Comprehensive Insurance – Part 01 (Valuation)


Also known as First Party Policy or Package Policy – it is one level higher & is costly than Third Party Insurance, as valuation of the vehicle is done & additional premium charged for insuring the vehicle upto that value.  This part of Premium is termed as O.D. (Own Damage) Premium & is derived after applying all add-on charges/discounts/loading etc.

I.D.V. (Insured Declared Value) is the sum insured, upto which value the claims can be paid for in a particular policy period.  It is fixed at the time of policy issuance & derived on the basis of listed selling price of brand & model for the first year & later on :

  • 10% depreciation is applied each subsequent year.
  • Pre-defined values, reviewed on regular basis, are used.
  • Following table is used.

T.L. & C.T.L. I.D.V. Chart

For the T.L. (Total Loss) or C.T.L. (Constructive Total Loss) vehicles valuation is done on the basis of these numbers only.  A vehicle is considered as C.T.L. when the retrieval/repair cost exceeds 75% of the I.D.V.

If any additional Accessory (like Side Car in Two Wheelers, Alternate Fuel Kit (C.N.G./L.P.G.) in Cars or any such other accessory) is used then its valuation is also done as per above method.

Optional add-on is also offered along with this policy which comes in handy for the Vehicle Owner, its R.S.A. (Road Side Assistance).

R.S.A. (Road Side Assistance) :

When will the vehicle break down or when some unfortunate event would take place, is a thing which can’t be anticipated or avoided, this is where R.S.A. comes in handy.

R.S.A. provides 24×7 spot assistance in case of any unforeseen situations by offering medical co-ordination & legal advice (if required) in addition to mechanical assistance, fixing flat tire, minor repairs, towing assistance etc.

On paying additional premium (varies from company to company) Vehicle Owner can avail this benefit.

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