Motor Insurance

Benefits of Motor Insurance

Financial protection
Coverage to self & third party
Peace of mind
No-claim bonus (NCB)
Protection against damages
Easy to apply and seamless claim process

What Motor Insurance covers?

The insurance gives coverage to;

Motor vehicle which includes private cars, Motorized Two wheelers and Commercial vehicles excluding vehicles running on rails
Owners of the vehicle, Financiers or Lessee, who have insurable interest in a motor vehicle

Section I (Own Damage - OD) of Package Policy:
Section I of package policy covers loss or damage to the vehicle and / or accessories due to

Accidental external means
Fire, Self ignition, lightning
Burglary, house breaking or theft
Terrorist activity
Riot, Strike and Malicious Damage
Earthquake
Flood, cyclone and Inundation etc
While in transit by rail, road, air, elevator, lift or inland waterways
Landslide or work slide

Section II (Liability) of Package Policy :

Liability to third parties bodily injury and or death and property damage
Personal accident cover for the owner driver for a specified sum insured

The following are payable under Section II of the Package Policy subject to the limit of liability laid down in the Motor Vehicles Act:

The insured's legal liability for death / disability of third party
Loss or damage to third party property
Claimant's cost as decided by the court
All costs and expenses incurred with company's written consent
In case of death of an Insured person, entitled to indemnity for a liability incurred under this policy, his legal representative will be indemnified in place of insured, if he observed all conditions as the insured himself.

None of the above perils can be excluded from the scope of a policy.
Loss or damage to accessories by burglary/house breaking/theft

For private car it is covered
In case of Motorized Two Wheelers this can be covered on payment of an additional premium at 3% of the IDV of such accessories
Loss or damage to Lamp, Tyres, mudguard and / or bonner side parts, bumpers etc., can be covered on payment of additional premium. This is applicable only to Commercial Vehicles.

If the vehicle is disabled in an accident, cover is provided for the reasonable cost
To know more about Motor Insurance from South Indian Bank, request a call back.