Third party and own damage cover, add-ons and the rules under the Motor Vehicles Act. This topic has 11 entries.
Motor insuranceThird party motor insuranceThird party motor insurance is the cover every vehicle on a public road in India must carry under the Motor Vehicles Act, 1988, paying for death, injury or damage caused to others.Motor insuranceOwn damage insuranceOwn damage insurance is the part of a motor policy that pays for loss of or damage to the insured's own vehicle from accident, theft, fire or calamity, up to its insured declared value.Motor insuranceComprehensive motor insuranceComprehensive motor insurance is a package policy that combines compulsory third party liability cover with own damage cover for the insured vehicle, and can carry add-ons.Motor insuranceIDV (insured declared value)IDV (insured declared value) is the sum insured under a motor own damage policy: the vehicle's listed selling price less age-based depreciation, and the most an insurer pays on theft or total loss.Motor insuranceNo claim bonus in motor insuranceNo claim bonus in motor insurance is a 20% to 50% discount on the own damage premium for claim-free years; it belongs to the policyholder and can move to a new vehicle or insurer.Motor insuranceZero depreciation coverZero depreciation cover is a motor own damage add-on that removes the depreciation deducted on replaced parts in a partial loss claim, so the insurer pays the full cost of parts.Motor insuranceEngine protection coverEngine protection cover is a motor own damage add-on that pays for engine and gearbox damage from water ingress or oil leakage after an impact, which the base policy excludes.Motor insuranceReturn to invoice coverReturn to invoice cover is a motor own damage add-on that, on theft or total loss, pays the gap between the vehicle's insured declared value and its original invoice price.Motor insuranceCompulsory personal accident coverCompulsory personal accident cover is the owner-driver accident cover attached to Indian motor policies, paying ₹15 lakh on death or permanent total disability in an accident.Motor insuranceMotor Vehicles Act and insuranceThe Motor Vehicles Act, 1988 makes third party insurance compulsory for every vehicle used in a public place in India and sets the rules for accident compensation and claims.Motor insurancePay as you drive and pay how you drivePay as you drive and pay how you drive are usage-based motor covers in which the own damage premium depends on kilometres driven or on measured driving behaviour.
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