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Overview
Features And Benefits
Third-Party Passenger Carrying Vehicle Insurance
Comprehensive Passenger Carrying Vehicle Insurance
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Renewal Benefits
IDV
NCB
Deductibles
Types of Passenger Carrying Vehicle Insurance
Coverages
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Premium Components
Eligibility and Required Documents
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Claim Process
Terminologies
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FAQs

Shriram Passenger Carrying Vehicle Insurance Terminologies

Insured Declared Value (IDV)

The Insured Declared Value is the maximum amount the insured can get from the insurance company as a claim. The IDV is calculated by taking the vehicle's current market value and depreciation into account. If the IDV of the vehicle is less, the insured will have to pay a lower premium. Hence, one must pay close attention to the IDV mentioned by the insurer at the time of policy purchase

Personal Accident Insurance

Personal Accident Coverage protects the person driving the vehicle. This cover is essential if the insured is involved in an accident and hospitalised for a certain period

Claim Settlement

The insured submits a claim to the insurer, requesting compensation for expenses incurred due to an unfortunate accident. After validating the insured’s claim registration, the insurer will pay the claim. The claim settlement depends on the vehicle's Insured Declared Value (IDV) and the type of insurance policy purchased - Third-Party or Comprehensive. There are two ways to settle a claim: Cashless Claim and Reimbursement

Frequently Asked Questions

What are cashless garages?

Cashless garages are a chain of garages where the insured does not have to pay cash for repair services

What is the process for transferring my NCB to my new vehicle?

The existing vehicle must be sold along with the NCB reserving letter issued by the current insurer. The benefit can be transferred to the new vehicle based on the NCB reserving letter to ensure NCB continuity

What is a Nil Depreciation add-on?

In Nil Depreciation add-on cover, the insurer pays the entire claim amount without considering the depreciation of the vehicle's value. On the other hand, this add-on feature is highly recommended because it eliminates the owner's additional repair costs