Motor Insurance

Commercial

i) Goods Carrying Vehicle

ii) Passenger Carrying Vehicle

iii) School Bus Miscellaneous D

Private

i) Private Car

ii) Bikes & Scooter

Agriculture

i) Tractor

Highlights

This policy covers all types of vehicles plying on public roads such as

Scooters & Motorcycles

Private cars

All types of
commercial vehicles

Motor Trade
(vehicles in show rooms and garages)

Motor insurance is not only important but also mandatory for all the vehicles. The main idea behind this is to give protection to your vehicle against any physical damage, theft, and loss from natural or man-made calamities. For a vehicle owner/driver, vehicle insurance is the most important document as it offers protection from a lot of factors and ensures peace of mind and security. Motor insurance not only gives financial protection to you but also covers third party damages, if needed, due to an accident.

There are different motor insurance policies in our country for personal and commercially owned vehicles. At Suraksha, the team handling motor insurance is well versed with the legal needs and documentation required to help our clients with the right solution that offers various Add-On Covers to suit their requirements.

There are two types of covers available:

Liability only policy

This policy covers third party liability for bodily injury liability and / or death and property damage. Personal Accident cover for Owner-driver is also included.

Package policy

This policy covers loss or damage to the vehicle insured in addition to the Liability policy.

Note: Claim discounts are available on renewal of policy, ranging from 20% to 50%, depending upon the type of vehicle and the number of years for which no claim has been made.

Policy Scope

Liability Only policies

The policy covers the vehicle owner’s legal liability to pay compensation for:

Death or bodily injury to a third-party person.
Damage to third party property.
Liability is covered for an unlimited amount in respect of death or damage to the third-party property to the amount of Rs.7.5 lacs under Commercial vehicle and private and Rs. 1 lakh for Scooters / Motor Cycles.

Package Policy

This policy covers loss or damage to the insured vehicle and its accessories or parts owing to:

Fire, explosion, self-ignition, or lightning.
Riot and Strikes/ terrorist activity.
Natural calamity of any kind
Accidental damage of any kind

Important Exclusions

Wear and tear, breakdowns
Consequential loss
Loss/fine incurred when driving with an invalid driving license or under the influence of alcohol
Loss due to war and after effects etc.
Claims arising out of contractual liability
Use of vehicle otherwise than permissible usage (e.g. private car being used as a taxi)

Rating depends upon the following factors:

Add On Covers

The policy can be extended to cover the following risks on payment of additional premium:

Personal accident cover under private car policies for:

Passengers
Paid Driver
Legal Liability to Employees
Legal Liability to Non-Fare Paying Passengers in Commercial Vehicles
Tyre Secure
Return to Invoice
Consumbles Expenses
Loss of Personal Belongings
Emergency Transport and Hotel
Expenses
Key Replacement
Engine Protection
Road Side Assistance

Who can take the policy?

Any vehicle owner whose vehicle is registered in his/her name with the Regional Transport Authority in India.

How to select the sum insured?

The sum insured for a vehicle in a Motor Insurance Policy is referred to as the I.D.V., which stands for Insured’s Declared Value. In case of theft of vehicle or in case the vehicle is totally damaged and beyond repair in an accident, the claim amount payable will be determined on the basis of the IDV. The IDV of the vehicle is fixed on the basis of manufacturer’s listed selling price of the brand and model of the vehicle proposed for insurance at the time of commencement of insurance / renewal and adjusted for depreciation as per schedule. IDV of a vehicle which is beyond 5 years of age and of obsolete models of the vehicles (i.e. models which the manufacturers have discontinued to manufacture) will be determined on the basis of a mutual understanding between insurer and insured.

How to claim?

In case of filing a claim, please connect with us at insurance@surakshainsurance.com and provide all required documents so that a Competent Surveyor may be deputed immediately.

Document Requirements

Claim Form duly filled in to be submitted along with copy of Registration Certificate and driving license of the driver of the vehicle at the time of accident along with an estimate of repairs.

Vehicle will be surveyed by a Surveyor, appointed by the insurance company, who shall submit his report to the company. In case of a major damage to the vehicle, a spot survey, at the site of accident, would also be arranged by the company.

Final bills/cash memos are to be submitted duly signed by the insured.

Salvage of the damaged parts may be required to be deposited with the insurance company after approval of the claim.

In case of theft?

Lodge an F.I.R. with the police immediately.
Inform the policy issuing office by providing a copy of the FIR report.
Submit the Final Police Report as soon as it is received.
Extend full cooperation to the surveyor and/or investigator appointed by the company.

After approval of the claim by the company, get the Registration Certificate transferred in the name of the company, hand over the keys of the vehicle, submit a letter of Subrogation and Indemnity on stamp paper duly notarized.

In case of Liability Claim?

Inform the insurance company immediately of any incident likely to give rise to a liability claim.
On receipt of summons from the Court, the same should be sent to the company immediately.
Claim Form duly filled in along with copies of Registration Certificate, Diving License, FIR are to be submitted.