Article

Comprehensive Policy
September 12 , 2012

A comprehensive motor vehicle policy covers both damage to own vehicle as well as legal liability towards third parties for injury caused or damage to property. Comprehensive vehicle policy is the most-sold motor policy. Coverage includes loss/damage to vehicle as a result of natural calamities such as floods, earthquakes, fire, self-ignition and against man-made calamities such as accidents, theft, and terrorist activities. It also covers risks against riots and strikes and risk of loss/damage while in transit by road, rail, watercraft, air, elevator, etc. Accessories like music system, air-conditioner, etc. can also be covered by paying additional premium.

Some of the important exclusions are damage due to wear & tear, depreciation, mechanical & electronic breakdown, damage caused by person driving the car without a valid license and if driven under the influence of alcohol or drugs.

Many insurance companies offer motor insurance policies online. A policy lasts for exactly one year and must be renewed year after year. Expired policy can be renewed within 90 days of expiry. No claim bonus is awarded at renewal if no claim has been made in a particular year.

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