Future Secure Motor Insurance

A Comprehensive Motor Insurance Cover in addition to the mandatory third-party cover also protects the car owner from financial losses, caused by loss or damage or theft of the vehicle.

Third party legal liability: protects you against any legal liability arising out of the use of your vehicle, towards third parties resulting in

• Any bodily injury/ death of a person
• Any damage caused to the property

Loss or damage to your vehicle: The policy covers you against any loss or damage caused to the vehicle or its accessories due to the following natural and man made calamities.

Natural Calamities – Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide. Natural Calamities – Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide.

Man made Calamities – Burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity, and any damage in transit by road, rail, inland waterway, lift, elevator or air.

Sum insured

The vehicles are insured at a fixed value called the Insured’s Declared Value (IDV). IDV is calculated on the basis of the manufacturer’s listed selling price of the vehicle (plus the listed price of any accessories) after deducting the depreciation for every year as per the following rates.

If the price of any electrical and / or electronic item installed in the vehicle is not included in the manufacturer’s listed selling price, then the actual value (after depreciation) of this item can be added to the sum insured over and above the IDV.

top

Additional covers at extra cost/Discounts-

1. Personal accident cover: The motor insurance provides compulsory personal accident cover of Rs. 1 lakh –incase of two-wheelers and 2 lakhs for other class of vehicles for *individual owners of the vehicle while driving. This is not applicable for a Company owned Vehicle.

You can also opt for a personal accident cover for passengers (named or un-named) up to a maximum Capital Sum Insured of Rs. 2 lacs per person.
* Available only if the owner of the vehicle holds a valid driving license.

2. Additional Legal liabilities:

The following additional legal liabilities may also be opted for at an additional premium

• Paid Driver/conductor/Cleaner employed in operation of vehicle.
• Employees traveling in/driving the vehicle other than paid driver.
• Non-fare paying passengers

3. Bonus and Discounts -

• No Claim Bonus: If you do not make a claim during the policy period, a No Claim Bonus (NCB) is offered on renewals. This discount can go as high as 50%. (NCB will only be allowed provided the policy is renewed within 90 days of the expiry date of the previous policy.)
• Transfer of NCB: You can transfer full benefits of No Claim Bonus when you shift your motor insurance policy to another company.
• Voluntary Excess discount: A further discount on the premium is available if you opt for a Voluntary Excess (available only for Private cars and Two wheelers) in addition to the Compulsory Excess. (Compulsory Excess is the amount of loss which the insured has to bear in each and every claim.).
• Automobile Association Membership: You can also avail of additional discount if you are a member of a recognized Automobile Association in India (available only for Private cars and Two wheelers).
• Anti theft devices: In case you have installed an ARAI approved anti theft device in your vehicle, you get a discount of 2.5 % on the OD Premium to a maximum of Rs. 500/- for four-wheelers and Rs 50/- for two wheelers

top

Exclusions

Any loss/damage to the vehicle and/or its accessories will be not be covered if caused by the following-

• Normal wear, tear and general ageing of the vehicle
• Depreciation or any consequential loss
• Mechanical/ electrical breakdown
• Wear and tear of consumables like tyres and tubes
• Vehicle being used otherwise than in accordance with limitations as to use
• Damage to / by a person driving the vehicle without a valid license
• Damage to / by a person driving the vehicle under the influence of drugs or liquor
• Loss / damage due to war, mutiny or nuclear risk

This is a list of major exclusions. For complete coverage and exclusions please refer to the policy wordings.

View Motor Claims Procedure

Download Motor Proposal Form

top