The insured’s Declared Value of the vehicle will be deemed to be the “sum insured” for the purpose of this policy which is fixed at the commencement of each policy period for the insured vehicle.
The IDV of the vehicle is to be fixed on the basis of manufacturers listed selling price of the brand and model as the vehicle proposed for insurance at the commencement of insurance/renewal and adjusted for depreciation as per schedule specified below.The IDV of the side car(s) and/or accessories ,if any fitted to the vehicle but not included in the manufacturers listed selling price of the vehicle is also likewise to be fixed.
The schedule of age wise deprecitaion as shown below is applicable for the purpose of total loss/constructive total loss (TL/TCL) clamis only.
The schedule of depreciation for fixing IDV of the vehicle
IDV of vehicles beyond 5 years of age and of obsolete models of vehicles i.e models which the manufacturers have discontinued to manufacture is to be determined on the basis of an understanding between the insurer and the insured.
IDV shall be treated as the “Market Value” throughout the policy period without any further depreciation for the purpose of Total Loss (TL)/Constructive Total Loss (CTL) Claims.
The insured vehicle shall be treated as a CTL if the aggregate cost of retrieval and/or repair of the vehicle subject to terms and conditions of the policy,exceeds 75% of the IDV of the vehicle.
Progressive auto insurance review
Progressive auto insurance review and sample sum assured – Progressive is the largest insurance provider for motorcycles in America. If you got a motorcycle,look no further,if you have an automobile, and are scouting for coverage, you could give Progressive a shot.
Here are 11 reasons why.
Facts about Progressive Auto Insurance
1.Cheapest packages and rates in the industry
2.Easy Online Payment of deductibles-Everything at the second of a click can get you started and done in no time with the many tools progressives’ website offers.
3.Agents are more than happy to go that extra mile to see that your claim is processed or your paper work is filled out to the last t. they are there for you, every step of the way, they are your insurance angels.
4.Progressive offers on an average a lot more coverage for the same price than other insurance companies.
5.Roadside assistance feature on the policy helps when you have a breakdown/accident and the need for a tow truck.
6.Easy update of your policy can be done online, and all the features can be checked in real time.
7.Name your price tool- Lets you instantaneously search for an insurance product that is best suited to your car and lifestyle and spending capacity.You can start by checking if insurance is offered in the state you are living in.
8.Car insurance for teens- Progressive offers specific packages for young drivers. Teenagers are most vulnerable behind a wheel, because most are new and inexperienced drivers.They need it more than adults,
9. Rewards galore-Progressive is all about customer satisfaction. The rewards they shower on new customers is good to start with, a minor claim is the first tiny reward you get when you sign up. The longer you stay with our policy the better it gets to name a few- child discounts, continuous insurance discount and large accident forgiveness.
10.Good insurance packages and deals- Progressive has one of the widest and most comprehensive umbrella of policies and packages that fits every situation and event. Some of the great deals you get are when you sign up with a $50 online discount, discounts when you sign up more than one car and additional discounts when you pay for the entire policy upfront.
11.For all the ladies reading this, Progressive is the biggest supporter of the Womens Motorcyclist Foundation, a group that creates awareness for safety of women motorcycle riders.
What is Auto Insurance Policy Sample Sum assured
Insured’s Declared Value(IDV)
OSS or DAMAGE TO THE VEHICLE INSURED
The company will indemnify the insured against loss or damage to the vehicle insured here under and/or its accessories whilst thereon:
1.by fire explosion self ignition or lightning
2.by burglery, housekeeping or theft
3.by riot and strike
4.by earthquake (fire and shock damage)
5.by flood typhoon hurricane storm tempest inundation cyclone hailstorm frost
6.by accidental external means
7.by malicious act
8.by terrorist activity
9.whilst in transit by road rail inland waterway lift elevator or air
10.by landslide,rockslide
Subject to a deduction for depreciation at the rates mentioned below in respect of parts replaced:
1.For all rubber/nylon/plastic parts,tyres and tubes,batteries and air bags 50%
2.For fibre glass components 30%
3.For all parts made of glass nil
4.Rate of depreciation for all other parts including wooden parts will be as per the following schedule.
The company shall not be made liable to make any payment in respect of
a.consequential loss,depreciation,wear and tear,mechanical or electrical breakdown,failures or breakages.
b.Damage to tyres and tubes unless the vehicle is damaged at the same time in which case the liability of the company shall be limited to 50% of the cost of replacement
c.Any accidental loss or damage suffered whilst the insured or any person driving the vehicle with the knowledge and consent of the insured is under the influence of intoxicating liquor or drugs
In the event of the vehicle being disabled by any reason of loss or damage covered under this policy the company will bear the reasonable cost of protection and removal to the nearest repairer and redeliver to the insured but not exceeding $*** in respect of any one accident.The insured may authorize the repair of the vehicle necessitated by damage for which the company maybe liable under this policy provided that:
1.the estimated cost of such repair including replacements,if any does not exceed $***
2.The company is furnished for with with a detailed estimate of the cost of repairs
3.The insured shall give the company every assistance to see that such repair is necessary and the charges are reasonable.