAL PA COVER TO PERSONS
OTHER THAN OWNER-DRIVER :
According to registered seating
capacity of the vehicle at rates
provided in the tariff.
GR-37 VEHICLES IMPORTED WITHOUT
CUSTOM DUTY :
OD premium to be loaded by 30% 89
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GENERAL REGULATIONS
GR-38 VEHICLES REQUISITIONED BY
GOVERNMENT:
Held covered. Losses paid in
excess of amount paid by Govt.
GR-39 TPPD COVER:
Limit of cover for all vehicles
other than 2 wheelers & Motor
Trade
(internal risk) Rs. 7.5 lakhs 90
-
GENERAL REGULATIONS GR-39 contd.
For 2 wheelers Rs.1 lakh.
For statuary limits, discount in TP
premium allowed as per tariff.
Mid term change in limits not allowed.
GR-40 COMPULSORY DEDUCTIBLES:
Amount to be compulsory deducted out
of OD claims according to the type of
vehicle as per tariff. 91
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GENERAL REGULATIONS
GR-41 ELECTRICL /ELECTRONIC
FITTINGS :
Items not included in the Manf.s
price can be covered under OD
section @ 4% of the value on
specific declaration.
GR-42 USE OF CNG / LPG FUEL:
Shall be covered on addl. Prem
@ 4% on the value of kit on specific
decl. 92
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MOTOR VEHICLE ACT,1988
IMPORTANT PROVISIONS
CHAPTER X
NO FAULT LIABILITY
SECTION 140 :
FOR DEATH OR PERMANENT
DISABLEMENT OF THIRD PARTY, THE
OWNER OF VEHICLE IS LIABLE TO
PAY COMPENSATION. 93
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TO CLAIM UNDER THIS SEC., THE
CLAIMENT IS NOT REQUIRED TO
PROOVE WRONGFUL ACT, NEGLECT OR
DEFAULT OF VEHICLE OWNER.
COMPENSATION FOR DEATH
Rs.50,000
FOR PERMANENT DISABLEMENT
Rs.25,000
94
-
MOTOR VEHICLE ACT,1988 SECTION 147 :
LIMIT OF LIABILITY
THE INSURANCE POLICY SHALL COVER
THE FOLLOWING LIMITS :-
DEATH / INJURY (SEC.II-I (ii) )
UNLIMITED PROPERTY DAMAGE
MIN. Rs.6,000
SECTION 149 :
DUTY OF INSURERS TO SATISFY
JUDGEMENTS & AWARDS AGAINST
PERSONS INSURED IN RESPECT OF THIRD
PARTY RISKS.
95
-
MOTOR VEHICLE ACT,1988
SECTION 151 :
INSURED IS BOUND TO DISCLOSE
INSURANCE PARTICULARS TO THE THIRD
PARTY AND INSURER IS BOUND TO GIVE
THE POLICY DOCUMENTS TO INSURED
PARTY.
SECTION 152 :
NO SETTLEMENT BETWEEN INSURER AND
INSURED IS EFFECTIVE UNLESS THIRD
PARTY IS ALSO MADE A PARTY TO THE
SETTLEMENT. 96
-
MOTOR VEHICLE ACT,1988
SECTION 155 :
IN CASE OF DEATH OF INSURED, THE T.P.
CLAIM IS EFFECTIVE AGAINST INSUREDS
ESTATE OR LEGAL HEIRS OF INSURERS.
SECTION 157 :
IN CASE OF TRANSFER OF VEHICLE, T.P.
INS. IS AUTOMATICALLY DEEMED TO
HAVE BEEN TRANSFER IN THE NAME OF
NEW OWNER.
97
-
MOTOR VEHICLE ACT,1988
SECTION -161:
SPECIAL PROVISIONS AS TO COMPENSATION IN CASE OF HIT & RUN MOTOR ACCIDENTS :
COMPENSATION FOR DEATH Rs.25,000
(FIXED)
GREVIOUS HURT Rs.12,500
(FIXED) 98
-
SECTION -163 A :
SCHEME OF COMPENSATION FOR HIT
& RUN CASES IS BEING ADMINISTERED
BY GIC AND ALL GENERAL
INSURANCE COS. CONTRIBUTE TO THIS
SCHEME.
SECTION 163 B :
COMPENSATION CAN BE CLAIMED EITHER
UNDER SEC.140 (NO FAULT LIAB.) OR UNDER
SEC.163A (HIT & RUN)
MOTOR VEHICLE ACT - 1988
99
-
MOTOR VEHICLE ACT,1988
SECTION 165 : CLAIMS TRIBUNALS
T.P. CLAIMS CAN BE ADJUDICATED UPON
ONLY BY MOTOR ACCIDENT CLAIMS
TRIBUNALS (MACT) CONSTITUTED BY
STATE GOVTS.
SECTION -173 : APPEALS
ANY PERSON AGGRIEVED BY AN AWARD
OF MACT MAY, WITHIN 90 DAYS FROM THE
DATE OF AWARD, PREFER AN APPEAL TO
THE HIGH COURT.
100
-
MOTOR VEHICLE ACT,1988 CHAPTER XI INSURANCE OF VEHICLES AGAINST T.P. RISK
SECTION 146 : NO VEHICLE CAN BE USED IN A PUBLIC PLACE
WITHOUT HAVING INSURED AGAINST T.P. RISK.
VEHICLES OWNED BY CENTRAL &/OR STATE GOVTS. ARE EXEMPTED.
THE GOVT. MY FURTHER EXEMPT VEHICLES OWNED BY LOCAL AUTHORITIES PROVIDED A FUND IS EXTABLISHED BY THAT AUTH. TO MEET T.P. RISK. 101
-
RATING
PRIVATE CAR TYPE VEHICLES
SECTION I OWN DAMAGE 1. RATING FACTORS:-
i. IDV (GR-8)
ii. CUBIC CAPACITY
iii. GEOGRAPHICAL ZONES (GR-10)
iv. AGE OF THE VEHICLE (GR-8)
2. MINIMUM VALUES FOR THE PURPOSE OF
COMPUTATION OF PREMIUM :-
i. NOT EXCEEDING 1000 cc Rs.15,000
ii. 1000cc TO 1500cc 20,000
iii. EXCEEDING 1500cc 30,000 102
-
RATING
PRIVATE CAR TYPE VEHICLES
3. PREMIUM CHART
103
-
RATING
PRIVATE CAR TYPE VEHICLE
4. ADDITIONAL PREMIUM FOR CNG / LPG FUEL (GR-42)
5. ADDITIONAL PREMIUM FOR ELECT. / ELECTRONIC ITEMS (GR-41)
6. DISCOUNTS :-
i. AUTOMOBILE ASSOCIATION (GR-28)
ii. ANTI THEFT DEVICES (GR-30)
iii. VINTAGE CAR (GR-29)
iv. VOLUNTARY DEDUCTIBLE (GR-40)
v. NO CLAIM BONUS (GR-27)
104
-
RATING
PRIVATE CAR TYPE VEHICLE
SECTION II
THIRD PARTY LIABILITY PREMIUM
UPTO 1000cc Rs.500
1000cc TO 1500cc Rs.600
EXCEEDING 1500cc Rs.700
ADDITIONAL PREMIUM :-
i. USE OF CNG / LPG Rs. 60
ii. PA TO OWNER-DRIVER Rs.100
iii. PA TO UN-NAMED PASS. Rs. 50
(PER HEAD ACCORDING
TO SEATING CAPACITY) 105
-
RATING
PRIVATE CAR TYPE VEHICLES
iv. L.L. TO PAID DRIVER /
CLEANER ( PER HEAD) Rs. 25
LIMITATIONS AS TO USE :-
USE ONLY FOR SOCIAL, DOMESTIC AND PLEASURE PURPOSES AND FOR THE INSUREDS BUSINESS OR PROFESSION.
POLICY DOES NOT COVER :-
USE FOR HIRE OR REWARD, ORGANISED RACING, PACE MAKING, SPEED TESTING, RELIABILITY TRIALS, MOTOR TRADE, CARRIAGE OF GOODS (OTHER THAN SAMPLES OR PERSONAL BAGGAGE)
106
-
RATING
PRIVATE CAR TYPE VEHICLES
WHO CAN DRIVE( DRIVER CLAUSE)
ANY PERSON INCLUDING THE INSURED;
PROVIDED THAT A PERSON DRIVING HOLDS AN EFFECTIVE DRIVING LICENCE AT THE TIME OF ACCIDENT AND IS NOT DISQUALIFIED FROM HOLDING OR OBTAINING SUCH A LICENCE.
A PERSON HOLDING AN EFFECTIVE LERNER;S LICENCE MAY ALSO DRIVE THE VEHICLE PROVIDED HE SATISFIES THE REQUIREMENTS OF RULE 3 OF THE CENTRAL MOTOR VEHICLE RULES, 1989. 107
-
RATING
MOTORISED TWO WHEELERS
SECTION I OWN DAMAGE
1. RATING FACTORS :- SAME AS PRIVATE CARS
2. MINIMUM VALUES FOR THE PURPOSE OF COMPUTATION OF PREMIUM:-
NOT EXCEEDING 150cc Rs.5,000
EXCEEDING 150cc TO 350cc 6,000
EXCEEDING 350cc 7,000
108
-
RATING
MOTORISED TWO WHEELERS
3. PREMIUM RATES AS PER CHART
109
-
RATING
MOTORISED TWO WHEELERS
4. ADDITIONAL PREMIUM FOR CNG / LPG FUEL AS PER GR-42.
5. ADDL. PREMIUM FOR ELEC./ ELECTRONIC ITEMS AS PER GR-41.
6. LOSS OF ACCESSORIES BY THEFT @ 3% OF THE VALUE OF ACCESSORIES SUBJECT TO MIN. Rs.50.
110
-
RATING
MOTORISED TWO WHEELERS
7. DISCOUNTS :-
I. 25% DISCOUNT ON OD PREMIUM
AFTER LOADING FOR ITEMS 4 & 5
ABOVE IF VEHICLE USED WITH SIDE
CAR.
II. ALL OTHER DISCOUNTS SAME AS IN
PRIVATE CARS. 111
-
RATING
MOTORISED TWO WHEELERS
SECTION II T.P.LIABILITY COVER
PREMIUM :
NOT EXCEEDING 75cc Rs.135
> 75cc TO 150cc 160
> 150cc TO 350cc 175
> 350cc 190
112
-
o THE OWNER-DRIVER IS THE
REGISTERED OWNER OF THE
INSURED VEHICLE;
o THE OWNER-DRIVER IS THE
INSURED NAMED IN THE POLICY;
o THE OWNER-DRIVER HOLDS AN
EFFECTIVE DRIVING LICENSE AT
THE TIME OF ACCIDENT. 113
-
RATING
COMMERCIAL VEHICLES
FOR RATING PURPOSE, CVs ARE CLASSIFIED INTO FOLLOWING CATAGORIES:-
CLASS CATEGORY
GOODS CARRYING A1 & A2
TRAILERS B
PASSENGER CARRYING C
MISC. & SPECIAL TYPE D
MOTOR TRADE E,F,G 114
-
RATING COMMERCIAL VEHICLES
RATING FACTORS :
IDV
ZONE
AGE OF VEHICLE
GROSS VEHICLE WEIGHT (GVW) /
LICENSED CARRYING CAPACITY
115
-
RATING COMMERCIAL VEHICLES
RATING IS AS PER TARIFF
116
-
DOCUMENTS
PROPOSAL FORM
1. PARTICULARS ABOUT THE PROPOSER;
2. DETAILS OF VEHICLE TO BE INSURED;
3. DETAILS OF OTHER VEHICLES OWNED;
4. DETAILS OF INSURANCE HISTORY;
5. PREVIOUS CLAIMS;
6. EXTRA BENEFITS;
7. DECLARATION.
8. SIGNATURES 117
-
DOCUMENTS
CERTIFICATE OF INSURANCE
AN EVIDENCE THAT A MOTOR VEHICLE IS INSURED AGAINST T.P.LIABILITY AS REQUIRED UNDER M.V.ACT,1988.
CONTENTS:-
a) CERTIFICATE NUMBER;
b) DESCRIPTION OF THE VEHICLE
c) COMMENCEMENT & EXPIRY DATES OF INS
118
-
DOCUMENTS
CLASSES OF PERSONS ENTITLED TO DRIVE;
LIMITATIONS AS TO USE;
FOLLOWED BY A CERTIFICATE FROM AN AUTHORISED REPRESENTATIVE OF INS. CO. THAT THIS DOC. HAS BEEN ISSUED IN ACCORDANCE WITH M.V.ACT-1988
SIGNATURE.
IN CASE OF LOST OR DESTROYED CERT., DUPLICATE TO BE ISSUED ON CHARGES OF RS.50
119
-
DOCUMENTS
COVER NOTE
120
-
MOTOR UNDERWRITING
THE NEED:
INCREASE IN THE NUMBER OF VEHICLES,
TRAFFIC DENSITY, HIGHER CLAIMS COST
FOR OWN DAMAGE AND THIRD PARTY
CLAIMS:
NECESSITY TO CONTROL THE CLAIMS
COST
HENCE A SOUND UNDERWRITING POLICY
IS THE NEED OF THE HOUR.
121
-
MOTOR UNDERWRITING
SOUND UNDERWRITING MEANS:-
a) CAREFUL SELECTION OF RISK
a) IMPOSING CERTAIN TERMS AND
CONDITIONS
b) AND CONTINOUS MONITORING OF RISK.
122
-
MOTOR UNDERWRITING
STEPS FOR SOUND UNDERWRITING :
(A) SCREENING OF COMPLETE PROPOSAL FORM FOR
CONSIDERATION OF:-
1) TYPE OF VEHICLE
2) USE OF THE VEHICLE
3) GEOGRAPHICAL AREA OF OPERATIONS
4) THE DRIVER
5) NO CLAIM DISCOUNT
6) PAST CLAIMS EXPERIENCE
7) MORAL HAZARD
123
-
MOTOR UNDERWRITING
(B) TO MAINTAIN STATISTICAL RECORDS.
(C) SOME IMPORTANT GUIDELINES :-
1) FOR OLD VEHICLES, ONLY RESTRICTED OR TPL COVER OR INSPECTION BE CARRIED OUT BEFORE INSURANCE;
2) INSPECTION NECESSARY IN CASE OF BREAK IN INSURANCE OR CHANGE FROM TPL COVER TO PACKAGE POLICY;
124
-
MOTOR UNDERWRITING
3) PROPER FIXING OF IDV;
4) SPORTS CARS AT GREATER RISK (high speed).
5) PVT. CARS A BETTER RISKS THAN TAXIS
6) OWNER DRIVEN TAXIS BETTER THAN HIRER DRIVEN;
7) LIMITED AREA OF OPERATION OR WIDER AREA
8) AGE OF THE DRIVER (YOUNG MORE PRONE TO RASH DRIVING;
125
-
MOTOR UNDERWRITING
9) ANY SERIOUS VISION DEFECT;
10) DRIVING HABBITS / OFFENCES;
11) NCB IS INDICATIVE OF CAREFUL DRIVING;
12) NUMBER & TYPES OF CLAIMS
13) ATTITUDE ESPECIALY AFTER A LOSS;
14) LOSS EXPERIENCE OF A PARTICULAR
AGENT / MAKE MODEL / CLAIM RATIO etc.
126
-
MOTOR CLAIMS OWN DAMAGE
127
-
CLAIMS OWN DAMAGE
1. INSURED TO GIVE WRITTEN INTIMATION
OF LOSS TO INS. CO.
2. TO REMOVE THE VEHICLE TO WORKSHOP
& GET THE REPAIR ESTIMATE PREPARED.
3. INS.CO. TO CHECK THE POLICY
COVERAGE & ITS VALIDITY
4. REGISTRATION OF CLAIM BY CO.
5. APPOINTMENT OF MOTOR SURVEYOR
128
-
CLAIMS OWN DAMAGE
1. INSURED TO GIVE WRITTEN INTIMATION
OF LOSS TO INS. CO.
2. TO REMOVE THE VEHICLE TO WORKSHOP
& GET THE REPAIR ESTIMATE PREPARED.
3. INS.CO. TO CHECK THE POLICY
COVERAGE & ITS VALIDITY
4. REGISTRATION OF CLAIM BY CO.
5. APPOINTMENT OF MOTOR SURVEYOR
129
-
CLAIMS OWN DAMAGE
1. INSURED TO GIVE WRITTEN INTIMATION
OF LOSS TO INS. CO.
2. TO REMOVE THE VEHICLE TO WORKSHOP
& GET THE REPAIR ESTIMATE PREPARED.
3. INS.CO. TO CHECK THE POLICY
COVERAGE & ITS VALIDITY
4. REGISTRATION OF CLAIM BY CO.
5. APPOINTMENT OF MOTOR SURVEYOR
130
-
CLAIMS OWN DAMAGE
1. INSURED TO GIVE WRITTEN INTIMATION
OF LOSS TO INS. CO.
2. TO REMOVE THE VEHICLE TO WORKSHOP
& GET THE REPAIR ESTIMATE PREPARED.
3. INS.CO. TO CHECK THE POLICY
COVERAGE & ITS VALIDITY
4. REGISTRATION OF CLAIM BY CO.
5. APPOINTMENT OF MOTOR SURVEYOR
131
-
CLAIMS OWN DAMAGE
1. INSURED TO GIVE WRITTEN INTIMATION
OF LOSS TO INS. CO.
2. TO REMOVE THE VEHICLE TO WORKSHOP
& GET THE REPAIR ESTIMATE PREPARED.
3. INS.CO. TO CHECK THE POLICY
COVERAGE & ITS VALIDITY
4. REGISTRATION OF CLAIM BY CO.
5. APPOINTMENT OF MOTOR SURVEYOR
132
-
CLAIMS OWN DAMAGE
1. INSURED TO GIVE WRITTEN INTIMATION
OF LOSS TO INS. CO.
2. TO REMOVE THE VEHICLE TO WORKSHOP
& GET THE REPAIR ESTIMATE PREPARED.
3. INS.CO. TO CHECK THE POLICY
COVERAGE & ITS VALIDITY
4. REGISTRATION OF CLAIM BY CO.
5. APPOINTMENT OF MOTOR SURVEYOR
133
http://images.google.co.in/imgres?imgurl=http://tkfiles.storage.live.com/y1pGa8hEXvqPR5DqwlZttLcA_UUCgO6bWkCUk6Ormp2erMK3xgodoYy_fnhfRW4Dxfo1WeSg34qjPM&imgrefurl=http://suemmac.spaces.live.com/blog/cns!42E957E99773FE09!2128.entry&h=349&w=500&sz=58&hl=en&start=66&tbnid=5zKMmv-hz0haQM:&tbnh=91&tbnw=130&prev=/images%3Fq%3Dpeople%2Bdying%2Bdue%2Bto%2Bcar%2Baccidents%26start%3D60%26imgsz%3Dsmall%257Cmedium%257Clarge%257Cxlarge%26gbv%3D2%26ndsp%3D20%26hl%3Den%26sa%3DN
-
CLAIMS OWN DAMAGE
1. INSURED TO GIVE WRITTEN INTIMATION
OF LOSS TO INS. CO.
2. TO REMOVE THE VEHICLE TO WORKSHOP
& GET THE REPAIR ESTIMATE PREPARED.
3. INS.CO. TO CHECK THE POLICY
COVERAGE & ITS VALIDITY
4. REGISTRATION OF CLAIM BY CO.
5. APPOINTMENT OF MOTOR SURVEYOR
134
-
CLAIMS OWN DAMAGE
1. INSURED TO GIVE WRITTEN INTIMATION
OF LOSS TO INS. CO.
2. TO REMOVE THE VEHICLE TO WORKSHOP
& GET THE REPAIR ESTIMATE PREPARED.
3. INS.CO. TO CHECK THE POLICY
COVERAGE & ITS VALIDITY
4. REGISTRATION OF CLAIM BY CO.
5. APPOINTMENT OF MOTOR SURVEYOR
135
-
CLAIMS OWN DAMAGE
1. INSURED TO GIVE WRITTEN INTIMATION
OF LOSS TO INS. CO.
2. TO REMOVE THE VEHICLE TO WORKSHOP
& GET THE REPAIR ESTIMATE PREPARED.
3. INS.CO. TO CHECK THE POLICY
COVERAGE & ITS VALIDITY
4. REGISTRATION OF CLAIM BY CO.
5. APPOINTMENT OF MOTOR SURVEYOR
136
-
CLAIMS OWN DAMAGE
1. INSURED TO GIVE WRITTEN INTIMATION
OF LOSS TO INS. CO.
2. TO REMOVE THE VEHICLE TO WORKSHOP
& GET THE REPAIR ESTIMATE PREPARED.
3. INS.CO. TO CHECK THE POLICY
COVERAGE & ITS VALIDITY
4. REGISTRATION OF CLAIM BY CO.
5. APPOINTMENT OF MOTOR SURVEYOR
137
-
CLAIMS OWN DAMAGE
1. INSURD TO GIVE WRITTEN INTIMATION OF
LOSS TO INS. CO.
2. TO REMOVE THE VEHICLE TO WORKSHOP
& GET THE REPAIR ESTIMATE PREPARED.
3. INS.CO. TO CHECK THE POLICY
COVERAGE & ITS VALIDITY
4. REGISTRATION OF CLAIM BY CO.
5. APPOINTMENT OF MOTOR SURVEYOR
138
-
CLAIMS OWN DAMAGE
6. SURVEYOR TO INSPECT THE VEHICLE IN WORKSHOP & DISCUSS WITH THE REPAIRER / INSURED REG. COST OF REPAIRS NECESSARY ACCORDING TO THE CAUSE OF ACCIDENT.
7. SURVEYOR ALSO COLLECT DULY COMPLETED CLAIM FORM & VERIFIES ORIGINAL R.C., D/L & POLICY
8. FOR MINOR CLAIMS CO. ENGINEER CAN ASSESS THE LOSS
139
-
CLAIMS OWN DAMAGE
9. SURVEYOR / ENGINEER SUBMITS HIS
ASSESSMENT REPORT TO THE INS.CO.
10. ON THE OTHER SIDE THE VEHICLE IS
REPAIRED & DELIVERED TO THE INSURED
ON PAYMENT.
11. ORIGINAL REPAIR BILLS & PAYMENT
RECEIPT IS SUBMITTED TO THE INS.CO.
12. AFTER STUDY CLAIM IS APPROAVED & A
DISCHARGE VOUCHER IS RELEASED.
140
-
CLAIMS OWN DAMAGE
13. CLAIM AMOUNT SANCTIONED IS AFTER DEDUCTING DEPERICIATION ON PARTS REPLACED & THE AMOUNT OF EXCESS.
14. COLLECTION OF SALVAGE IF VALUE NOT DEDUCTED.
15. ON RECEIPT OF DISCHARGED VOUCHER PAYMENT IS RELEASED TO INSURED BY CHEQUE.
16. NOWADAYS, MANY COS. ARE PROVIDING CASH LESS FACILITY TO THEIR CLIENTS.
141
-
CLAIMS OWN DAMAGE
17. UNDER THIS SYSTEM, THE REPAIRER WILL RELEASE THE VEHICLE AFTER TAKING THE AMOUNT OF DEPRECIATION AND EXCESS ALONG WITH A SATISFACTION VOUCHER FROM THE CLIENT.
18. BALANCE PAYMENT ( LIABILITY OF THE CO.) SHALL BE PAID DIRECTLY BY THE INS. CO. TO THE REPAIRER.
142
-
CLAIMS OWN DAMAGE
CLAIM DOCUMENTS :-
COMMON FOR ALL VEHICLES
1. DULY COMPLETED CLAIM FORM
2. ORIGINAL R.C. for verification
3. ORIGINAL D.L. for verification
4. COPY OF POLICE REPORT (if lodged)
5. SURVEY REPORT
6. ORIGINAL REPAIR BILL & PAYMENT
RECEIPT.
143
-
CLAIMS OWN DAMAGE
ADDITIONAL DOCUMENTS FOR
COMMERCIAL VEHICLES:
1. ORIGINAL FITNESS CERT. for verification
2. ORIGINAL ROUTE PERMIT for verification
3. LOAD CHALLAN for goods carrying vehicle
4. SPOT SURVEY REPORT.
144
-
CLAIMS OWN DAMAGE
TOTAL LOSS CLAIM SETTLEMENT:
1. ON TOTAL LOSS BASIS :-
IF THE REPAIR COST IS 75% OR MORE OF IDV.
FULL IDV OF THE VEHICLE IS PAID AND SALVAGE IS TAKEN OVER BY THE CO. FOR DISPOSING IT OFF.
ORIGINAL POLICY, R.C., KEYS, TRANSFER FORMS & OTHER DOCUMENTS OF THE VEHICLE ARE COLLECTED
145
-
CLAIMS OWN DAMAGE
2. CASH LOSS SETTLEMENT :
IN CASE OF MAJOR LOSSES WHERE THE
REPAIR COST IS VERY HIGH, A NET AMT.
IS OFFERED ON COMPROMISE BASIS
WITHOUT INSISTING FOR REPAIRS &
COLLECTION OF SALVAGE.
THE INSURED CAN GET THE VEHICLE
REPAIRED BY USING 2ND HAND PARTS OR
PARTS PURCHSED FROM GREY MARKET.
146
-
CLAIMS OWN DAMAGE
3. THEFT CLAIMS :
TOTAL IDV IS PAYABLE SUBJECT TO COLLECTION OF :-
1. ORIGINAL POLICY
2. FIR
3. FINAL (UNTRACE) REPORT OF POLICE
4. ORIGINAL R.C. DULY TRANSFERRED IN THE NAME OF THE CO.
5. FULL SET OF KEYS
6. COPY OF REGISTERED LETTER TO RTO INFORMING THEFT OF THE VEHICLE
147
-
CLAIMS OWN DAMAGE
CONTENTS OF MOTOR SURVEY REPORT:
1. DETAILS OF INSURED & VEHICLE
2. DETAILS OF POLICY
3. OCCURRENCE DETAILS / CAUSE
4. PHOTOGRAPHS
5. CHECK LIST OF ALL ORIGINAL DOCTS.
6. ANY SPECIAL FEATURES OBSERVED
7. COMMENTS ON INSURERS LIABILITY
148
-
CLAIMS OWN DAMAGE
8. ASSESSMENT DETAILS
LABOUR COST
REPLACEMENT COST OF PARTS
DEPRECIATION
DEDUCTIBLE
SALVAGE
NET LOSS AMOUNT
149
-
CLAIMS THIRD PARTY
USE OF A MOTORISED VEHICLE IN A PUBLIC PLACE CAN GIVE RISE TO
ACCIDENT WHICH MAY RESULT INTO
DEATH OR BODILY INJURY &/OR PROPERTY
DAMAGE OF THIRD PARTY,
DUE TO ACCIDENT, TWO TYPES OF
LIABILITIES ARISES.
ONE IS CRIMINAL LIABILITY & THE OTHER IS
CIVIL LIABILITY.
FOR CRIMINAL LIABILITY, IT IS THE STATE
THAT INITIATES PROCEEDINGS
150
-
CLAIMS THIRD PARTY
FOR CIVIL LIABILITY, IT IS THE VICTIM OR
HIS REPRESENTATIVES HAS TO FILE A
CLAIM FOR COMPENSATION.
THIS CLAIM CAN BE FILED IN ANY M.A.C.T./
W.C. COURT WITH JURISDICTION ON THE
a) PLACE OF ACCIDENT
b) PLACE OF RESIDENCE OR BUSINESS OF
THE CLAIMANT OR
c) THE RESIDENCE OF DEFENDANT.
d) NO TIME LIMIT TO FILE THE CLAIM.
151
-
CLAIMS THIRD PARTY
MOTOR ACCIDENT CLAIMS TRIBUNALS
(MACT) HAVE BEEN SPECIALLY SET UP FOR
THIRD PARTY CLAIMS FOR SPEEDY AND
COST EFFECTIVE TRAILS.
NO OTHER CIVIL COURT IS EMPOWERED
TO DEAL WITH THESE CLAIMS.
MACT HAS THE SAME POWERS AS THOSE
OF CIVIL COURTS.
152
-
CLAIMS THIRD PARTY
CLAIM PROCEEDURE ADOPTED BY
INSURERS :-
INTIMATION OF CLAIM IS EITHER RECEIVED
FROM THE INSURED OR THROUGH NOTICE
FROM THE MACT.
AFTER SATISFYING WITH THE COVERAGE,
A CLAIM IS REGISTERED IN THE BOOKS
WITH A PROPER PROVISION OF ESTIMATED
LIABILITY.
AN ADVOCATE ON COS PANEL IS
APPOINTED BEFORE THE NEXT DATE. 153
-
CLAIMS THIRD PARTY
DOCUMENTS / INFORMATION COLLECTED:
1. POLICY COPY
2. CLAIM FORM
3. DRIVERS LICENSE
4. FIR
5. DRIVER/ WITNESSES STATEMENT
6. POST MORTEM REPORT (FATAL CLAIMS)
7. MEDICAL REPORT (INJURY CLAIMS)
8. DRIVER & OWNER TO CO-OPERATE
154
-
CLAIMS THIRD PARTY
BASIS OF COMPENSATION FOR FATAL
CLAIMS :
VICTIMS AGE / PHYSICAL CONDITION
OCCUPATION
MONTHLY INCOME (FOR NON-EARNING
PERSON, SPECIFIED NOTIONAL INCOME)
CONTRIBUTION TO THE FAMILY
RELATIONSHIP WITH THE CLAIMANT
MEDICAL & FUNERAL EXPENSES etc.
155
-
CLAIMS THIRD PARTY
COMPENSATION FOR INJURY CLAIMS
MEDICAL, SURGICAL AND
HOSPITALISATION EXPENSES
LOSS OF SALARY AND INCOME
TO BE SUPPORTED BY BILLS & VOUCHERS
156
-
CLAIMS THIRD PARTY
GENERAL DAMAGES:
PAIN & SUFFERINGS,
MENTAL & NERVOUS SHOCK,
LOSS OF AMENITIES OF LIFE,
LOSS OF ENJOYMENT OF LIFE
CONTINUED IMPAIRMENT OF HEALTH,
LOSS OF PROSPECTIVE EARNINGS,
LOSS OF MATRIMONIAL PROSPECTS etc.
INTEREST ON AMOUNT OF AWARD.
157
-
CLAIMS THIRD PARTY
LOK ADALAT SETTLEMENTS :
SETTLEMENT OF DISPUTES THROUGH CONCILIATION AND COMPROMISE.
CASES WHICH ARE PENDING IN MACT COURTS
CONDITION BOTH PARTIES SHOULD AGREE FOR SETTLEMENT
DECISION IS BINDING ON BOTH THE PARTIES NO APPEAL
PRESIDED BY A SITTING OR RETIRED JUDGE WITH TWO OTHER MEMBERS
158
-
CLAIMS THIRD PARTY
JALD RAHAT YOJNA (JRY):
MENT FOR NON-FATAL INJURY CLAIMS.
APPLICABLE TO VICTIMS OF 18 YEARS AND ABOVE.
NO NEED TO GO TO MACT.
DIRECTLY APPROACHES THE INS.CO.
AMOUNT OF COMPENSATION TO BE SUPPORTED BY MEDICAL CERT. & EXPENSES BILLS
IF OFFER NOT ACCEPTABLE, CAN GO TO MACT FOR TRADITIONAL PROCESS.
159
-
CLAIMS THIRD PARTY
NO FAULT LIABILITY
FALLS UNDER SEC.140-144
NO NEED TO PROVE ANY NEGLIGENCE OR
DEFAULT OF OWNER OR DRIVER.
ONLY INCIDENT PROOF SUFFICIENT
FIXED COMPENSATION
FOR DEATH- 50,000/-
PERMANENT DISABLEMENT 25,000/-
IT IS A INTERIM RELIEF
160
-
CLAIMS THIRD PARTY
CLAIM CAN FURTHER BE FILED IN MACT ON
THE BASIS OF FAULT LIABILITY UNDER
SEC.166.
HOWEVER, THE INTERIM RELIEF WOULD BE
DEDUCTED FROM THE FINAL AWARD.
NO RECOVERY IN CASE OF LOWER AWARD.
161
-
CLAIMS THIRD PARTY
HIT & RUN CASES
CASES WHERE THE IDENTITY OF THE
MOTOR VEHICLE CANNOT BE
ASCERTAINED.
UNDER SEC. 161 FIXED COMPENSATION
FOR DEATH- 25,000/-
PERMANENT DISABLEMENT 12,500/-
PAYMENT FROM SOLATIUM FUND.
CREATED BY EQUAL SHARING FROM
CENTRAL/STATE GOVTS. AND INSURERS.
162
-
CLAIMS THIRD PARTY
INDIA MOTOR INSURANCE POOL
(THIRD PARTY POOL)
NEED TO CREAT THIS POOL TO ABSORB
VERY HIGH CLAIMS RATIO IN THIRD PARTY
LIABILITIES.
UNDER THIS SYSTEM ALL T.P. PREMIUM OF
COMMERCIAL VEHICLES WILL BE
COLLECTED IN THIS POOL AND CLAIMS
WILL BE PAID THEREFROM.
THIS POOL IS CONTROLLED BY G.I.C.
163
-
CLAIMS THIRD PARTY
ALL THE GENERAL INSURANCE COMPANIES
WHAT EVER TP PREMIUM OF COMMERCIAL
VEHICLES THEY COLLECT IS SENT TO THE
POOL.
THE CLAIMS ON THIRD PARTY MOTOR
LIABILITIES ARE TO BE SHARED AMONG
THE INSURERS ON THE BASIS OF THEIR
RESPECTIVE MARKET SHARES IN THE
BUSINESS.
COLLECTION IN 2007-08 OF Rs.2,800 crs.
164