Act [Liability] Only Policy only covers the vehicle owner's legal liability to pay compensation for: (1) Third party bodily injury or death (2) Third party property damage
The claims for compensation to third party victims in case of death or injury caused by a motor accident are to be filed by the complainant in Motor Accident Claim Tribunal (MACT).
Package Policy / Comprehensive Policy: (Own damage + Third party liability) - loss or damage to the vehicle insured by specified perils (known as own damage to motor vehicles) is also covered subject to the IDV. Some of these perils are fire, theft, riot
The sum insured of a vehicle in a Motor Policy is referred to as Insured's Declared Value (I.D.V.). Rating / premium calculation depends on factors like the Insured's Declared Value, cubic capacity, geographical zone, age of the vehicle etc.
Insured's declared value [IDV] -Value of the vehicle, arrived at by adjusting the current manufacture's listed selling price of the vehicle with depreciation percentage as prescribed in the IRDA regulations.Manufacturer's listed selling price will include
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