3. Motor Insurance Policies and Coverage

In this episode

• Own-damage perils and exclusions
• IDV and the depreciation schedule
• No Claim Bonus rules
• Deductibles and parts depreciation
• Add-ons: zero depreciation, engine protection, return to invoice and more
• Cashless and reimbursement claims, IRDAI timelines
• POSP checklist and common mistakes

Chapters

1. 0:00Priya's flooded car
2. 0:41What own damage covers
3. 1:55Exclusions
4. 2:22IDV and the depreciation schedule
5. 3:00IDV worked example and total loss
6. 3:25No Claim Bonus
7. 4:00Deductibles and parts depreciation
8. 4:25Add-ons that matter
9. 5:14Pay as you drive
10. 5:34How a motor claim works
11. 6:29IRDAI claim timelines
12. 6:40Theft claims and GST
13. 6:56POSP corner: 6 checks
14. 7:15Common mistakes and recap

Quick quiz

Think of your answer first, then open it.

1. 1. A car is 2.5 years old. What depreciation applies for IDV?

   Show answer

   30%

2. 2. What NCB applies after 3 claim-free years?

   Show answer

   35%

3. 3. Engine damage from cranking a flooded car needs which add-on?

   Show answer

   Engine protection

4. 4. If renewal is delayed beyond how many days is NCB lost?

   Show answer

   90 days

5. 5. Within how many hours should a surveyor be allotted under the 2024 rules?

   Show answer

   24 hours