Watch full video on link given below-
https://youtu.be/jPZpvgUSL2Q
Motor Vehicle Insurance is the insurance coverage of risk arising out of the use of motor vehicle such as car, truck or other vehicles causing damage and loss to oneself as well as other’s property in an accident.
Motor Insurance is mandatory as per the Motor Vehicles Act passed in the year 1938 and subsequently amended.
Motor Insurance provides coverage related to property damage, bodily injury, medical expenses and any other sort of compensation in legal proceedings.
It is also referred as Auto Insurance, Vehicle Insurance and Car Insurance.
Types of Motor Insurance are -
Private Car Insurance
Commercial Vehicle Insurance
Defense Vehicle Insurance
Two Wheeler Insurance
Motor Vehicle Insurance generally comprises of following two components –
Third party liability coverage is the part of insurance policy which protects you in case you are sued or asked compensation for any physical injury or damage to someone else’s property by your vehicle accidently.
Third party liability could be of following nature – Bodily injury liability and Property damage liability.
Factors affecting premium of Insurance Policy-
Type of vehicle
Physical condition of driver
Geographical area of use
Age of vehicle
Losses Covered under Motor Insurance -
Loss or damage by accident, fire, lightning, theft, malicious act, natural disaster
Third party liability in form of injury ,death and damage to property
Medical Expenses
Exclusions under Motor Insurance-
Normal wear and tear
Damage when person was driving without license
Damage when person was driving in influence of alcohol
Damage due to a war
Thank you for Watching
Subscribe to DevTech Finance
General Insurance is defined as any insurance which is not determined as life insurance. There are various types of general insurance. Know about them here.
Watch full video on link given below-
https://youtu.be/jPZpvgUSL2Q
Motor Vehicle Insurance is the insurance coverage of risk arising out of the use of motor vehicle such as car, truck or other vehicles causing damage and loss to oneself as well as other’s property in an accident.
Motor Insurance is mandatory as per the Motor Vehicles Act passed in the year 1938 and subsequently amended.
Motor Insurance provides coverage related to property damage, bodily injury, medical expenses and any other sort of compensation in legal proceedings.
It is also referred as Auto Insurance, Vehicle Insurance and Car Insurance.
Types of Motor Insurance are -
Private Car Insurance
Commercial Vehicle Insurance
Defense Vehicle Insurance
Two Wheeler Insurance
Motor Vehicle Insurance generally comprises of following two components –
Third party liability coverage is the part of insurance policy which protects you in case you are sued or asked compensation for any physical injury or damage to someone else’s property by your vehicle accidently.
Third party liability could be of following nature – Bodily injury liability and Property damage liability.
Factors affecting premium of Insurance Policy-
Type of vehicle
Physical condition of driver
Geographical area of use
Age of vehicle
Losses Covered under Motor Insurance -
Loss or damage by accident, fire, lightning, theft, malicious act, natural disaster
Third party liability in form of injury ,death and damage to property
Medical Expenses
Exclusions under Motor Insurance-
Normal wear and tear
Damage when person was driving without license
Damage when person was driving in influence of alcohol
Damage due to a war
Thank you for Watching
Subscribe to DevTech Finance
General Insurance is defined as any insurance which is not determined as life insurance. There are various types of general insurance. Know about them here.
Insurance is a social device for spreading the chance of financial loss among
a large number of people. Insurance protects against pure risk.
Risk is the possibility of losing economic security.
Risk can be of two kinds: speculative or pure And only pure risks are insurable
Pure risk involves only two possible outcomes:
loss or no loss, with no possibility of gain or profit
Speculative Risk
involves three possible outcomes: loss, no loss or profit
The Law of Large Numbers:
The average of the results obtained from a large number of trials should
be close to the expected value.
Underwriting:
The process of selecting certain types of risks that have historically
produced a profit.
Peril:
A potential cause of loss. Accident, fire, and theft are common perils.
Hazard:
Anything that increases the seriousness of a loss or increases
the likelihood that a loss will occur.
Adverse Selection:
Is the tendency of person with a higher than average chance
of loss to seek insurance at the average state, which if not
Controlled by underwriting, result in higher than expected
Loss levels.
Insurance is not same as gambling. Gambling is creat a new
speculative risk and socially is unproductive but insurance
Deals with pure risk and socially is productive.
Insurance is not same as hedging. Insurance involves the
Transfer of pure risk and reduce objective risk but hedging
Involves just the transfer of speculative risk not risk
Reduduction.
Types of Insurance:
Private insurance, consist of health insurance, property and
liabilty insurance.
Government Insurance, cnosist of social insurance and other
Government insurance programs.
How does insurance work?
You pay a fee called a premium, and in exchange,
the insurance company agrees to pay you a certain
amount of money
-Basic Characteristics Of Insurance
Pooling of losses
Payment of fortuitous losses
Risk transfer
Indemnification
-Pooling of losses
Spreading of losses incurred by the few over the entire group.
• Key mechanism is “law of large number”.
• Future losses are predicted based on law of large number.
Note
• Pooling of loss is the spreading of losses incurred by the few over the
entire group so that in the process average loss is substituted for actual loss.
• The primary purpose of pooling is to reduce the variation in possible
Outcomes , which reduces risk.
-Payment of fortuitous losses
A fortuitous loss is one that is unforeseen and
unexpected and occurs as a result of chance.
Insurance policies do not cover intentional losses
-Risk Transfer
Risk transfer means that a pure risk is transferred from
the insured to the insurer,who typically is in a stronger
Financial position to pay the loss than the insured.
-Indemnification
Means that the insured is restored to his or her approximate
financial position prior to the occurrence of the loss.
- Insurable Risk
Insurer normally insure only pure risk.
Part 7 claims procedure guide - motor vehicle insuranceOptimuminsurance
A motor vehicle claim form or verbal advice should be provided as soon as practical to your insurer broker or insurer. A quotation for repair is generally required. Some insurers have repair centres so if you are unsure where to take your vehicle to obtain a quote, they can assist you with either providing details of one of their preferred repairers or if they have an assessment centre, you can take your vehicle their and they will look after the repair process.
Marine insurance is a contract whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby by agreed, against marine losses, i.e. the losses incident to marine adventure
Insurance is a social device for spreading the chance of financial loss among
a large number of people. Insurance protects against pure risk.
Risk is the possibility of losing economic security.
Risk can be of two kinds: speculative or pure And only pure risks are insurable
Pure risk involves only two possible outcomes:
loss or no loss, with no possibility of gain or profit
Speculative Risk
involves three possible outcomes: loss, no loss or profit
The Law of Large Numbers:
The average of the results obtained from a large number of trials should
be close to the expected value.
Underwriting:
The process of selecting certain types of risks that have historically
produced a profit.
Peril:
A potential cause of loss. Accident, fire, and theft are common perils.
Hazard:
Anything that increases the seriousness of a loss or increases
the likelihood that a loss will occur.
Adverse Selection:
Is the tendency of person with a higher than average chance
of loss to seek insurance at the average state, which if not
Controlled by underwriting, result in higher than expected
Loss levels.
Insurance is not same as gambling. Gambling is creat a new
speculative risk and socially is unproductive but insurance
Deals with pure risk and socially is productive.
Insurance is not same as hedging. Insurance involves the
Transfer of pure risk and reduce objective risk but hedging
Involves just the transfer of speculative risk not risk
Reduduction.
Types of Insurance:
Private insurance, consist of health insurance, property and
liabilty insurance.
Government Insurance, cnosist of social insurance and other
Government insurance programs.
How does insurance work?
You pay a fee called a premium, and in exchange,
the insurance company agrees to pay you a certain
amount of money
-Basic Characteristics Of Insurance
Pooling of losses
Payment of fortuitous losses
Risk transfer
Indemnification
-Pooling of losses
Spreading of losses incurred by the few over the entire group.
• Key mechanism is “law of large number”.
• Future losses are predicted based on law of large number.
Note
• Pooling of loss is the spreading of losses incurred by the few over the
entire group so that in the process average loss is substituted for actual loss.
• The primary purpose of pooling is to reduce the variation in possible
Outcomes , which reduces risk.
-Payment of fortuitous losses
A fortuitous loss is one that is unforeseen and
unexpected and occurs as a result of chance.
Insurance policies do not cover intentional losses
-Risk Transfer
Risk transfer means that a pure risk is transferred from
the insured to the insurer,who typically is in a stronger
Financial position to pay the loss than the insured.
-Indemnification
Means that the insured is restored to his or her approximate
financial position prior to the occurrence of the loss.
- Insurable Risk
Insurer normally insure only pure risk.
Part 7 claims procedure guide - motor vehicle insuranceOptimuminsurance
A motor vehicle claim form or verbal advice should be provided as soon as practical to your insurer broker or insurer. A quotation for repair is generally required. Some insurers have repair centres so if you are unsure where to take your vehicle to obtain a quote, they can assist you with either providing details of one of their preferred repairers or if they have an assessment centre, you can take your vehicle their and they will look after the repair process.
Marine insurance is a contract whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby by agreed, against marine losses, i.e. the losses incident to marine adventure
A two-wheeler insurance policy is one that helps you to cover financial expenses against any unforeseen circumstances including accidents, thefts or natural disasters, if you are an owner of a two-wheeler/bike.
A Vehicle Insurance is the insurance policy which covers your vehicle against financial losses that you may face in case of physical damage to your vehicle. Most of the damage to a vehicle happens during accidents and hence insurances cover accidents too.
Blog: https://financebuddha.com/blog/complete-guide-to-vehicle-insurance
Buy/Renew your Car Insurance Policy with Reliance General Insurance and get complimentary Road Side Assistance with every policy. Take a Car Insurance Quote Now!! https://www.reliancegeneral.co.in/insurance/motor-insurance/private-car/features.aspx
Motor Insurance, also known as auto insurance, is an insurance coverage for bikes, cars, trucks and other commercial vehicles.
It offers to pay for or compensate you for any loss or damage to your vehicle. It also covers any damage caused to another individual, vehicle or property. For more details visit: https://www.acko.com/car-insurance/motor-insurance/
The nature of the work of Commercial Vehicles is about going from one place to another every time. Due to this their wear and tear or damages is a big responsibility of the commercial vehicle owner or the driver. Also, it owns a huge amount of expenditure on the repairs and the maintenance of the commercial vehicles. To help the commercial vehicle owners in this regard the add-on covers are very useful and are of high value to them.
Auto insurance is beneficial at the risk of being in an accident or causing an accident. Any financial loss arised from such causes will be covered by an auto insurance. Here is a presentation on more benefits of Auto Insurance and how it helps and protects you and your family.
What Does the PARKTRONIC Inoperative, See Owner's Manual Message Mean for You...Autohaus Service and Sales
Learn what "PARKTRONIC Inoperative, See Owner's Manual" means for your Mercedes-Benz. This message indicates a malfunction in the parking assistance system, potentially due to sensor issues or electrical faults. Prompt attention is crucial to ensure safety and functionality. Follow steps outlined for diagnosis and repair in the owner's manual.
What Exactly Is The Common Rail Direct Injection System & How Does It WorkMotor Cars International
Learn about Common Rail Direct Injection (CRDi) - the revolutionary technology that has made diesel engines more efficient. Explore its workings, advantages like enhanced fuel efficiency and increased power output, along with drawbacks such as complexity and higher initial cost. Compare CRDi with traditional diesel engines and discover why it's the preferred choice for modern engines.
"Trans Failsafe Prog" on your BMW X5 indicates potential transmission issues requiring immediate action. This safety feature activates in response to abnormalities like low fluid levels, leaks, faulty sensors, electrical or mechanical failures, and overheating.
Symptoms like intermittent starting and key recognition errors signal potential problems with your Mercedes’ EIS. Use diagnostic steps like error code checks and spare key tests. Professional diagnosis and solutions like EIS replacement ensure safe driving. Consult a qualified technician for accurate diagnosis and repair.
Why Is Your BMW X3 Hood Not Responding To Release CommandsDart Auto
Experiencing difficulty opening your BMW X3's hood? This guide explores potential issues like mechanical obstruction, hood release mechanism failure, electrical problems, and emergency release malfunctions. Troubleshooting tips include basic checks, clearing obstructions, applying pressure, and using the emergency release.
Core technology of Hyundai Motor Group's EV platform 'E-GMP'Hyundai Motor Group
What’s the force behind Hyundai Motor Group's EV performance and quality?
Maximized driving performance and quick charging time through high-density battery pack and fast charging technology and applicable to various vehicle types!
Discover more about Hyundai Motor Group’s EV platform ‘E-GMP’!
5 Warning Signs Your BMW's Intelligent Battery Sensor Needs AttentionBertini's German Motors
IBS monitors and manages your BMW’s battery performance. If it malfunctions, you will have to deal with an array of electrical issues in your vehicle. Recognize warning signs like dimming headlights, frequent battery replacements, and electrical malfunctions to address potential IBS issues promptly.
Fleet management these days is next to impossible without connected vehicle solutions. Why? Well, fleet trackers and accompanying connected vehicle management solutions tend to offer quite a few hard-to-ignore benefits to fleet managers and businesses alike. Let’s check them out!
Things to remember while upgrading the brakes of your carjennifermiller8137
Upgrading the brakes of your car? Keep these things in mind before doing so. Additionally, start using an OBD 2 GPS tracker so that you never miss a vehicle maintenance appointment. On top of this, a car GPS tracker will also let you master good driving habits that will let you increase the operational life of your car’s brakes.
Comprehensive program for Agricultural Finance, the Automotive Sector, and Empowerment . We will define the full scope and provide a detailed two-week plan for identifying strategic partners in each area within Limpopo, including target areas.:
1. Agricultural : Supporting Primary and Secondary Agriculture
• Scope: Provide support solutions to enhance agricultural productivity and sustainability.
• Target Areas: Polokwane, Tzaneen, Thohoyandou, Makhado, and Giyani.
2. Automotive Sector: Partnerships with Mechanics and Panel Beater Shops
• Scope: Develop collaborations with automotive service providers to improve service quality and business operations.
• Target Areas: Polokwane, Lephalale, Mokopane, Phalaborwa, and Bela-Bela.
3. Empowerment : Focusing on Women Empowerment
• Scope: Provide business support support and training to women-owned businesses, promoting economic inclusion.
• Target Areas: Polokwane, Thohoyandou, Musina, Burgersfort, and Louis Trichardt.
We will also prioritize Industrial Economic Zone areas and their priorities.
Sign up on https://profilesmes.online/welcome/
To be eligible:
1. You must have a registered business and operate in Limpopo
2. Generate revenue
3. Sectors : Agriculture ( primary and secondary) and Automative
Women and Youth are encouraged to apply even if you don't fall in those sectors.
In this presentation, we have discussed a very important feature of BMW X5 cars… the Comfort Access. Things that can significantly limit its functionality. And things that you can try to restore the functionality of such a convenient feature of your vehicle.
2. Motor insurance (also known as vehicle / car
/ auto insurance) is insurance purchased for
cars, trucks, and other road vehicles. Its
primary objective is to provide protection
against physical damage resulting from traffic
collisions and against liability that could also
arise there-from.
4. Laws in India make it mandatory for vehicles to be
insured before they are driven. The new Road
Transport and Safety Bill, 2014 proposed to raise
the fine for driving a non-insured car from Rs
10,000 to Rs 75,000. However, it is not for the fear
of the law that you must get your vehicle insured.
Getting an insurance policy for your car is protects
your life, money, and any third party. A car is an
expensive investment that always lasts at least a
couple of years. It goes without saying that
thorough research is needed to buy the right
policy for your car.
5. PERILS COVERED
1. By fire explosion self ignition or lightning
2. By burglary housebreaking or theft
3. By riot and strike
4. By earthquake
5. By flood , typhoon , hurricane storm and cyclone
6. By malicious act
7. By terrorist activity
8. By landslide / rockslide
9. Whilst in transit by road rail , inland waterway lift
elevator or air
6. WHAT MOTOR INSURANCE
EXCLUDES
Not having a valid Driving License
Under Influence of intoxicating liquor/ drugs
Accident taking place beyond Geographical
limits
While Vehicle is used for unlawful purposes
Electrical/Mechanical Breakdowns.
7. PRINCIPLES OF MOTOR
INSURANCE
Utmost Good Faith
Insurable Interest
Principle of Indemnity
Principle of Contribution
Principle of Subrogation
Principle of loss Minimization
Principle of ‘CAUSA PROXIMA’
8. PARAMETERES THAT
DECIDE PREMIUM
Age of the person
Driving history
Making of the vehicle
Profession of the person
Geographic location
9. TYPES OF MOTOR
INSURANCE
Motor insurance provides mainly two types of
policies :
a. Liability only or Act only or Third Party policy
-mandatory insurance requirement as per Indian
motor vehicle act 1988.This policy insures the
liability of the owner of vehicle against third
party.
b. Package or Comprehensive Policy
- It covers the damage to the vehicle apart from the
mandatory liability insurance.
10. LIABILITY COVER
1a. Third party death or bodily injury.
b. Third party property damage.
2a.Personal Accident cover to owner/
driver death.
b.Personal accident cover to owner/
driver injury.
c. Total compensation not to exceed 1 lac in
two wheelers and 2 lac in case of other vehicles.
(exclusions as per pa policy)
11. COMPREHENSIVE POLICY
Comprehensive policy includes the below in addition to
liability only policy covers:
a. Fire, Explosion, Self ignition, Lightening.
b. Burglary, housebreaking or theft.
c. By riot and strike.
d. By Earthquake.
e. By flood, typhoon, hurricane, storm, tempest,
inundation, cyclone, hail storm, frost.
f. By accidental external means.
g. By malicious act.
h. By terrorist activity.
i. While in transit by road, rail, inland water way, lift,
elevator or air.
12. EXCLUSIONS
Contractual liability.
War perils nuclear perils .
Consequential loss, Depreciation ,Wear and tear
,mechanical or electrical break down.
Damage suffered due to driving the vehicle under
the influence of intoxicating liquor or drugs.
Claims arising outside the geographical area
specified in the policy.
Claims arising whilst the vehicle is used in
contravention of the limitations as to use.
Claims arising when the vehicle is driven by a
person without valid driving license
14. INSURANCE POLICY
THE POLICY COVERS FOLLOWING :-
Loss or damage to your vehicle against natural
calamities
Loss or damage to your vehicle against man-made
calamities
Personal Accident Cover- Coverage of `2 lakhs for the
individual driver of the vehicle while travelling, mounting
or dismounting from the car. Optional personal accident
covers for co-passengers are also available.
Third Party Legal Liability - Protection against legal liability
due to accidental damages resulting in the permanent
injury or death of a person, and damage caused to the
surrounding property.
15. POLICY DOES NOT COVER
Normal wear and tear and general ageing of the vehicle
Depreciation or any consequential loss
Mechanical/ electrical breakdown
Loss/ damage due to war, mutiny or nuclear risk
Damage to/ by a person driving any vehicles or cars
without a valid license
Damage to/ by a person driving the vehicle under the
influence of drugs or liquor
Vehicles including cars being used otherwise than in
accordance with limitations as to use
Wear and tear of consumables like tyres and tubes
unless the vehicle is damaged at the same time, in
which case the liability of the company shall be limited to
50% of the cost of replacement
16. HOW IDV IS CALCULATED
Each car is insured at a fixed value which is termed as the
Insured’s Declared Value (IDV). This sum insured is
calculated on the basis of a number of factors. Here’s how it
works:
IDV is calculated on the basis of the manufacturer's listed
selling price of the vehicle plus the listed price of any
accessories after deducting the depreciation for every year as
per the schedule provided by the Indian Motor Tariff.
If the price of any electrical and / or electronic item installed in
the vehicle is not included in the manufacturer's listed selling
price, then the actual value (after depreciation) of this item
can be added to the sum insured over and above the IDV.
In case of vehicles fitted with bi-fuel system such
as petrol/diesel and CNG/LPG, permitted by the concerned
RTO, the CNG/LPG kit fitted to the vehicle is to be insured
separately at an additional premium of 4% on the value of
such kit. You need to specifically declare this in the proposal
form.
17. CAR THEFT AND INSURANCE - AN
ICICI LOMBARD CASE STUDY
An insured car was stolen and as per the usual
process, the claimant processed a claim.
However, the insurance company kept delaying
the disbursement of the claim in the faint hope of
car getting recovered in sometime
soon. Meanwhile, the frustrated claimant, a
resident of Kolkata, brought a new car. After 15
months, police recovered the lost car in a
dilapidated condition. Now, the insurance
company used this as an excuse to reject the
claim flaring a debate.
18. IS THE INSURANCE COMPANY
JUSTIFIED IN REJECTING THE CLAIM?
The insurance company was knowingly delaying the
process in the faint hope of recovering the car and
getting excused from paying up.
This is a clear case of bluffing by the insurance
company.It is such practices by the insurance provider
that tarnishes a buyer’s trust and makes insurance
buying an unpopular choice.
Settle the claim within a stipulated time to keep the real
purpose of buying a policy intact. Reduce buyer’s
harassment by dealing with transparency and honesty.
The idea should not be to delay the claim but to do the
right thing and sympathize with the claimant too. It is
for timely financial assistance that a buyer pays
premium and stays with an insurance company.