Own damage cover is an extensive policy which offers the insured against loss or damage to the vehicle insured along with a third party cover for the Below given perils:- The following perils are covered under a comprehensive policy.
Covers available under a motor insurance policy:
The following perils are covered under a comprehensive policy:
A. Extra fittings like tape recorders, air-conditioners, fans etc.
B. Personal accident benefits of passengers.
C. Wider legal liability under common law for employees engaged in Operation of vehicles such as paid driver and cleaner as also six Coolies/ Bona-fide employees carried in/on good trucks.
Exclusions under a motor insurance policy
The following contingencies will not be covered under the motor insurance policy:
up to 1500 cc ------- Rs 1,000/-
above 1500 cc------- Rs 2,000/-
two wheeler -------- Rs 100/-
Subject to deduction for depreciation at the rates mentioned below in respect of the parts replaced:
Rate of depreciation for all other parts including wooden parts will be as per the age of the vehicle:
Age of the motor vehicle | % of the depreciation |
Up to 6 months | Nil |
Between 6months & 1yr | 5% |
Between 1yr & 2yrs | 10% |
Between 2yrs & 3yrs | 15% |
Between 3yrs & 4yrs | 25% |
Between 4yrs & 5yrs | 35% |
Between 5yrs &10yrs | 45% |
Over 10yrs | 50% |
Towing charges:
In the event, if the vehicle is disabled as a result of damage covered under the policy, the insurer will bear the cost of protecting the vehicle and removing it the nearest garage. A reasonable cost is paid to the insured which is limited to a maximum of rs. 1500 (cars).
Repairs:
Ordinaryrepairs arising out of damage covered under the policy can be carried out only after they are authorised by the insurer. However, the insured is allowed to carry out the repairs without authorization from the insurer, provided the below clause shall apply:
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