Motor Vehicle Insurance Policy Terms And Conditions

General terms and conditions 2017 2 table of contents i.

Motor vehicle insurance policy terms and conditions.

India motor tariff imt endorsements. New endorsements for add on covers for motor package policy. These car repair terms and conditions b2c are designed for use by garages or repair shops providing repair services for a variety of vehicles. Object and scope of insurance chapter 2.

Payment of premiums proof of insurance chapter 4. However even in case of total loss where you get full idv the settlement amount is often much less than what you had actually paid for the car. The process is called excess buyback. This document is also suitable for the provision of routine and non routine maintenance.

But excess buyback only applies to motor insurance. I standard form for motor trade package policies ii motor trade internal risk. 1 or 2 years 1 or more protection not available 0 years 3 years 1 3 years protected 1 year 2 1 year 0 years 3 or more 0 years 0 years 4 years 1 4 years protected 2 years 2 2 years 0 years 3 or more 0 years 0 years 5 or more years 1 5 or more years protected 3 years 2 3 years 0 years 3 or more 0 years 0 years. Motor trade policy wordings.

Description and modification of risk communicatio ns of the insured chapter 3. Liability only policies applicable for all types of vehicles 5. In other types of insurance excess is a cup every policy holder must drink. Commercial vehicle package policy.

Insured declared value idv one of the most commonly used insurance claim terms insured declared value or idv is the current market value of your vehicle. Private motor insurance terms and conditions exceptions to section i the company shall not be liable to pay for. In a car insurance policy like any other insurance policy the terms and conditions with regard to exclusions are given in fine print and full of jargons which makes it very confusing to the buyers. Thus it is absolutely necessary to know and understand the exclusions and various terms and conditions of a plan so as to avoid claim rejection.

An optional provision is included in these terms and conditions which covers the provision of courtesy cars. The implication is that if your vehicle is insured for n10m for instance you get full payment in the event of a total loss without recourse to excess. A loss of use or consequential loss depreciation or wear and tear mechanical or electrical breakdown or failure or breakage. A vehicle will be considered to be a total loss where the aggregate cost of retrieval and or repair of the vehicle subject to terms and conditions of the policy exceeds 75 of the idv.

Third party liability insurence for motor vehicles chapter 1. References to average or typical premiums amounts of losses deductibles costs of coverages repair etc are illustrative and may not apply to your situation.