The policy covers the following:

Loss or damage by accident, fire, lightning, self-ignition, external explosion, Burglary, housebreaking or theft, malicious act. Riot and strike; terrorism; earthquake; flood, cyclone and inundation Whilst in transit by rail, road, air, elevator, lift Liability for third party injury/death, third party property and liability to paid driver. Add-on Covers Loss/damage to electrical/electronic accessories, PA cover for drivers, insured or any named person, unnamed passengers etc.

Three types of covers are there:

1. Own Damage cover (OD)
2. Third party Liability Cover (TP)
3. Package policy/Comprehensive/full cover policy (OD +TP)

Nil Depreciation or Bumper to Bumper cover:

This cover can be granted to new Two wheelers up to 3 years of age on payment of additional premium. In such case, depreciation for wear & tear will not be deducted in the event of a claim.

Additional premium for Pillion Rider.

In Liability only policies pillion riders are not treated as third parties unless additional premium (Rs.70/-) is paid by the Insured. Whereas in the Package Policy this additional premium of Rs.70/- is not required to be paid and the pillion rider/occupants in pvt.car package policy are treated as third parties.

No Claim Discount (N.C.B

According to India Motor Tariff 2002. the Insured is entitled to get No Claim Bonus/Discount at the time of renewal of his policy if he had not preferred any claim under the policy during the policy period. This entitlement is applicable to all Insurers and does’nt loss even if the insurer is changed at the time of renewal. The present Insurer will allow you N.C.B. based on your declaration and production of your existing policy to the current Insurer. They will obtain confirmation from the previous insurer to this effect by sending a letter of confirmation of NCB. If the Insured’s declaration found incorrect, the present insurer will send notice to the Insured requesting to remit back the NCB allowed and if not paid, the policy will be cancelled by giving notice to Regional Transport Authorities. The eligibility of N.C.B is as follows;-

1st renewal – 20%
2nd renewal – 25%
3rd renewal - 35%
4th renewal - 45%
5th renewal - 50%

The No Claim Discount will be lost if the Policy is not renewed within 90 days from the date of renewal of the Insurance Policy. The eligibility of NCB is applicable only to the same class of vehicle which please note.

The NCB is allowed to the Insured and not to the vehicle. Therefore, if the insured is sold his vehicle to another person, his eligibility of NCB can be protected by obtaining a Certificate from the existing Insurer and the same can be utilized when he purchase a new vehicle (same class of vehicle) within a period of 3 years.

Break of Insurance Policy

All Motor vehicle insurance Policies are required to be renewed every year without break. In case of break of insurance, the vehicle has to be inspected by the Insurer to confirm that the vehicle has no loss or damage during the break-in period. Now a days, photograph of vehicle from four sides and the photograph of metre reading on date app is acceptable to the Insurers but any claim during break-in period will not be accepted by the Insurer

Transfer of Motor Insurance Policy.

If the vehicle is sold to another person, the Insurance Policy can be transferred in the name of buyer if the Registration Certificate of the vehicle is transferred in his/her name by submitting fresh proposal form by the new owner to the Insurer along with documentary proof to the effect that the vehicle is transferred in his name. The Insurers are charging Rs.50/-+GST towards transfer fee. If the existing Insured has enjoyed NCD, the buyer have to pay the proportionate recovery of NCB from the date of transfer. The transferee should apply to the Insurer within 14 days from the date of transfer with the proposal form for making the changes in the Insurance Policy. If the transfer is not effected by the Insurer by issuing an endorsement & fresh Certificate of Insurance, neither the Insured nor the transferee is not entitled to get any claim in the event of a loss or damage to the vehicle even the policy is valid. But Liability claims are being considered and settled by the Tribunal (MACT).In this regard, customer has to touch with respective insurance company.

CLAIM SERVICE:

In the event of an accident, immediate notice should be given to the Insurer mentioning the Policy Number, date, time, place and cause of accident.

The matter should be intimated to the local Police Station and make necessary record either F.I.R. or G.D. Entry. It is a clear proof of the accident. If the damages are minor in nature and no third party injury or property damages, need not intimated to Police and the reason thereof may be briefed to the Insurer, in writing.

If the accident is major, the Insurance Company will arrange spot survey by their Surveyors. After survey and after completion of Police formalities, the vehicle can be shifted to the premises of Repairer and get the Estimate of Repairs. The claim form issued by the Insurer should be completed and signed by the Insured should be submitted to the Insurer along with the estimate of repairs and vehicular documents like R.C, D/L, Permit, Trip Sheet, Fitness Certificate, I.D. proof, copy of FIR/G.D. Entry etc.

On receipt of these documents the Insurer will arrange final Survey of the vehicle at the repairers premises. After survey, the repair can be commenced with the permission of Insurance Surveyor and after completion of work, the final Bill should be submitted to the Insurer. On receipt thereof, the Surveyor will re-inspect the vehicle and submit his Survey Report to the insurer.

The claim will be settled by the Insurer with the repairer directly. If the Insured is making direct payment to the repairer, the Receipt thereof and his consent should be obtained from the repairer to make payment in the name of Insured. In such case, the Insured’s Bank A/c. details too should be furnished to the Insurer.

How ever Masuraksha will give the 100% assistance for claim service. Customer can reach out our toll free or register your claim via Masuraksha website.

Third Party injury or death.

In case of Third Party injury or death case, the matter should be intimated to your Insurer in writing along with Policy copy and vehicular documents like R.C, D/L, Permit, Trip Sheet, Fitness Certificate and copy of F.I.R. etc. A claim form also should be completed and signed by the Insured to the Insurer. If you are receiving Summons from the Motor Accident Claims Tribunal, the same should be handed over to the Insurer who will appear before the Tribunal on behalf of Insured if the Insurance Policy is valid at the time of accident and the Insured have fulfilled all the terms & conditions of the Insurance Policy. The award passed by the tribunal will be satisfied by the Insurer and the Insured is free from any liability.

Whereas, if there are violations under the Policy like invalid D/L, wrong usage of vehicle, invalid Fitness Certificate, Permit, change of geographical area etc. the Insurer will take a plea before the Tribunal that they have no liability as the Insured have violated the Policy terms & conditions. In such an occasion the Insured have to defend his case through an Advocate before the MACT (Motor Accident Claims Tribunal) with supporting documents for his/her defense.