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Although
the Act Policy Form is identical
for different classes of vehicles,
the Comprehensive Policy Form
is not. For Private cars and
Motor Cycles, there are two
Sections in the Comprehensive
Policy. Section I concerns loss
or damage to the vehicle and
covers the risks like
-
Fire,
Explosion, Self-Ignition
and Lightning
-
Burglary,
Housebreaking and Theft
-
Riot,
Strike, Malicious and Terrorism
Damage
-
Earthquake
-
Flood,
Typhoon, Hurricane, Storm,
Tempest, Inundation, Cyclone,
Hailstorm
-
Accidental
External Means
-
Transit
by road, rail, inland waterway,
lift, elevator or air
For
motor cycles and commercial
vehicles, the risk of Frost
Damage is also covered. From
the above coverage, for all
classes of vehicles, the risks
of Riot, Strike, Malicious and
Terrorism Damage, Earthquake
and Flood and Storm; can be
opted out of with a consequent
discount in premium.
In addition to these, cover
is also available for Protection
and Removal Costs and Authorisation
of Repairs.
If a motor vehicle is disabled
as a result of loss or damage
due to the perils mentioned
above, the insurance company
bears the reasonable cost of
protection and removal to the
nearest repairer and the cost
of redelivery to the owner/insured
subject to a maximum limit,
in respect of any one accident.
The limits for various classes
of vehicles are as follows:
-
Motor
cycles/ Scooters: Rs.300
-
Private
Car & Taxies: Rs.1500
-
Other
Commercial Vehicles: Rs.2500
The
owner/insured is also allowed
to authorise repair expenses
up to Rs.500/- per accident.
Section II covers the Liabilities
towards Third Parties, i.e.
liabilities of bodily injuries
and property damage.
For Commercial Vehicles, however,
an additional Section III covers
the vehicle while it is being
used for the purpose of Towing
Disabled Vehicles. This Section
covers Third Party Liabilities
that the insured vehicle or
the one being towed may incur
as a result of an accident.
This is provided the towed vehicle
is not towed for reward/remuneration.
Further, the insurance company
is also not liable for damages
to the towed vehicle or any
property being conveyed thereby.
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