otor cars that are not in used and are laid up in garages can be insured only against fire and theft risks, . The insured will be paid the damage only if the garaged vehicle suffers damages due to fire self-ignition, or lightning and also damages out of the theft, burglary, house breaking, strikes and riots and malicious and terrorism damages. In case of vehicle that are in use, the following restricted covers are available. Fire & theft Risks, Fire only, Theft only, liability only with Fire & Theft, Liability with Fire, Liability with Theft, Cover for Accessories .The non essential parts for running a vehicle but which , at the same time, a re supplied by the manufacturer along with the car at the time of purchase are called the Accessories . On the other hand if the own of an ordinary car choose to fix an air conditioner or a music system, they are not called accessories but are called extra ratings. Fitting, .
Loss or damage to the accessories is covered
only if they are fixed to the vehicle. If certain accessories are detached
from the vehicle the and are
damaged at that time such
liabilities are not covered. If the
owner of a vehicle wants to cover these
extra fittings then these,
items are to be separately
described at the time of the
personal and additional cover
obtained. MOTOR TRADE POLICY:
Dealers in new old card and garage
owners engaged in repairing
and overhauling cars can avail of
cover under this policy. Two types of policy
offer the cover. The motor Trade Road risk policy covers accidental loss or damage to a vehicle white it is on a demonstration in a public place or while in a related to the distance.
The vehicle
that are with the dealers may not
have any certificated of registration and the number of the plates allotted
to such vehicles are called trade certificates . These certificate are meant to be attached to the vehicle on a trial run. Whenever such as a
plate bears the name of the driver, it is called the Driver’s plate. The Motor Trade Internal Risk policy is meant to cover the risks when the vehicle’s is stored or on showroom display in the premises of the dealer. These could be
either separate policies or
declarations policies. PERIOD OF
INSURANCE: As in the case of the a
majority of all other non-life
contractors the motor insurance cover is
also valid for a year from the date and time issue of the cover.
The insurance cover will be cease to have effectiveness it is not
renewed on time. In certain
special cases, under the package
policy a short term cover term
covered could be issued according to the
rates given below. At present .
N
o insurance policy for motor cars
exceeding one year, (considered long term) is issued. The new tariff
regime announced in 2002, had discontinued such long-term policies, which were once
issued in certain cases. The only exceptions
is that for motor cycles and
scooters, policies covering
only the . Act liability exceeding
a year are issued. Such long-term policies once issued
are valid until the time the
regional transport authorities
cancel the registration of the
vehicle . Such policies are useful for aged vehicles as the comprehensive cover price increases with the age
of the vehicle . Besides the insurers
are also not keen on granting
comprehensive cover to old
vehicles . In such as a cases the premium is related to the Cubic Capacity (CC) of the
vehicle and its age.