Insurance for Comprehensive Cover
While the MV Act does not provide for covering insurance for other types of risks, like theft, fire, or even damage to the owner’s vehicle, almost all the general (non-life) insurance companies offer the comprehensive cover as an option.
What Is Covered?
A comprehensive cover (also called package policy) assures some clear benefits, as listed below.
On total or partial loss/damage to your twowheeler Against natural calamities such as:
• Fire
• Explosion
• Self-ignition or lightning
• Earthquake
• Flood
• Typhoon
• Hurricane
• Storm
• Tempest
• Inundation
• Cyclone
Optional Add-On Covers
The following additional covers are available on payment of extra premium:
• Nil depreciation cover (nothing payable in case of partial loss; depreciation available to a maximum of 50 per cent on various metal, plastic, fibre or rubber parts in the event of total loss)
• Loss of accessories (electrical/electronic)
• Loss of driving license
• Daily cash allowance (during the period of
post-accident repair)
• Engine protection
• Tyres and tubes
• NCB protection
• Anti-theft device • Hailstorm
• Frost
• Landslide
• Rockslide Against manmade calamities such as:
• Burglary
• Theft
• Riot
• Strike
• Malicious acts
• Accident by external means
• Terrorist activity
• Any damage in transit by road, rail, inland waterway, lift, elevator or air
What Is Not?
• Normal wear and tear
• Breakdowns
• Consequential loss
• Loss occurred due to invalid driving license (expired license)
• Loss occurred on account of drunken driving and/or drugs intake
• Loss due to civil war, war, etc.
• Claims arising out of contractual liability
• Use of the vehicle otherwise than in accordance with ‘limitations to use’ (for example, when driven by a person other than owner/driver and/or as stated in the driver’s clause)
• Any accidental loss or damage and/or liability caused/sustained/incurred outside the
Handy Tips
Opt for policy cover for a longer period (to avail discount). Opt to buy your policy online (discounts are available). Opt for vital additional covers such as engine protection, zero depreciation and anti-theft device (to ensure additional protection on payment of a small price). geographical area as mentioned in the policy document This list is indicative.
Other Key Benefits to Take Note of
The following additional covers are available on payment of extra premium:
• Most insurance companies are offering up to one lakh rupees as personal accident cover to the policyholder towards unlimited liability for third-party death/ bodily injury claims and indemnity for third-party property damage (one company gives up to two lakh rupees).
• One insurance company offers discount up to 40 per cent on premium for purchasing the policy online.
• Some companies offer insurance cover for accessories (such as damages to mudguard, lamp/lights, tyres, bumpers, etc.) on payment of a small additional premium.
• A couple of insurance companies offer cover against towing charges (when the scooter/bike gets immobilised due to accident).