What is IMT in motor insurance?

What is IMT in motor insurance?

INDIA MOTOR TARIFF (IMT) ENDORSEMENTS (updated) IMT. 1. Extension of Geographical Area. In consideration of the payment of an additional premium of Rs………. it is hereby understood and agreed.

What is IMT 47 motor insurance?

IMT No.47 which belongs to the mobiles cranes / drilling rigs/mobile above reference accident case. So as per policy condition IMT 47 in this cause the overturning was not covered. National Consumer Disputes Redressal.

What is IMT cover?

1. IMT 23 Insurance: IMT 23 is for commercial vehicles. Owing to the distances and wear-and-tear a commercial vehicle faces compared to a private vehicle, coverage for lamps, tubes, tyres and bumpers is generally excluded from the normal insurance policies.

How many types of policies are issued in motor tariff?

Type of vehicle – Motor insurance policies can be classified into two types based on the vehicle for which it is purchased: – This coverage offers insurance protection for all types of cars and SUVs.

What is the meaning of IMT 23 in motor insurance?

IMT 23. COVER FOR LAMPS TYRES / TUBES MUDGUARDS BONNET /SIDE PARTS BUMPERS HEADLIGHTS AND PAINTWORK OF DAMAGED PORTION ONLY .

What is NCB in general insurance?

No Claim Bonus or NCB is a reward given by an insurance company to an insured for not raising any claim requests during a policy year. The NCB is a discount ranging between 20%-50% and is given to the insured while renewing a policy.

What is IDV insurance?

IDV refers to Insured Declared Value and is the maximum sum assured fixed by the insurer that is offered in case of theft or total loss of a vehicle. In short, IDV is the current market value of your vehicle. One should utilize a car insurance calculator for the said purpose.

What is PCV in motor insurance?

Passenger Carrying Vehicle Insurance (PCV) More number of investment in vehicles would means more risk and liability. A PCV usually faces two types of risks, one own damage to vehicle due to accident and the second risk is due third party damage. To cover these risks, Insurance would become very important.

What is IMT 7 in insurance meaning?

IMT.7. It is further declared and agreed that for the purpose of the Personal Accident Cover for the owner-driver granted under this policy, the insured named in the policy will continue to be deemed as the owner-driver subject to compliance of provisions of the policy relating to this cover.

What IMT 22?

IMT.22. If the expenditure incurred by the Insurer shall include any amount for which the Insured is responsible hereunder such amount shall be repaid by the Insured to the Insurer forthwith.

How do I check if my car is NCB?

Some insurers may provide your proof of NCB in the car insurance renewal letter that they send to you. If it’s not there, do make sure you call up your insurer and ask them to send it as it is very important. If you cancel your policy, you have two years to reuse your NCB.

Which is the Tariff Advisory Committee in India?

THE TARIFF ADVISORY COMMITTEE (HEREIN AFTER CALLED TAC) HAS LAID DOWN RULES, REGULATIONS, RATES, ADVANTAGES, TERMS AND CONDITIONS, AS CONTAINED HEREIN, FOR TRANSACTION OF MOTOR INSURANCE BUSINESS IN INDIA IN ACCORDANCE WITH THE PROVISIONS OF PART II B OF THE INSURANCE ACT, 1938.

Are there tariffs for Fire, Engineering and motor own damage?

No: There is an erroneous impression that though the Fire, Engineering and Motor Own Damage stand detariffed, the insurers are constrained to charge only 20% less than the erstwhile tariff rate in respect of Fire and engineering and 10% less than the rate obtaining for Motor Own Damage.

What kind of tariff is a three wheeled vehicle?

Motorized three wheeled vehicles used for carriage of either own goods or for hire or reward are rateable under Class A.3 / Class A.4 ( as applicable) of the Commercial Vehicles Tariff (ii) Legal Liability to employees of the insured traveling in and / or driving the employer’s vehicle.

What does IMT stand for in insurance in India?

IMT (Indian Motor Tariff Act 2002) Endorsements are the series of 65 Endorsements under Motor Insurance ,which are insert into policy, and formed the part of the main policy. Applicable to extend the running geographical area of vehicle.