Frequently Asked Questions

Yes, the insurance can be transferred to the buyer of the vehicle, provided the seller gives his consent in writing to the insurance company and the purchaser makes a request in writing for the transfer of the policy. A fresh proposal form needs to be filled in by the purchaser. There is a nominal fee charged for transfer of insurance

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Never commit this mistake. Remember, registration and insurance of the vehicle should always be in the same name with same address. Otherwise the claim is not payable. A fresh proposal form needs to be filled in. There is a nominal fee charged for Transfer of insurance.

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IDV can be increased / decreased only at the time of renewal of policy. Any revision required has to be communicated in writing and on production of documents as the reason for revision.

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If the vehicle meets with an accident in the city of policy issuing office, the claim has to be intimated invariably to the same office. If it takes place in a different city, then approach the nearest company’s office for guiding you to the office designated for entertaining outstation claims. Meanwhile, also inform the policy issuing office.

Search in insurance company website to locate nearest branch or call us for any assistance.

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GVW means Gross Vehicle Weight of any vehicle. This includes empty vehicle’s weight plus carrying capacity ( i.e. laden weight). So GVW = Empty Weight + Laden Weight (or Carrying Capacity)

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IDV of the vehicle is depreciated as per depreciation scale according to the age of the vehicle mentioned in the Policy. This is the value for which vehicle is insured. This value is protected for entire period of policy in case of total loss settlement.
Nil Depreciation cover, on the other hand, refers to the depreciation applicable on damaged parts replaced by new parts. So, IDV will get depreciated as per the schedule given despite Nil Depreciation cover.

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If the policy has already been expired, a fresh insurance can be obtained. Since a break in insurance has occurred, the vehicle will be physically inspected by a company official or by an authorized representative/agency/surveyor at your cost. The entitlement of No Claim Bonus will be as per rules.

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Premium depends upon various factors viz. type, make, model, cubic capacity, usage, place of registration, past claims history etc. of the vehicle. Therefore approach us with vehicle details for exact premium.

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No claim bonus is a special discount given for every claim-free year. As per the schedule of tariff, NCB can be earned in the Own Damage section of Policies covering all classes of vehicles but not on Motor Trade Policies (Road Transit Risks / Road Risks / Internal Risks) and policies that cover only Fire and / or Theft Risks.

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Detailed Question

How to calculate IDV (INSURED DECLARED VALUE) or determination Of Sum Insured/Values to be insured of a vehicle?

In Motor Insurance sum insured is known as ‘INSURED DECLARED VALUE’ or IDV. It is to be fixed on the basis of manufacturer’s listed selling price at the Commencement / Renewal and adjusted for depreciation as shown below :

Age of the Vehicle % of Depreciation for IDV

Not exceeding 6 months

5 %

Exceeding 6 months but not exceeding 1 year

15%

Exceeding 1 year but not exceeding 2 years

20%

Exceeding 2 years but not exceeding 3 years

30%

Exceeding 3 years but not exceeding 4 years

40 %

Exceeding 4 years but not exceeding 5 years

50 %
Exceeding 5 Years - IDV of vehicles beyond 5 years of age is to be determined on the basis of an understanding between the insurer and the insured. Obsolete models of the vehicles above 5 years ( i.e. models which the manufacturers have discontinued to manufacture) and Commercial vehicles over 10 yrs. of age may not be covered under a package policy unless it has been insured with the same office having good claim experience duly approved by RO.

IDV once arrived will remain valid throughout the policy period. IDV of other accessories attachment if any whether electrical or non - electrical has to be mentioned separately and need to be added to reach the final IDV. Other incidental expenditure incurred by the owner to launch the vehicle on road are not to be included in the IDV. However IDV for same make and model may vary in different locations because of varying inbuilt cost. Note:- Vehicles with special attachment (need not be miscellaneous class of vehicles alone)though built-in separate value must be mentioned in the proposal form as well as in the policy. Like for Rig Mounted Drilling Rig Vehicle we need to know vehicle price, compressor price, rig assembly price. Similarly for vehicle with rotating drum for cement mixture, we need to know drum price and vehicle price separately and rate has to be applied on total IDV

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Yes, the insurance can be transferred to the buyer of the vehicle, provided the seller gives his consent in writing to the insurance company and the purchaser makes a request in writing for the transfer of the policy. A fresh proposal form needs to be filled in by the purchaser. There is a nominal fee charged for transfer of insurance

Back to Top

Never commit this mistake. Remember, registration and insurance of the vehicle should always be in the same name with same address. Otherwise the claim is not payable. A fresh proposal form needs to be filled in. There is a nominal fee charged for Transfer of insurance.

Back to Top

IDV can be increased / decreased only at the time of renewal of policy. Any revision required has to be communicated in writing and on production of documents as the reason for revision.

Back to Top

If the vehicle meets with an accident in the city of policy issuing office, the claim has to be intimated invariably to the same office. If it takes place in a different city, then approach the nearest company’s office for guiding you to the office designated for entertaining outstation claims. Meanwhile, also inform the policy issuing office.

Search in insurance company website to locate nearest branch or call us for any assistance.

Back to Top

GVW means Gross Vehicle Weight of any vehicle. This includes empty vehicle’s weight plus carrying capacity ( i.e. laden weight). So GVW = Empty Weight + Laden Weight (or Carrying Capacity)

Back to Top

IDV of the vehicle is depreciated as per depreciation scale according to the age of the vehicle mentioned in the Policy. This is the value for which vehicle is insured. This value is protected for entire period of policy in case of total loss settlement.
Nil Depreciation cover, on the other hand, refers to the depreciation applicable on damaged parts replaced by new parts. So, IDV will get depreciated as per the schedule given despite Nil Depreciation cover.

Back to Top

If the policy has already been expired, a fresh insurance can be obtained. Since a break in insurance has occurred, the vehicle will be physically inspected by a company official or by an authorized representative/agency/surveyor at your cost. The entitlement of No Claim Bonus will be as per rules.

Back to Top

Premium depends upon various factors viz. type, make, model, cubic capacity, usage, place of registration, past claims history etc. of the vehicle. Therefore approach us with vehicle details for exact premium.

Back to Top

No claim bonus is a special discount given for every claim-free year. As per the schedule of tariff, NCB can be earned in the Own Damage section of Policies covering all classes of vehicles but not on Motor Trade Policies (Road Transit Risks / Road Risks / Internal Risks) and policies that cover only Fire and / or Theft Risks.

Back to Top

Detailed Question

How to calculate IDV (INSURED DECLARED VALUE) or determination Of Sum Insured/Values to be insured of a vehicle?

In Motor Insurance sum insured is known as ‘INSURED DECLARED VALUE’ or IDV. It is to be fixed on the basis of manufacturer’s listed selling price at the Commencement / Renewal and adjusted for depreciation as shown below :

Age of the Vehicle % of Depreciation for IDV

Not exceeding 6 months

5 %

Exceeding 6 months but not exceeding 1 year

15%

Exceeding 1 year but not exceeding 2 years

20%

Exceeding 2 years but not exceeding 3 years

30%

Exceeding 3 years but not exceeding 4 years

40 %

Exceeding 4 years but not exceeding 5 years

50 %
Exceeding 5 Years - IDV of vehicles beyond 5 years of age is to be determined on the basis of an understanding between the insurer and the insured. Obsolete models of the vehicles above 5 years ( i.e. models which the manufacturers have discontinued to manufacture) and Commercial vehicles over 10 yrs. of age may not be covered under a package policy unless it has been insured with the same office having good claim experience duly approved by RO.

IDV once arrived will remain valid throughout the policy period. IDV of other accessories attachment if any whether electrical or non - electrical has to be mentioned separately and need to be added to reach the final IDV. Other incidental expenditure incurred by the owner to launch the vehicle on road are not to be included in the IDV. However IDV for same make and model may vary in different locations because of varying inbuilt cost. Note:- Vehicles with special attachment (need not be miscellaneous class of vehicles alone)though built-in separate value must be mentioned in the proposal form as well as in the policy. Like for Rig Mounted Drilling Rig Vehicle we need to know vehicle price, compressor price, rig assembly price. Similarly for vehicle with rotating drum for cement mixture, we need to know drum price and vehicle price separately and rate has to be applied on total IDV

Back to Top