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Auto insurance regulations

Check Points

-Period/Annual Rate of Premium Outlook
-Bonus / Malus Clause
-Rates for Damage Section For Car
-Tariff on Motor Cycle/Scooter
-Goods Carrying Vehicle
-Premium for Goods Carrying Vehicle
-Premium for 3-Wheeled Motorised Rikshaws(Goods Carrying Vehicles)
-Premium for Trailers
-Premium for Passenger Carrying Vehicles
-Premium for Motorised Rickshaw
-Premium for Other Vehicles with Passenger Carrying Capacity exceeding 6 Passengers
-Premium for Miscellaneous and Special Types of Vehicles
-Long Term Premium for Two Wheelers

Period/Annual Rate of Premium Outlook

1 week/10% - 1 Month/25% - 2 Months/35% - 3 Months/50% - 4 Months/60% - 6 Months/75% - 8 Months/85% - Over 8 Months/Full Annual Premium

On transfer of ownership of a vehicle, the certificate of insurance may be transferred to the name of the new owner of the vehicle.

When a vehicle in the schedule of a policy is permanently displaced by another, it is permissible to include the substituted vehicle subject to any adjustment of premium on prorata basis.

Minimum Premium : Rs.100/-. Except for T.P. Policy for Motor Cycles.

Maximum personal accident cover is limited to Rs.2 lakh per person where premium is Rs.10000 per person for C.S.I.

Private Car: Rs.5.00

Scooter: Rs.7.50

Commercial Vehicle: Rs.6.00

Time/Vehicle Depreciation % Outlook

Up to 6 Months/Nil - 6 Months to 1 year/5 - 1Year to 2 Year/10 - 2 Year to 3 Year/15 - 3 Year to 4 Year/25 -

4 Year to 5 Year/35 - 5 Year to 10 Year/40 - Over 10 Year/50


Bonus / Malus Clause

Loading Position on O.D Premium at expiry of a policy / Loading Position on O.D Premium to be applied at renewal if claim made during expiring Policy Years / Loading Position on O.D Premium to be applied at renewal if no claim made during expiring policy year

-Private Car & Taxies

50% Loading/ Continue 50% Loading/ Charge 30% Loading -

30% Loading/ Charge 50% Loading/ Charge 10% Loading -

10% Loading/ Charge 30 % Loading/ No Loading or Discount -

No Loading or Discount/ Charge 10% Loading/ Allow 20% Discount-

With 20% Discount/ No Loading or Discount/ Allow 35% Discount-

With 35% Discount/ Reduce Discount to 20%/ Allow 50% Discount-

With 50% Discount/ Reduce Discount to 35%/ Allow 65% Discount-

With 65% Discount/ Reduce Discount to 50 %/ Continue 65% Discount

-Motor Cycle/ Scooter & Comm. Vehicle

40% Loading/ Continue 40% Loading/ Charge 30% Loading -

30% Loading/ Charge 40% Loading/ Charge 25% Loading -

25% Loading/ Charge 30 % Loading/ Charge 15% Loading

15% Loading/ Charge 25% Loading/ No Loading or Discount

No Loading or Discount/ Charge 15% Loading/ Allow 20% Discount-

With 20% Discount/ No Loading or Discount/ Allow 30% Discount-

With 30% Discount/ Reduce Discount to 20%/ Allow 35% Discount-

With 35% Discount/ Reduce Discount to 30%/ Allow 45% Discount-

With 45% Discount/ Reduce Discount to 35 %/ Continue 55% Discount

With 55% Discount/ Reduce Discount to 45 %/ Continue 55% Discount

Imported Car Insurance- Acceptance of all imported cars irrespective of age on comprehensive terms is subject to valuation by approved valuer and compulsory excess

Indian Model Car Insurance- Private cars over 15 years old should not be accepted on comprehensive terms. Cars which are over 10 years and less than 15 years old may be accepted for comprehensive risks subject to satisfactory inspection report.

Rates for Damage Section For Car

Cc - Cubic Capacity
Zone A - Madras Region and Bombay Region excluding Bombay.
Zone B - Rest of India i.e. Calcutta Region, Delhi Region and Bombay.
I.E.V. - Insured's Estimated Value or Market Value

Fire and Theft Risks

- Premium for T.P., fire & theft (including SRCC): Actual premium + 25% of O.D premium.

-Premium for fire & theft (including SRCC) cover (vehicle not in use): 1/2% of I.E.V.

Tariff on Motor Cycle/Scooter

Fresh Acceptance - comprehensive cover can be made on with following terms

Up to 5 years
Up to 7 years subject to satisfactory inspection
Over 7 years act only
Renewal to be offered subject to satisfactory claims. Experience up to a period of 10 years.
Over 10 years, renewals will be on Act only.

Important-

- Unlimited T.P.P.D cover is Rs.50
- Premium for T.P., fire & theft (including SRCC): Act premium + 40% of O.D premium.
- Premium for fire & theft (including SRCC) cover (vehicle not in use): Rs.100

Goods Carrying Vehicle

Private Carriers

-Up to 5 years for comprehensive cover.
-Over 5 years up to 7 years subject to satisfactory inspection report.
-Over 5 years up to 7 years subject to satisfactory inspection report and a compulsory excess of Rs.2500/- over 10
years ACT only.
-Disposal vehicles on inspection and subject to further compulsory excess of RS. 500/- (without any discount)
-Renewal to be offered with normal terms subject to satisfactory claim experience up to a period of 12 years, over 12
years renewals will be on Act only.

Public Carriers

-Up to 5 years for comprehensive cover
-Over 5 years up to 6 years subject to inspection and satisfactory claim experience or additional compulsory excess
without discount over 7 years ACT only
-Disposal vehicles on ACT ONLY and subject to a further compulsory excess of Rs.1000 (without any discount)
-Renewal to be offered with normal terms subject to satisfactory claims experience up to a period of 10 years, over 10 years renewals will be on ACT only.


Premium for Goods Carrying Vehicle