why motor insurance is important
TRANSCRIPT
MOTOR INSURANCE
Plot No. 8, Sector 32, Urban Estate, Gurgaon 122001, Haryana, India.
- IT ACCOUNTS FOR MORE THAN 45% OF THE TOTAL GENERAL INSURANCE PREMIUM INCOME IN INDIA. - IN THE YEAR ENDING 2009, TOTAL NON-LIFE PREMIUM OF THE INDUSTRY WAS ABOUT 28,000 CRORES OUT OF WHICH MOTOR INSURANCE ACCOUNTED FOR ABOUT 13,000 CRORES.- HOWEVER MOTOR BUSINESS WAS ONLY 25 CRORES AT THE TIME OF NATIONALIZATION.
INTRODUCTION
Plot No. 8, Sector 32, Urban Estate, Gurgaon 122001, Haryana, India.
GLOBALLY MOTOR INSURANCE IS THE BIGGEST AND FASTEST GROWING GENERAL INSURANCE PORTFOLIO AND INDIA IS NO EXCEPTION TO IT.
1. 1939: MOTOR VEHICLES ACT (MVA) PASSED.
2. COMPULSORY 3RD PARTY INSURANCE INTRODUCED ON 1ST JULY, 1946.
3. PRACTICE IN INDIA FOLLOWS THAT OF U.K. MARKET.
4. GOVERNED BY A TARIFF:WITHDRAWN IN U.K.
MVA 1988, REPLACED THE MVA OF 1939 EFFECTIVE FROM JULY 1ST 1989.
MOTOR INSURANCE HISTORY - INDIA
Plot No. 8, Sector 32, Urban Estate, Gurgaon 122001, Haryana, India.
WHAT IS MOTOR INSURANCE• MOTOR INSURANCE IS A
COMBINATION OF TWO WORD • I.E.”MOTOR+INSURANCE”• MOTOR UNDER THE MOTER
VEHICLE ACT IS A SELF-PROPELLED VEHICLE.
• INSURANCE WE ALREADY KNOW IS PROTECTION AGAINST ANY “UNFORESEEN RISK”.
Plot No. 8, Sector 32, Urban Estate, Gurgaon 122001, Haryana, India.
MOTOR INSURANCE TYPE
Plot No. 8, Sector 32, Urban Estate, Gurgaon 122001, Haryana, India.
TYPE
COMPREHENSIVE ZERO DEPRECIATIOMTHIRD PARTY
1. BODILY INJURIES TO YOURSELF OR OTHER . 2.LOST WAGE DUE TO INJURY.
3.BENEFITS TO SURVIVORS WHEN AN ACCIDENT RESULTS IN DEATH. 4. LAWSUITS BROUGHT AGAINST YOU AS THE RESULT OF AN ACCIDENT.
5.REPAIRS MADE TO YOUR CAR DUE TO DAMAGE CAUSED IN AN ACCIDENT.
MOTOR INSURANCE BENEFITS
Plot No. 8, Sector 32, Urban Estate, Gurgaon 122001, Haryana, India.
1. THE COVER LEVEL OF MOTOR INSURANCE CAN BE THE INSURED PART, THE INSURED VEHICLE , THIRD PARTIES (CAR AND PEOPLE).
2. THE PREMIUM OF THE INSURANCE IS DEPENDENT ON CERTAIN PARAMETERS LIKE GENDER, AGE, VEHICLE CLASSIFICATION, ETC.
WHAT IS THE COVER LEVEL OF MOTOR INSURANCE
1.MOTOR INSURANCE DOES NOT COVER LOSS DUE TO WEAR AND TEAR, BREAKDOWN, ACCIDENTS DUE TO DRUNKEN DRIVING AND WAR PERILS.2. INSURANCE ALSO DOES NOT COVER FAILURE OR BREAKAGE WHEN THE VEHICLE IS USED OUTSIDE THE GEOGRAPHICAL AREA.
WHAT MOTOR INSURANCE DOES NOT COVER
Plot No. 8, Sector 32, Urban Estate, Gurgaon 122001, Haryana, India.
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