PERSONAL

Motor
Motor insurance gives protection to the vehicle owner against (i). damages to his/her vehicle and (ii). pays for any Third Party Liability determined as per law against the owner of the vehicle. Third Party Insurance is a statutory requirement. The owner of the vehicle is legally liable for any injury or damage to third party life or property caused by or arising out of the use of the vehicle in a public place. Driving a motor vehicle without insurance in a public place is a punishable offence in terms of the Motor Vehicles Act, 1988.
Goldkey Insurance Brokers

Key Features of Motor Insurance:
You are here:
• Highlights
• Scope
• Add on covers
• Who can take the policy?
• How to select the sum insured?
• How to claim?
This policy covers all types of vehicles plying on public roads.
Highlights
This policy covers all types of vehicles plying on public roads such as:-
• Scooters & Motorcycles
• Private cars
• All types of commercial vehicles
• Motor Trade (vehicles in show rooms and garages)
As per the Motor Vehicles Act, 1988 it is mandatory for every owner of a vehicle plying on public roads, to take an insurance policy, to cover the amount, which the owner becomes legally liable to pay as damages to third parties as a result of accidental death, bodily injury or damage to property. A Certificate of Insurance must be carried in the vehicle as a proof of such insurance.
Two types of covers are available:
1. Liability only policy. This covers third party liability for bodily injury liability and / or death and property damage. Personal Accident cover for Owner-driver is also included.
2. Package policy. This cover loss or damage to the vehicle insured in addition to (1) above.
No- claim discounts are available on renewal of policy, ranging from 20% to 50%, depending upon the type of vehicle and the number of years for which no claim has been made.

Scope
Liability Only policies:
The policy covers the vehicle owner’s legal liability to pay compensation for:
1. Death or bodily injury to a third party person.
2. Damage to third party property.
Liability is covered for an unlimited amount in respect of death or injury and damage to third party property for Rs.7.5 lacs under Commercial vehicle and private and Rs. 1 lakh for Scooters / Motor Cycles.
Package Policy
In addition to the coverage under liability only, this policy covers loss or damage to the insured vehicle and its accessories due to:
1. Fire, explosion, self-ignition or lightning.
2. Burglary, housebreaking or theft.
3. Riot and Strike.
4. Malicious Act.
5. Terrorist Act.
6. Earthquake (Fire and Shock) Damage.
7. Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone and Hailstorm.
8. Accidental external means.
9. Whilst in transit by road, inland waterway, lift, elevator or air.
10. By landslide/Rockslide
The policy also pays for towing charges from the place of accident to the workshop up to a maximum limit of Rs.300/- for Scooters/Motorcycles and Rs.1500/- for cars and commercial vehicles. It is also permissible to opt for higher towing charges subject to payment of extra premium.
A restricted cover is also available covering the risk of Fire and/or Theft only, in addition to the compulsory cover granted under “Liability Only Policy”. However the same is not available in case of vehicle ratable under Class D, Tariff for Miscellaneous and special types of vehicles.
The important exclusions under the policies are:
• Wear and tear, breakdowns
• Consequential loss
• Loss when driving with invalid driving license or under the influence of alcohol.
• Loss due to war, civil war, etc.
• Claims arising out of contractual liability.
• Use of vehicle otherwise than in accordance with `limitations as to use ‘ (e.g. private car being used as a taxi)
Rating factors
Rating depends upon the following factors:
1. IDV.
2. Cubic capacity
3. Geographical zone
4. Age of the vehicle
5. GVW of in case of commercial vehicles
6. Add on Covers
Add on covers
The policy can be extended to cover the following risks on payment of additional premium:
• ZERO DEPRECIATION CLAIM
• ENGINE AND GEAR BOX PROTECTOR
• NO CLAIM BONUS PROTECTIONS
• EMERGENCY ASSISTANCE COVER
• COST OF CONSUMABLE ITEMS:

TRAVEL
Travel Insurance is insurance that is intended to cover medical expenses, trip cancellation, lost luggage, flight accident and other losses incurred while traveling, either internationally or within one’s own country.
Travel insurance can usually be arranged at the time of the booking of a trip to cover exactly the duration of that trip, or a “multi-trip” policy can cover an unlimited number of trips within a set time frame. Some policies offer lower and higher medical-expense options; the higher ones are chiefly for countries that have extremely high medical costs, such as the USA.

Coverage types
The most common risks that are covered by travel insurance plans are:
• Medical emergency (accident or sickness)
• Emergency evacuation
• Repatriation of remains
• Return of a minor
• Trip cancellation
• Trip interruption
• Accidental death, injury or disablement benefit
• Overseas funeral expenses
• Lost, stolen or damaged baggage, personal effects or travel documents
• Delayed baggage (and emergency replacement of essential items)
• Flight connection was missed due to airline schedule
• Travel delays due to weather
• Hijacking
Medical Expenses coverage can be Per Occurrence or Maximum Limit.

Types of Plans Available

The most common plans that are available are:

• Individual Overseas Travel Insurance
• Student Travel Insurance
• Asia Travel Insurance
• Domestic Travel Insurance
• Corporate Travel Insurance
• Family Travel Insurance
• Multi-trip Travel Insurance

Optional coverage
Some travel policies will also provide cover for additional costs, although these vary widely between providers.
In addition, often separate insurance can be purchased for specific costs such as:
• Pre-existing conditions (e.g. asthma, diabetes)
• Sports with an element of risk (e.g. skiing, scuba diving)
• Travel to high risk countries (e.g. due to war, natural disasters or acts of terrorism)
• Additional AD&D coverage
• 3rd party supplier insolvency (e.g. the hotel or airline to which you made non-refundable pre-payments has gone into administration)
• Acute on-set of pre-existing conditions – This term is very different from Pre-existing conditions. It means a sudden and unexpected occurrence of pre-existing medical conditions without any prior warning from a medical professional. Travel insurance companies, especially in USA, do not offer coverage for pre-existing coverage but they do offer coverage for acute on-set of pre-existing conditions. If you have pre-existing conditions, make sure to get this coverage to protect yourself against any emergency situation that arises due to pre-existing conditions in spite of taking care.

Common exclusions
• Pre-existing medical conditions
• War or terrorism – but some plans may cover this risk, and some do cover for acts of terrorism
• Injury or illness caused by alcohol or drug use
Travel insurance can also provide helpful services, often 24 hours a day, 7 days a week that can include concierge services and emergency travel assistance.

PERSONAL ACCIDENT

HOME INSURANCE

HEALTH INSURANCE

COMMERCIAL

FIRE

BURGLARY

ALL RISK

CONTRACTOR’s PLANT AND MACHINERY (CPM)

GROUP PERSONAL ACCIDENT (GPA)

PLATE GLASS

PUBLIC LIABILITY

MARINE

FIDELITY

WORKMEN’s COMPENSATION

PROFESSIONAL INDEMNITY

GROUP MEDICLAIM INSURANCE

ERECTION ALL RISK