MOTOR INSURANCE policies

his insurance policy is essential for all motor vehicle owners since it protects them from legal liabilities that might arise during their vehicle operation. This insurance policy also known as the Act Only policy covers the act liability of the insured vehicle that forms a compulsory requirement of the Motor Insurance Act. No vehicle can be used without this insurance cover and use of the vehicle without this insurance cover is a penal offence.

RISK COVERED::::::

This insurance policy protects the motor vehicle owners from the risks of
Fire, Explosion, Self-Ignition and Lightning.
Burglary, Housebreaking and Theft.
Riot, Strike, Malicious and Terrorism Damage.
Earthquake.
Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone, Hailstorm.
Accidental External Means.
Transit by road, rail, inland waterway, lift, elevator or air.
For motor cycles and commercial vehicles, the risk of Frost Damage is also covered. From the above coverage, for all classes of vehicles, the risks of riot, strike, malicious and terrorism damage, earthquake, flood and storm can be opted out of with a consequent discount in premium.
In addition to these, cover is also available for protection, removal costs and authorisation of repairs.
Section II covers the liabilities towards third parties, i.e. liabilities of bodily injuries and property damage.
For Commercial Vehicles, however, an additional Section III covers the vehicle while it is being used for the purpose of towing disabled vehicles. This section covers third party liabilities that the insured vehicle or the one being towed may incur as a result of an accident. This is provided the towed vehicle is not towed for reward/remuneration. Further, the insurance company is also not liable for damages to the towed vehicle or any property being conveyed thereby.
Compensation Offered
This insurance policy will provide compensation for the motor vehicle owners from these liabilities
Unlimited liability towards bodily injury to any third party.
Unlimited liability towards bodily injury to passengers of the vehicle.
Liability towards third party property damage, limited to Rs.6,000/- only.
Liability towards employees of the owner of the insured vehicle while travelling or using it, against bodily injury to the extent required by the Workmen's Compensation Act.If a motor vehicle is disabled as a result of loss or damage due to the perils mentioned above, the insurance company bears the reasonable cost of protection and removal to the nearest repairer and the cost of redelivery to the owner/insured subject to a maximum limit, in respect of any one accident. The limits for various classes of vehicles are as follows:
Motor cycles/Scooters: Rs.300
Private Car & Taxies: Rs.1500
Other Commercial Vehicles: Rs.2500
This policy is offered by:
National Insurance Company Ltd. (NIC)
The Oriental Insurance Company Ltd. (OIC)
United India Insurance Company Ltd. (UIIC)
The New India Assurance Company Ltd. (NIAC