Every vehicle on roads run the risk of incurring legal liability to pay compensation to the third party for death, bodily injury, property damage arising out of the use of the vehicle, with further heavy loss of accidental damage to the vehicle itself. This policy indemnifies vehicle owners against such contingencies. Private car owners can avail of this insurance cover against comprehensive risks including third party personal injury and property damage and additionally riot & strike, earthquake, flood, personal accident to passengers, drivers, etc.
Required documents for Motor Insurance:
- Vehicle details (copy of bill book, purchase invoice, authorized email by insured, etc.)
- Filled proposal form
- Filled KYC form
- Support documents (copy of citizenship, VAT, PAN Reg, etc.)
- Insured contact details (phone/mobile number, email, etc.)
Types of Motor Policy:
- Comprehensive insurance
- Third-party insurance
Insurance period:
- For comprehensive = 1 year or short period
- For third-party = only 1 year
Coverage to:
- Driver: Rs. 500,000/-
- Conductor: Rs. 500,000/-
- Helper: Rs. 500,000/-
- Passenger: Rs. 500,000/- (per pax)
- Medical Expense: Rs. 300,000/- (per pax)
Third-party coverage limits:
| Depart. | For Bodily Injury | For Third-Party Assets Loss |
|---|---|---|
| Motorcycle | 25 lakhs | 25 lakhs |
| Private Vehicle | 80 lakhs | 80 lakhs |
| Commercial Vehicle | 50 lakhs | 50 lakhs |
Injury and disability:
The company will indemnify to the third-party not exceeding the following amount based on a medical report approved by the legal authority.
| Detail of Loss | Compensation Amount (Rs.) |
|---|---|
| Permanent total disablement | 500,000 |
| In case of unrecoverable loss of both eye | 500,000 |
| In respect loos of both wrist arm or ankle of feet or physically disablement | 500,000 |
| In respect of loss of one wrist arm or one ankle or one eye | 500,000 |
| Complete loss of one eyesight | 250,000 |
| In respect of one wrist arm or ankle of one foot or physically disablement | 250,000 |
| In respect of physical severance | as per medical reports subject to % of 500,000 |
| medical expenses resulting out of the motor car accident | not exceeding 300,000 or actual expenses whichever less |
In the event of more than one loss, the total liability of the company shall not, in the aggregate, exceed the sum of Rs. 500,000/- in respect of the above loss.
- Accompanying or miscellaneous expenses: In the event of hospitalization for treatment of the third party due to an accident caused by or arising out of the use of the Motor car, the company will indemnify Rs. 500/- per day not exceeding 45 days which is inclusive of the above medical treatment
- Ambulance expenses: The company will indemnify up to Rs. 10,000 or actual expenses whichever less
- Funeral Expenses: The company will indemnify Rs. 50,000/- in the event of the death of the third party due to an accident caused by or arising out of the use of a motor car
- Death: The company will indemnify to the third party not exceeding Rs. 500,000/- per person based on the report approved by legal authority. In addition, the company will indemnify not exceeding Rs. 300,000/- per person or actual medical expenses, whichever less, in course of treatment at the hospital
Maximum Total Limit of Liability under Section II is limited to Rs. 8,000,000/- in private car, Rs. 5,000,000/- in commercial vehicle and Rs. 2,500,000/- in MCY per accident.
Geographical Area: Nepal, India, Bhutan, Bangladesh, and Tibet
Exclusion:
The insurer shall not be liable to make any payment in respect of;
- Depreciation, wear and tear, mechanical or electrical breakdowns/failures, and or breakage
- Loss/damage to tyre/tube unless when the vehicle has met with an accident
- Loss/damage to the vehicle when the driver is influenced by any liquor/drugs
- Loss/damage caused, sustained or incurred beyond 7 days after any variation in or termination of the insured’s interest in the insured vehicle
- Use of vehicle outside the geographical area
- Deductibles
- Ionizing radiations or contamination or radioactivity
- War and war like operation, nuclear weapons
Condition:
- Principle of contribution and condition of average
- Material disclosure of facts
- Immediate written notice to be given when loss occurs
- Policy cancellation/short term policy
- Expiry of the policy time (Local time – Midnight 12:00)
- No claim discount recovery at the time of insurance transfer
- Ownership transfer does not affect the coverage for PA to driver/helper/conductor/passengers
- At the time of claim all evidence should be produced by the insured