Motor insurance, which is the most common
of all the known classes of insurance, is designed to protect the insured for
loss of or damage to his vehicle, damage to Third Party property including
bodily injury and death to Third Parties caused by accident.
IGI provides Motor Insurance covers which include the following:
The third party only provides cover for:
This policy provides the third party only cover described above, together with cover for the risks of fire (including explosion and lightning) and theft (or attempted theft). Cover for accessories against these perils varies between private car and other types of policy.
In addition to third party fire & theft cover described above, this policy provides a range of additional benefits, the most important of which is accidental damage to the specifically insured vehicle. Other benefits include:
These are vehicles used for social, domestic and pleasure purposes
Commercial Vehicles (Taxis, Buses and Hire Cars)
These are vehicles used for carrying fare paying passengers
Commercial Vehicles (Own Goods)
These are vehicles used for carrying commercial goods owned by the insured
Commercial Vehicles (General Cartage)
These are vehicles used for carrying goods belonging to others for hire or reward
Motorcycles / Tricycles
These are two or three – wheeled auto-bicycles used social, domestic, pleasure and sometimes for commercial purposes
A single IGI policy can be issued to cover various vehicles under a single ownership or for vehicles owned by employees of a corporate organization. The minimum number of vehicles required for fleet rating is five (5). Discount for fleet rating is negotiable.
The operations of motor traders and garage proprietors require special arrangements which includes the custody of, and road testing of, customers’ vehicles and driving otherwise uninsured vehicles under trade plates.
Few organizations and people who need this type of policy are:
A completed and signed proposal form would be required. Information on previous insurance and claims history would be needed whilst assessing proposals on Motor Trade.
The two types of cover available are: