Liability Only Miscellaneous

In order to keep everybody safe, our Third Party Liability policy provides cover for any damage to third-party property and third-party bodily injury (including death) caused by an accident involving your vehicle.

Key benefits

  • Covers death of third party due to accident
  • Bodily injury to a third party
  • Third party property damage
  • Personal Accident Cover to owner driver

FAQs

What is IDV?

The Insured's Declared Value (IDV) of the vehicle is the maximum Sum Assured fixed by the insurer at the beginning of each policy period for the insured vehicle. If the vehicle suffers total loss, the IDV is the compensation that the insurer will provide to the policyholder.

What should the IDV of my vehicle be?

The IDV of the vehicle is fixed on the basis of the manufacturer's listed selling price of the brand and model of the vehicle proposed for insurance at the commencement of insurance or at renewal, and is adjusted for depreciation (as per the schedule specified below). The IDV of the sidecar(s) and/or accessories, if any, fitted to the vehicle, but not included in the manufacturer's listed selling price of the vehicle is also likewise to be fixed.

Age of the Vehicle % 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%


What is an endorsement?

An endorsement is written evidence of an agreed change in policy terms.

How long is my insurance cover valid for?

Typically, general insurance contracts are for a period of one year, unless stated otherwise. Please check your policy certificate cum schedule to determine the period of coverage.

Exclusions

This cover does not protect you from the cost of any damage to your own vehicle or belongings in the event of an accident. Hence, it is recommend that you opt for a comprehensive cover instead of just the Third Party Liability Cover.

Customer Speak

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