KNOW YOUR MOTOR INSURANCE POLICY
Once the Motor Insurance Policy issued, then any revision of policy details like addition or deletion of any feature is possible through Endorsement.
But some of these revisions attract applicable charges and some can be updated without any charges.
One should contact their Insurer immediately if there are any changes in Vehicle as per policy issued.
The incorporation of these revisions is known as IMT Endorsements.
Below is the list of some of such paid and free revisions in vehicle policy.
premium - Applicable
- Change in Registration City
- Addition or Deletion of Accessories fitted in Vehicle
- Inclusion or Deletion of IMT 23 clause for Commercial Vehicles
- Inclusion or Deletion of Legal Liability or Personal Accident cover
- Inclusion or Recovery of vehicle NCB (require a valid NCB certificate)
- Addition or Deletion of vehicle from Membership of “Automobile Association of India”
- In case of Insured vehicle used in Nepal/Sri Lanka/Maldives/Bhutan/Pakistan or Bangladesh
- Inclusion of “Zero Depreciation“ (In private vehicles only subjected to satisfactorily Inspection)
- Inclusion or recovery of No Claim Bonus(NCB) (application should accompany valid NCB Certificate)
- Updation in seating Capacity of vehicle (application should accompany updated vehicle registration certificate)
- Transfer of Insured Vehicle Ownership (the transfer should be done under the policy within 14 days from the date of actual transfer)
- Addition or Deletion of CNG/LPG kit (application should accompany updated RC copy and subjected to satisfactorily vehicle inspection)
premium - not applicable
- Changes in Nominee or Appointee details
- Correction of Vehicle details like registration no./engine no./chasis no. etc.
- Addition or Deletion of Hypothecation details (application should accompany updated RC book)
- Change in Insured Personal details like Name, Address, etc.(application should accompany updated RC book)
VEHICLE DEPRECIATION-OTHER THAN MOTOR TRADE POLICY for idv
S. No. | Age of the Vehicle | percentage of depreciation |
|---|---|---|
1. | Not exceeding 6 months | 5% |
2. | Exceeding 6 months but not exceeding 1 year | 15% |
3. | Exceeding 1 year but not exceeding 2 years | 20% |
4. | Exceeding 2 years but not exceeding 3 years | 30% |
5. | Exceeding 3 years but not exceeding 4 years | 40% |
6. | Exceeding 4 years but not exceeding 5 years | 50% |
VEHICLE DEPRECIATION-MOTOR TRADE POLICY for idv
S. No. | Age of the Vehicle | percentage of depreciation |
|---|---|---|
1. | Not exceeding 6 months | NIL |
2. | Exceeding 6 months but not exceeding 1 year | 15% |
3. | Exceeding 1 year but not exceeding 2 years | 20% |
4. | Exceeding 2 years but not exceeding 3 years | 30% |
5. | Exceeding 3 years but not exceeding 4 years | 40% |
6. | Exceeding 4 years but not exceeding 5 years | 50% |
DEPRECIATION on parts for claims
1. Rate of Depreciation for all Rubber/ Nylon/ Plastic parts, Tyres and Tubes, Batteries and Air Bags : 50%
2. Rate of depreciation for all Fibre Glass components : 30%
3. Rate of depreciation for all parts made of Glass : NIL
4. Rate of Depreciation for Painting: In case of painting, the depreciation rate of 50% shall be applied only on the material cost of total painting charges. In the case of the consolidated bill for painting charges, the material component shall be considered as 25% of total painting charges for the purpose of depreciation.
S. No. | Age of the Vehicle | percentage of depreciation |
|---|---|---|
1. | Not exceeding 6 months | NIL |
2. | Exceeding 6 months but not exceeding 1 year | 5% |
3. | Exceeding 1 year but not exceeding 2 years | 10% |
4. | Exceeding 2 years but not exceeding 3 years | 15% |
5. | Exceeding 3 years but not exceeding 4 years | 25% |
6. | Exceeding 4 years but not exceeding 5 years | 35% |
7. | Exceeding 5 years but not exceeding 10 years | 40% |
8. | Exceeding 10 years | 50% |
Grievance redressal Procedure
Each Company has a Grievance redressal mechanism to cater to the complaints of its policyholders.
Any policyholder can approach their Insurer through this, in case of unsatisfactory services or for any grievance in the claim.
The contact details and procedure to apply through this are well mentioned on the respective Insurer’s website.
Further, the Insured may approach the nearest Insurance Ombudsman for Redressal of the grievance.
A list of such Ombudsman offices with contact details are available here.