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As per the Motor
Vehicle Act, all the vehicles plying in the Territorial Limits of India
must possess an ACT POLICY at all times. The violation is punishable with
fine etc., as per Motor Vehicle act (as prevalent at the time of detection)
What
is covered?
Third Party Property
Damage / Bodily Injury (Fatal or Non-fatal) when Insured vehicle is used
in a public place.
Insured's legal liability, as per
Motor Vehicle Act, arising out of accident caused by or arising out of
the use of the vehicle anywhere in India.
Such liability as above in respect
of injury (fatal or non-fatal) to any third party and damage to any third
parties' property.
Who
can take the policy?
Owners of the vehicle having insurable interest
in it.
What
is the Period of Insurance?
Annual/12 months from the date of inception.
Short period covers available at higher
rates.
What
is the Compensation?
Subject to limit of liability laid down in
the Motor vehicle act, the policy pays the insured's legal liability for
death/disability for third party.
Loss or damage to third party property,
liability for claimant's cost is also met (Max. Rs. 6,000/-) unless additional
premium for opting unlimited cover is paid.
All costs and expenses incurred with
insurer's written consent.
In case of death of the Insured/ Person
entitled to compensation for a liability incurred under this policy, his
legal heirs will be indemnified as in the case of the Insured, subject
to the limitations of use of the vehicle provided Driver was holding a
valid and effective driving license.
What
is the Liability of the insurer with regard to Third Party Injury or Death
Claims?
Third Party (A person other than Insured and
the Insurer) who is injured /dies due to an accident with the Insured
Vehicle, the amount of compensation adjudged by the Motor Accident Claims
Tribunal is made good by the insurers and is payable to the Legal Heir
of the Deceased or the Injured. The amount of compensation is unlimited/
has no preset limit.
All costs and expenses incurred by
the insured with Insurer's written consent.
What
is liability of the insurers with regard to Third party Property Damage?
The compensation payable to Third Party for
damage to its property (moveable or fixed) is restricted to Rs. 6000/-
{Rupees Six Thousand Only}, irrespective of the amount adjudged by the
Motor Accident Claims Tribunal/Court. This compensation limit can be increased
to Unlimited by paying of an additional Premium at the time of taking
insurance.
All costs and expenses incurred by Insured with Insurer's written consent.
What
is liability of the insurers towards Employee (Other than payed driver)
of Insured?
Claims arising out of and in the course of
employment of a person in the employment of the Insured are compensated
to the extent of Rs.20,000 when an Employee (Other than payed driver)
is in the driving seat.
What
is Non Idemnifiable/Not Paid?
Contractual Liability. When vehicle is used
outside the geographical area, when used contrary to limitation as to
use, driven by a person other than the driver as stated in the clauses
mentioned in the policy of insurance.
War Perils, nuclear perils and drunken
driving.
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