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7 Frequently Asked Questions on Motor Insurance

13

Jan, 2016

7 Frequently Asked Questions on Motor Insurance

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1. What is a third party risk policy? A third party risk policy is a mandatory insurance policy that covers the vehicle owners against risks as per Section 146 of Motor Vehicles Act 1988. The scope of the cover of the third party insurance is to pay compensation for the damage caused to the property of the third party and death due to bodily injuries to the third parties. This does not include damage of your own vehicle.  2. Should I make small claims? It sometimes makes sense not to […]

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What is IDV in Motor Insurance?

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IDV in two-wheeler and car insurance policies mean Insured’s Declared Value. It is the current market value of your vehicle that is fixed by the insurer and provided in case of theft or total loss of vehicle. IDV is calculated by adjusting the current manufacturer’s Listed Selling Price (*see below) of the vehicle with depreciation percentage listed in the table below:   VEHICLE % OF DEPRECIATION 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 […]

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