Depreciation Applicable in the event of claim - Private Vehicle & Motorcycle
Age of Vehicle
Percentage of
Depreciation
Upto 6 months
Nil
Between 6 months To 1 year
5%
Between 1 year To 2 years
10%
Between 2 years To 3 years
15%
Between 3 years To 4 years
25%
Between 4 years To 5 years
35%
Between 5 years To 10 years
40%
Above 10 years
50%
Note: For all Rubber, Nylon or plastic parts, Bumper, Back Light & battery 50% Depreciation
or all parts made of Glass - Nil
Depreciation Applicable in the event of claim - Commercial Vehicle
Age of Vehicle
Percentage of Depreciation
Upto 6 months
Nil
Between 6 months To 1 year
10%
Between 1 year To 2 years
15%
Between 2 years To 3 years
20%
Between 3 years To 4 years
30%
Between 4 years To 5 years
40%
Between 5 years To 10 years
45%
Above 10 years
60%
Excess
Types of Automobile
Imposed Excess (Rs)
Discount on premium for imposed Excess %
Compulsory Excess (Rs)
Registration date of Vehicle
Upto 5 years
Rs
5 To 10 years
Rs
Above 10 years
Rs
Motorcycle
500
10
500
500
500
1000
15
2000
20
Private vehicle
1000
10
1000
2000
3000
2000
15
5000
20
10000
25
Taxi
1000
10
2000
3000
4000
2000
15
5000
20
10000
25
Commercial Vehicle
1000
10
Tanker-
5000
8000
10000
2000
15
5000
20
Tempo-
1000
2000
3000
10000
25
Others-
2000
4000
6000
Agriculture
Forest/Construction Equipment Vehicle
1000
10
5000
7000
10000
2000
15
5000
20
10000
25
Note: Compulsory Excess for Ambulance, Fire Brigade, Dead Body Carrying Vehicle Rs. 2000/-
In an increasingly insecure world, it’s better to cover your home against the risks of Fire, Flood, Storm, Earthquake, Land slide, Burglary etc.
Learning Zone
Learning zone is an attempt to help you understand some basic concepts of general insurance in order to identify your insurance needs... [ read more ]
Personal Line Insurance
Personal Line Insurance is meant to cover risks of person and property of individuals or group of individuals or liability developing upon them...
Automobile Insurance
Private Car, Two Wheeler, Commercial Vehicle, Ambulance, Construction Equipment vehicle, Agriculture & Forest Vehicle
Industrial Insurance
Industrial Insurance is another branch of non-life insurance which covers various risks faced by the industry and serves to sustain the growth of the industrial activity.
