What is IMT cover?

What is NCB in vehicle insurance?

It's called a No Claim Bonus (NCB). NCB is essentially a discount on your insurance premium that you can avail when you renew your policy. If you do not make any claims for a few years consecutively, you can accumulate up to 50% discount on premiums!

Can a commercial vehicle be used for private use?

Yes you can use your commercial vehicle for personal use but when you cross a state border you should have to give tax like when you enter in delhi with your commercial vehicle you should have to give tax to mcd but if you enter with normal vehicle you should not have to give tax.

What IMT 39?

...to satisfy the amount if any and then approach the Insurance Company for indemnification. IMT 39 reads as follows The Company shall indemnify the insured against the legal liability under Workmen...Compensation Act in respect of the death or bodily injury (other than the paid driver) exceeding six in number.

What is Zone A and Zone B in India?

India is divided into two such zones for the purpose of premium calculation. Zone A includes the 8 prominent cities of Chennai, Mumbai, Kolkata, Bangalore, Hyderabad, Pune, Ahmedabad, and New Delhi, while Zone B covers the rest.

What is meant by the term IDV?

What is Insured Declared Value (IDV)? The term 'IDV' refers to the maximum claim your insurer will pay if your vehicle is damaged beyond repair or is stolen. ... That means the insurer will disburse a maximum amount of Rs.

Is TYRE covered under insurance?

Is tyre and tube repair cost covered under comprehensive car insurance? Motor insurance covers tyre and tube when the vehicle has met with an accident. However, comprehensive car insurance doesn't cover tyre and tube damages when the vehicle has not met with an accident.

What IMT 40?

IMT-40 which is regarding legal liability to pay driver and/or conductor and/or cleaner employed in connection with the operation of Motor Vehicle.

What IMT 34?

VEHICLES DESIGNED AS COMMERCIAL VEHICLES AND USED FOR COMMERCIAL AND PRIVATE PURPOSES. [EXCLUDING USE FOR HIRE OR REWARD]. The appropriate rate under the CVT is to be charged with a loading of 25%. Policy from for Commercial vehicles with Endorsement IMT 34 is to be used.

Which cover is excluded from commercial vehicles policies?

In case of policies covering Liability Only and (a) Fire risks, the words 'BURGLARY HOUSEBREAKING OR THEFT' are to be deleted; (b) Theft risks, the words 'FIRE EXPLOSION SELF IGNITION OR LIGHTNING' are to be deleted. (c) Fire and Theft risks no part of the words in capitals are to be deleted.

What is GCV vehicle?

Goods Carrying Vehicle Insurance (GCV) All Commercial Goods Carrying vehicles (3 wheelers to big trucks) are all categorized as GCV. If the GCV is not insured against all risks against uncertainties like own damage (accident) and third party, the losses to be Bourne by the owner is going to be very high.

What is the compulsory excess in MISC type of vehicle?

Compulsory Excess is that part of the claim amount which you will have to bear out of your pocket. For cars which are not exceeding 1500 CC, the rate is fixed at thousand rupees. For car exceeding 1500 CC rate is set at 2000 rupees.

What are the 6 zones of India?

Looking at the zonal map of India, you can check that India is divided into six zones namely North Zone, South Zone, East Zone, West Zone, Central Zone and North East Zone. All these zones include 28 states and 8 union territories. Each zone is comprised of certain number of states and union territories.

What is RTO Zone A and B?

In India, there are two insurance zones – Zone A and Zone B. Zone A consists of eight cities including New Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Pune and Ahmedabad. Zone B comprises rest of India. Motor insurance premium is higher in the eight cities belonging to Zone A.

How many zones are there?

The earth is divided into five distinct zones based on their climatic conditions, known as geographical zones.

What IMT 37?

IMT 37-A, would cover persons, falling under Section ... cover any contractual liability, which is provided under IMT.37-A, which states that, other than statutory liability.

What IMT 36?

General Regulation (GR)-36 of the India Motor Tariff (IMT), 2002, mandates general insurance firms to provide the accident cover for owner-driver under both liability only and package policies. The owner of the insured vehicle holding an effective driving licence is termed as owner-driver.

How can you tell if a car is private or commercial?

Number plates for private vehicles have black lettering on a white background and those of the commercial vehicles have a yellow background and black text.

How do you turn a private number into a commercial?

How do I avoid BIK on a company car?

Further reduction: A 20% relief from BIK on cars applies to employees who work at least 20 hours per week, and whose annual business mileage exceeds 8,000 Kilometres. The employees must spend 70% or more of their time away from their place of work or business, and work a minimum of 20 hours per week on average.

How long is NCB valid for?

Your no-claims bonus is only usually valid for two years after your policy comes to an end. So if you don't drive for a few years, you will have to build up a new no claims bonus from scratch.