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CORPORATE INSURANCE

Corporate/Industrial Motor Insurance

As per study, End of fiscal 2018, India was fourth largest automobile manufacturer in the world with record 30.92 million motor vehicles manufactured in this fiscal. With growing count of motor vehicle consumers, Automobile/Motor insurance consumers have increased exponentially. This growing need of automobile insurance does not only come from law where it compulsorily binds automobile owners to take third party liability insurance but equally all such consumers also pays premium for covering their vehicle against physical damage(OD-own damage).

Passenger Carrying Vehicle Insurance (PCV)

Passenger carrying vehicle motor insurance is applicable for those vehicles which are registered are under “Passenger carrying vehicle” OR “Transport Vehicle” by Motor vehicle registration authority office(RTO).
Which all are considered as the passenger carrying vehicles?
  1. Bus
  2. Taxi
  3. Three wheelers
Which all are the industries/professions requires passenger carrying vehicle insurance?
  1. Tour & Travel Operators
    Hotels
    Schools/College/University or other educational institution owning fleet of school buses
    Web aggregator for taxi services
    Individual taxi owners
    Self drive car service providers

Insured may choose for standalone third party insurance or may choose comprehensive insurance which covers financial compensation against accidentally physical damages to vehicle

Cashless Facility: Every Insurance company has got vast network of service centres and garages to provide cashless facility for making a claim.

What does Passenger Carrying Vehicle Cover?

Third Party Liability Insurance : As per Motor vehicle act 1988, it is mandatory for automobile owner to take third liability insurance from registered insurers from IRDAI against financial/legal liability that may arise from a third party property/life injury/damage/death due to an accident while using automobile.

Own Damage Vehicle : This ensures financial compensation to automobile owner against physical damages to vehicle due to an accident. However, it covers everything except deductible under policy, file charges and consumable items.

Other Add-on Covers:- Now a days, variety of add on covers provided by insurance companies under automobile insurance such as below

  1. Zero depreciation : Full value of all parts replaced during partial damage to vehicle
  2. Engine & gear box Protect
  3. Personal Accident cover for passengers
  4. Consumable cover : Covers against expenses of consumables such as nuts, bolts, gases, greases etc
  5. Road side assistance(RSA) : RSA services at event of breakdown or accident.
  6. Tyre cover

Legal Liability towards driver/passengers.

When claim under my car insurance will trigger?

Claim under motor insurance triggers when either of below event occurs and results into physical damage to vehicle and/or to third partly bodily injury/death or property damage.

  1. Fire explosion due to self ignition or lightning
  2. Burglary, housebreaking, theft
  3. Riot, strike
  4. Earthquake(Fire & shock damage)
  5. Flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hail storm,
  6. Accidental damage by external means
  7. Malicious act
  8. Terrorism
  9. Whilst in transit on by rail road, in land water way, lift, elevator, or air
  10. Landslide, rockslide
What are the general exclusions in PCV?

laims are not payable under below circumstances:-

  1. Consequential loss, wear & tear, mechanical or electrical breakdown, failures or breakages
  2. Accident occurring outside Indian geographical area
  3. If vehicle is used for purpose other than what is specified in policy.
  4. Arising nuclear weapon material
  5. War, invasion related circumstances
  6. If driver of insured vehicle is found to be under influence of alcohol or drug at event of accident.

Goods carrying vehicle Insurance (GCV)

Goods carrying vehicle motor insurance is applicable for those vehicles which are registered are under “Goods carrying vehicle(GCV)” OR “Transport Vehicle” by Motor vehicle registration authority office(RTO).
Which all are considered as the goods carrying vehicles?
  1. Automobile vehicle road carrier
  2. Truck
  3. Three wheeler
  4. Dumpers
  5. Oil Tanker
  6. Water Tanker
  7. Milk van
  8. Goods carrying tractor & trolleys
Which all are the industry/profession that requires goods carrying vehicle insurance?
  1. Transport & Logistic service provider
  2. Manufacturer
  3. Company involved in construction & related development
  4. Real Estate companies
  5. Civil construction Contractor
  6. Mining

Insured may choose for standalone third party insurance or may choose comprehensive insurance which covers financial compensation against accidentally physical damages to vehicle

Cashless Facility: Every Insurance company has got vast network of service centres and garages to provide cashless facility for making a claim.

Key Features under Goods Carrying Vehicles

Third Party Liability Insurance : As per Motor vehicle act 1988, it is mandatory for automobile owner to take third liability insurance from registered insurers from IRDAI against financial/legal liability that may arise from a third party property/life injury/damage/death due to an accident while using automobile.

Own Damage Vehicle : This ensures financial compensation to automobile owner against physical damages to vehicle due to an accident. However, it covers everything except deductible under policy, file charges and consumable items.

Other Add-on Covers:- Now a days, variety of add on covers provided by insurance companies under automobile insurance such as below

Zero depreciation : Full value of all parts replaced during partial damage to vehicle

IMT-23 : Cover for lamps, tyres, tubes, mud guards/bonnet, side parts, bumpers, headlights and paint work for damaged portion.

When claim under Goods carrying vehicle insurance will trigger?

Claim under motor insurance triggers when either of below event occurs and results into physical damage to vehicle and/or to third partly bodily injury/death or property damage.

  1. Fire explosion due to self ignition or lightning
  2. Burglary, housebreaking, theft
  3. Riot, strike
  4. Earthquake(Fire & shock damage)
  5. Flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hail storm,
  6. Accidental damage by external means
  7. Malicious act
  8. Terrorism
  9. Whilst in transit on by rail road, in land water way, lift, elevator, or air
  10. Landslide, rockslide
General Exclusions

Claims are not payable under below circumstances:-

  1. Consequential loss, wear & tear, mechanical or electrical breakdown, failures or breakages
  2. Accident occurring outside Indian geographical area
  3. If vehicle is used for purpose other than what is specified in policy.
  4. Arising nuclear weapon material
  5. War, invasion related circumstances
  6. If driver of insured vehicle is found to be under influence of alcohol or drug at event of accident.

Miscellaneous-D Vehicles Insurance (GCV)

Motor Insurance for Miscellaneous class-d vehicles is applicable for those vehicles which are registered are under “Miscellaneous Class-D” by Motor vehicle registration authority office(RTO).
Which all are the vehicles in Miscellaneous-D Vehicles category?
  1. Ambulance
  2. Fire Brigade & salvage corp vehicles
  3. Hearses
  4. Shovels
  5. Angle dozers
  6. Anti Malarial Vans
  7. Breakdown vehicles
  8. Cinema film recording & publicity vans
  9. Compressors
  10. Dispensaries
  11. Drilling rigs
  12. Excavators
  13. JCB
  14. Loader
  15. Bull dozer/Bull Graders
  16. Wheel Loader
  17. Back hoe loader
  18. Road Roller
  19. Cranes
  20. Dust Carts, water carts, road sweepers, Tower wagon used for overhead main service
  21. Tractor
  22. Trailer
  23. Transit Mixture
  24. Cement Bulker
Which all are the Companies involved in construction & related development?
  1. Real estate companies
  2. Civil construction Contractor
  3. Agriculture
  4. Mining
  5. Manufacturer/Industrial Plants

Insured may choose for standalone third party insurance or may choose comprehensive insurance which covers financial compensation against accidentally physical damages to vehicle.

Cashless Facility: Every Insurance company has got vast network of service centres and garages to provide cashless facility for making a claim.

Key Features

Third Party Liability Insurance : As per Motor vehicle act 1988, it is mandatory for automobile owner to take third liability insurance from registered insurers from IRDAI against financial/legal liability that may arise from a third party property/life injury/damage/death due to an accident while using automobile.

Own Damage Vehicle : This ensures financial compensation to automobile owner against physical damages to vehicle due to an accident. However, it covers everything except deductible under policy, file charges and consumable items.

Other Add-on Covers:-

IMT-23 : Cover for lamps, tyres, tubes, mud guards/bonnet, side parts, bumpers, headlights and paint work for damaged portion

IMT-47 : Overturning

When claim will trigger?

Claim under motor insurance triggers when either of below event occurs and results into physical damage to vehicle and/or to third partly bodily injury/death or property damage.

  1. Fire explosion due to self ignition or lightning
  2. Burglary, housebreaking, theft
  3. Riot, strike
  4. Earthquake(Fire & shock damage)
  5. Flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hail storm,
  6. Accidental damage by external means
  7. Malicious act
  8. Terrorism
  9. Whilst in transit on by rail road, in land water way, lift, elevator, or air
  10. Landslide, rockslide
General Exclusions

Claims are not payable under below circumstances:-

  1. Consequential loss, wear & tear, mechanical or electrical breakdown, failures or breakages
  2. Accident occurring outside Indian geographical area
  3. If vehicle is used for purpose other than what is specified in policy.
  4. Arising nuclear weapon material
  5. War, invasion related circumstances
  6. If driver of insured vehicle is found to be under influence of alcohol or drug at event of accident.

Motor Trade Plate Insurance (GCV)

Motor trade plate insurance is basically designed for businesses involved in sales/purchase of automobile road vehicle wherein such insureds gets compensated against financial loss suffering due to physical damage/loss/legal liabilities arising due to accident of insured vehicle.

Insured may choose for standalone third party insurance or may choose comprehensive insurance which covers financial compensation against accidentally physical damages to vehicle

Cashless Facility : Every Insurance company has got vast network of service centres and garages to provide cashless facility for making a claim.
Key Features

Third Party Liability Insurance : As per Motor vehicle act 1988, it is mandatory for automobile owner to take third liability insurance from registered insurers from IRDAI against financial/legal liability that may arise from a third party property/life injury/damage/death due to an accident while using automobile.

Own Damage Vehicle : This ensures financial compensation to automobile owner against physical damages to vehicle due to an accident. However, it covers everything except deductible under policy, file charges and consumable items.

Other Add-on Covers:-  IMT-23 : Cover for lamps, tyres, tubes, mud guards/bonnet, side parts, bumpers, headlights and paint work for damaged portion

Legal liability towards paid driver

Legal Liability  towards passenger

Legal Liability during demo of vehicle.

When claim will trigger?

Claim under motor insurance triggers when either of below event occurs and results into physical damage to vehicle and/or to third partly bodily injury/death or property damage.

  1. Fire explosion due to self ignition or lightning
  2. Burglary, housebreaking, theft
  3. Riot, strike
  4. Earthquake(Fire & shock damage)
  5. Flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hail storm,
  6. Accidental damage by external means
  7. Malicious act
  8. Terrorism
  9. Whilst in transit on by rail road, in land water way, lift, elevator, or air
  10. Landslide, rockslide
General Exclusions

Claims are not payable under below circumstances:-

  1. Consequential loss, wear & tear, mechanical or electrical breakdown, failures or breakages
  2. Accident occurring outside Indian geographical area
  3. If vehicle is used for purpose other than what is specified in policy.
  4. Arising nuclear weapon material
  5. War, invasion related circumstances
  6. If driver of insured vehicle is found to be under influence of alcohol or drug at event of accident.
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ORANGE CAPITALConnect with us
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OUR LOCATIONSWhere to find us
GET IN TOUCHOrange Capital Social Links
Feel our social presence that seamlessly covers key insurance indicators.

IRDA Registration Number : 704 | CIN : U66000HR2019PTC082383 | Category : Direct Broker (Life & General including Health) | License Period : 17-04-2020 to 16-04-2023

IRDA Registration Number : 704
CIN : U66000HR2019PTC082383
Category : Direct Broker (Life, General, Health)
License Period : 17-04-2020 to 16-04-2023

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