IFFCO Tokio Car Insurance Policy

• Loss or damage to the insured vehicle, due to the following:
  • Fire, explosion and self-ignition.
  • Flood, inundation, typhoon, hurricane, storm, tempest, cyclone, hailstorm, frost, lightning, earthquake, landslide, rockslide (Act of God perils).
  • Burglary, theft, riot, strike, malicious or terrorist activities, accidental external damage, damage in transit by road, rail, inland waterway, lift, elevator or air.
• Legal liability to any third party for injury/death (unlimited) or property damage (up to Rs 750,000), arising out of use of the insured vehicle at a public place. Coverage is in respect of the compensation amount (including interest), claimant’s costs (if awarded) and defence expences (incurred with Insurer’s consent).
• Personal accident cover of Rs. 200,000 for individual owner-driver of the insured vehicle, while travelling in, mounting into or dismounting from the car. Compensation is payable for death and various types of permanent disabilities.
• Reimbursement of expenses up to Rs.1, 500 following an accident to the insured vehicle, for protection, removal/towing and redelivery of the car.
• Some of the important Extension covers available under the Policy on payment of additional premium are:
  • Loss/damage to electrical/non-electrical accessories and to CNG/LPG fuel kit.
  • Personal accident cover for unnamed passengers.
  • Wider legal liability cover for driver/conductor.
  • Participation in rallies by the insured vehicle.

• Any consequential loss or contractual liability.
• Mechanical or electrical breakdown, depreciation, wear and tear.
• Vehicle being driven under the influence of intoxicating liquor/drugs.
• Vehicle being driven without a valid licence.
• Vehicle being used in contravention of limitations as to use (e.g. for hire or reward, organised racing or speed testing etc.).
• War and nuclear perils.
• Damage to tyres/tubes unless insured vehicle is damaged in the same incident, in which case 50% of replacement cost will be paid.
• Loss of accessories by theft, unless vehicle is stolen at the same time.

• Digitally signed Policy document can be issued immediately at IFFCO Tokio offices, POS centers, or for online purchases.
• Doorstep arrangements can be made for fresh or renewal covers, including arrangements for free inspection, in respect of break in insurance cases.
• Hassle-free cashless claim settlement is effected at over 2,000 network garages/workshops.
• Large fleet of trained in-house Surveyors utilized for immediate attending to claims.
• Usage of online e-survey claims module by both in-house and external Surveyors, for lowest TAT in claim settlement.
• 24x7 call center service is in place, for any support relating to claims.
• Unique emergency assistance services available through IFFCO Tokio ’On Road Protector Coverage’ at a nominal extra premium, along with this Policy.
• Unique bouquet of additional benefits available through IFFCO Tokio ‘Value Auto Coverage’ at a small extra premium (depending on the benefits opted for), along with this Policy.

• There are two basic types of Policy available. The Liability Only Policy is compulsory as per Motor Vehicles Act and covers Items 2 and 3 listed above of ‘What the Policy covers'.The Package Policy is a comprehensivecover, including all the listed items of ‘What the Policy covers’.
• On change of ownership, application has to be made by the transferee within 14 days of such change, with required documents and payment of fees/additional premium (if required), for effecting transfer of insurance.
• For vehicle damage claims, replacement parts are subject to depreciation, the percentage of which depends on vehicle age and category of parts. Such claims are also subject to a Compulsory Excess/Deductible, which depends on the c.c. of the vehicle.

All vehicles are insured for a fixed value known as Insured’s Declared Value (IDV). This is computed on the basis of the manufacturer’s listed selling price, inclusive of accessories (where applicable), after deducting appropriate depreciation based on the vehicle age.
There are two basic components of premium under the Policy. Liability premium is a fixed amount depending on vehicle c.c. while Own Damage premium rate (%) depends on vehicle c.c., age, model, operation zone etc. which is applied on the IDV. Extra premium is payable for the Extension covers, if opted for. Premium discounts are available in the following situations:

• Automobile Association membership.
• Anti-theft device installation.
• Higher Voluntary Excess opted for.
• No Claim Bonus (NCB).

The discount for NCB is allowed at the time of renewal each year. It is expressed as a percentage of the Own Damage premium and increases from 20% to 50%, depending on the number of years of claim-free experience. It follows the fortune of the Insured and not the vehicle, which means that it will also be applicable on a substituted private car. It can be transferred from a different Insurer on renewal, subject to production of the required supporting documents. For NCB entitlement, renewal has to be effected within the stipulated expiry date, or maximum of 90 days thereafter. NCB will be lost on renewal, if any vehicle damage claim is lodged under the expiring Policy.

The Company may cancel the policy by sending seven days notice by recorded delivery to the insured at insured’s last known address and in such event will return to the insured the premium paid less the pro rata portion thereof for the period the Policy has been in force or the policy may be cancelled at any time by the insured on seven day’s notice by recorded delivery and provided no claim has arisen during the currency of the policy, the insured shall be entitled to a return of premium less premium at the Company’s Short Period rates for the period the Policy has been in force.Where the ownership of the vehicle is transferred, the policy cannot be cancelled unless evidence that the vehicle is insured elsewhere is produced.For the cancellation request, insured can also contact to our Toll Free number.