Motor vehicle insurance in India

Type :

Theses

Pages :

42 pages

Format :

.doc

Published date :

04/07/2009

Category :

Economics & finance

Sub category :

Finance

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Summary :

Introduction
Motor vehicles act
Classification of motor vehicles
Basic principles of motor insurance
Kinds of policies
Premium
Period of insurance
Tariffs and rating
Underwriting
Cancellation of insurance and double insurance
Procedures of insurance
1. Exclusions
2. Extra benefits
3. Claims
4. What to do when one meets with an accident?
5. What to do when one's car gets stolen?
6. How are the value of the car and its cost of repair determined?
7. What are one's rights when filing a claim?
Insured's declared value (IDV)
1. Depreciation clause for private cars and two-wheelers
2. Car breakdown? Get a temporary replacement
3. Claim settlements may get better soon
4. Motor accident claims tribunal
5. Why insurers avoid third party covers?
6. Why you won't get insurance for your old vehicle?
Motor detariffing
1. Basic IRDA guidelines on detariffing
2. Third party pool
3. Changes that will take place in the detariffed scenario
4. The impact of detariffing on the own damage rates
5. Effect of detariffing on commissions
Company profile Bajaj Allianz
Conclusion
Proposal forms

Abstract

There has been a sudden rise in the population of motor vehicles and motor accidents in the last few years. Much of these are attributable to increase in the number of vehicles. Every vehicle before being driven on roads has to be compulsorily insured. The motor insurance policy represents a combined coverage of the vehicles including accessories, loss or damage to person's property or life and the third party coverage. Persons driving vehicles may cause losses and injuries to other persons. Every individual who owns a motor vehicle is also exposed to certain other risks. These include damage to his vehicle due to accidents, theft, fire, collision and natural disasters and also injuries to himself. In 1939, motor vehicle Act came into force in india. Compulsory insurance was introduced by motor vehicle Act to protect the pedestrians and other third parties. Claims for damages may arise due to possession of car, usage and maintenance of car. motor insurance policy will pay the financial liability arising out of these risks to the insured person.