Monday, October 19, 2015

Prajna Capital

Save Tax by Invest in DHFL Pramerica Tax Savings Fund
Motor Insurance Exclusion
Indian Bank

Save Tax by Invest in DHFL Pramerica Tax Savings Fund

Posted: 19 Oct 2015 05:02 AM PDT

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7. DSP BlackRock Tax Saver Fund

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Motor Insurance Exclusion

Posted: 19 Oct 2015 04:41 AM PDT

What motor insurance covers vs What it excludes

Motor insurance covers natural and man made calamities, such as lightning, floods, and so on, third party legal liability, and personal accidents. It doesn't cover normal wear and tear, depreciation, breakdowns, and so on.

What it covers

A comprehensive car insurance protects you against any loss or damage caused to the vehicle and its insured accessories as a result of natural and man-made calamities, such as:

Natural calamities:

Fire
Explosion
Self-ignition or lightning
Flood
Typhoon/hurricane/storm/tempest/inundation/cyclone/hailstorm/frost
Landslide/rockslide
Fire and shock damage due to earthquakes

Man-made calamities:

Burglary
Housebreaking or theft
Riots or strikes
Accidents by external means
Malicious acts
Terrorist activity
Damage whilst in transit by road, rail, inland-waterway, lift/elevator, or air

Third party legal liability: A mandatory part of the insurance cover, it protects the vehicle owner against legal liability arising due to an accident, causing any permanent injury or death of a person or any damage caused to property.

Personal accident cover: The motor insurance plan compulsorily provides personal accident cover for individual owners of a vehicle while driving. The owner can also opt for personal accident cover for passengers in the vehicle.

What it excludes:

Typically, the motor insurance plan does not provide for:

Normal wear and tear or general ageing of the vehicle
Mechanical/electrical breakdown
Depreciation, wear and tear of consumables like tubes and tyres
Damages that occur while a person is driving with invalid driving license
Damage that occur while a person is under the influence of drugs or liquor
Damage due to a war, civil war, mutiny, or nuclear risk
Claims arising out of contractual liability
Use of vehicle other than what it is meant for. For example, if a private car is being used as a taxi and gets involved in an accident, the owner will not be able to claim damages.