group 3
TRANSCRIPT
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AUTO INSURANCE
Bisahu Sahu
Shreeya Gupta
Deepti Thakur
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Introduction
1894- 1st motor car was introduce in U.K.
1895 – 1st motor car insurance introduce in U.K.
1903 –GIC Ltd. was established to transact insurance
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WHAT IS MOTOR INSURANCE?
Insurance is protection against ‘unforeseen risk’
It covers against liability damages & unexpected repairs
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Cont..
These liability damages can be of two types:-
Bodily injury has been caused to a third person.
Property of a third person and own car.
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Importance of Motor Insurance
Protection against physical damage. Protection against damage due to natural and man-made
calamities.
It provide accident cover for individual owners.
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Types of Motor Insurance Policies
Private Car Insurance
Two Wheeler Insurance
Commercial Vehicle Insurance
Third Party Insurance
Liability Insurance
Second Hand Car Insurance
Motor/ Vehicle Insurance
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TYPES OF auto insurance
Car Insurance
Two Wheeler Insurance
Commercial Vehicle Insurance
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Private Car Insurance
Loss could be a result of an accident / theft.
Premium amount is decided on basis of IDV of vehicle
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Cont…
changes in IDV make difference to premium.
If you raise the IDV, the premium rises.
If you lower it down, the premium reduces.
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Coverage under Car Insurance
Third Party Liability Coverage
Collision Coverage
Comprehensive Coverage.
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Third Party Liability Coverage
It covers legal liability to a 3rd party
It covers injury caused by you to another person.
It is legally mandatory in India under MV Act.
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Collision Coverage
It protects financially against damage to his/her own car.
It pays the insured for damage caused by collision.
Damage/loss due to theft is not included.
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Comprehensive Coverage
These policy is more extensive & preferred by most people
It include damage/theft & 3rd party legal liability.
It also cover accessories, engine protector etc.
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Key Benefits of Car Insurance
Coverage against loss or damage to insured vehicle
Coverage against financial liability of third party.
Personal accident cover
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What is not covered in Car Insurance?
Loss/damage to the vehicle driven by person without valid driving license
Loss/damage to vehicle as a result of intoxication.
Loss/damage to engine as result of oil leakage
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Two wheeler Insurance
India has one of the largest 2 wheeler production.
It is perfect for quick mobility & convenience.
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Two Wheeler Insurance Coverage
Loss/damage to your 2wheeler against natural calamities
Loss/damage to your 2wheeler against man-made calamities
3rd party legal liability protection .
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Commercial Vehicle Insurance
It cover all vehicles used for commercial purposes
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Third Party Motor Insurance
It covers 3rd person who has been damaged in an accident
Does Not cover damage, theft, injuries of the owner.
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Liability Insurance
Insurer agrees to defend its insured in
court.
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Second Hand Insurance
Need to renew its insurance policy
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Catastrophic loss
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What is catastrophe?
It cause severe loss, injury or property damage
Most often associated with natural events
Damage from man-made disasters
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How Insurers Manage Catastrophe ExposuresIdentifying catastrophe risk appetite
Measuring catastrophe exposure
Pricing for catastrophe exposure
Controlling catastrophe
Exposure and evaluating ability to pay catastrophe losses
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Thank you