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 Individual > Motor > Commercial Vehicles |
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Cholamandalam | | | |  | Third Party Personal Liability: Unlimited coverage i.e. whatever the court awards as your liability to the third party due to accidental death or injuries caused by your vehicle will be met by Cholamandalam MS General Insurance Company Ltd. | | Third Party Property Damage | | The Own Damage Cover will cover the loss or damage to your vehicle due to any of the following reasons: | | | • | Fire, explosion, self-ignition or lightning | | • | Burglary housebreaking or theft | | • | Riot and strike | | • | Earthquake (fire and shock damage) | | • | Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone, Hailstorm | | • | Accidental external means | | • | Malicious Act | | • | Terrorist Activity | | • | Whilst in transit by road, rail, inland waterway, lift, elevator or air | | • | Landslide, Rockslide | | | Personal Accident Cover | | Legal liability towards your employees | | Through this extension, you will be compensated for any legal liability towards your employees that may arise due to an accident involving the vehicle. | | | Discounts | | No Claim Bonus (NCB): Discount on the premium if you have not made any claim in the previous policy period | | Discount for Anti theft devices fitted in vehicle, approved from Automobile Research Association of India (ARAI) | | Please refer to the Policy Wordings for the complete coverages, exclusions and terms and conditions of the policy. | | | * Conditions Apply |  | | | | | Accidental loss or damage suffered while driving under the influence of intoxicating liquor or drug | | Accidental loss or damage caused due to willful negligence | | Loss or liability while the vehicle is used outside the scope of limitations of use and / or being driven by a person not duly licensed | | Consequential loss, depreciation, wear & tear, mechanical & electrical breakdown / failure of breakages | | Loss due to radioactivity or nuclear weapons | | Loss due to war and related activities | | Please refer to the Policy Wordings for the complete coverages, exclusions and terms and conditions of the policy. | | | * Conditions Apply | | | | | | The Insured‘s Declared Value (IDV) of the vehicle will be deemed to be the ‘Sum Insured’ for the purpose which is fixed at the commencement of each policy period for the insured vehicle. The IDV of the vehicle is to be fixed on the basis of manufacturer’s listed selling price of the brand and model as the insured vehicle at the commencement of insurance/renewal and adjusted for depreciation.
The schedule of age-wise depreciation is shown below; and is applicable for the purpose of Total loss/ Constructive Total Loss claims only. | | | Age of the Vehicle | % of depreciation for fixing IDV | | Not exceeding 6 months | 5% | | Exceeding 6 months but not exceeding 1 year | 15% | | Exceeding 1 year but not exceeding 2 years | 20% | | Exceeding 2 years but not exceeding 3 years | 30% | | Exceeding 3 years but not exceeding 4 years | 40% | | Exceeding 4 years but not exceeding 5 years | 50% | | | | * Conditions Apply | | | |
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