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INSURANCE

By ANISH M V
Reg no:14125700042

Motor Insurance
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Why Auto/Motor
Insurance???
Phenomenal rise in motor accidents
Increase in the no. of vehicles
Negligence, Drunken driving
Lack of good infrastructure (in terms of
roads)
Reckless driving
Lack of proper traffic control measures

Thefts
Fire
Property damage due to accidents
Bodily injuries

Motor Vehicle Insurance


Governed by the Motor Vehicle Act, 1939 &
amended in 1988.
Also regulated by the Indian Motor Tariff.
The Act requires any motor vehicle plying in
a public place to be compulsorily insured
against third party injury and property
damage

Own Damage Inclusions


Damage or loss to insured vehicle caused by:
Fire explosion, self ignition, or lightning
Burglary, housebreaking or theft
Riots or Strike
Act of God perils (events outside human control. I.e.,

earthquake, flood, typhoon, hurricane, storm, tempest,


cyclone, hailstorm, frost)

In transit (process of delivering a vehicle from one location to


another. This cover is applicable within India)

Malicious act (Intentional damage or destruction of another


person or businesss property)

Land slide/Rock slide


Terrorist activity

Accessories
Electrical & Electronic Fittings:

Electrical/Electronic items that are additionally


fitted (not included in the manufacturers selling
price of the vehicle) can be insured at an
additional premium of 4% on the value of such
fittings.
CNG/LPG fuel
Any vehicle fitted with an RTA approved CNG /LPG
kit, should to be insured separately at an
additional premium @ 4% on the value of the kit.,
and Rs. 60 under liability section.
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Liability Any loss or damage to


third party
Third party
Covers the liability arising out of any
permanent injury/ death to a third person
caused by the insured vehicle.
Any damage caused to the property of a
third person
by the insured vehicle due to an accident.

Personal Accident Cover


Personal Accident covers the insured in the
event of the person sustaining bodily injuries
resulting solely and directly from an accident,
resulting into death or
disablement.
Personal Accident Owner-Driver Compulsory
for Rs. 2,00,000/- SI
Passengers Optional up to Rs. 2,00,000/- SI
per passenger
Two Wheeler Owner Driver Compulsory for Rs.
1,00,000/9

General Exclusions
Consequential Loss due to accidents ( secondary
losses suffered as a consequence of an original loss )
Damage to tyres & tubes without the vehicle
being damaged
Driver being under the influence of liquor and
drugs at the time of accident
Damage to insured's own property
Intentional self injury or attempted suicide
Accident occurring outside geographical area
of operation covered by the policy

10

Normal wear and tear and general ageing of


the vehicle
Mechanical or electrical breakdown
Vehicle used otherwise than limitations as to
use
Vehicle driven by any one other than a
licensed driver
Losses due to ionizing radiation or
contamination by radioactivity
Losses caused due to nuclear weapons
material
Losses caused due to war and war like
situation
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Classes of Vehicles

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Private Vehicle:
A vehicle used for private purpose
i.e. used for personal, social &
domestic purpose and also
professional / personal business
purpose (excluding carriage of
goods)

13

Limitations to use
If the vehicle is used for any of the
purposes mentioned below, it is not
covered under a Private Vehicle
motor policy:
Hire and Reward
Carriage of goods
Organized racing
Speed Testing etc
14

Commercial Vehicle:
Any vehicle which is used for hire &
reward (other than for private hire) is
termed as a commercial vehicle

Classified as;
Goods carrying commercial vehicle
Passenger carrying commercial vehicle

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Bajaj Allianz General Insurance Company Limited is a joint


venture between Bajaj Finserv Limited (recently demerged
from Bajaj Auto Limited) and Allianz SE.
Bajaj Finserv Limited holds 74% and the remaining 26% is held
by Allianz, SE.
Head Office at Pune

Marine Insurance
Covers Damage to the ship, machineries and any loss
to the cargo
Marine Cargo Insurance
protects the insured against the risk of loss or
damage to the goods in transit
includes all forms of transit of goods By Road,
Railways, Water & Air
also known as transit insurance.
Marine Hull Insurance
covers loss or damage to hull and machinery

Miscellaneous Insurance
Burglary Insurance.
Fidelity Guarantee Insurance.
Baggage Insurance
Plate Glass Insurance
Jewellers Block Insurance
Aviation Insurance
Event Insurance
Wedding Insurance

Thats it..!