Page 192 - Motor Insurance Ebook IC 72

The Insurance Times

2% to as high as 35% of OD premium, the cap on
discount value being around Rs. 3000/-.

4. Vehicle designed for use by physically
handicapped.
A discount of around 33% of premium is normally
allowed for vehicles designed for the physically
handicapped.

5. Third Party Property damage cover
In terms of the Motor Vehicle Act Third Party
Property Damage liability is restricted to Rs. 6000/
-. The motor insurance policy compulsorily provides
for coverage in excess of this amount.

The amount of coverage permitted. Rs. 1,00,000
for two wheelers and Rs. 7,50,000 for other
categories of vehicles. The insured can opt out of
the higher cover in which case a discount in premium
will be allowed.

6. Third Party Fire &Theft Cover
This cover is normally offered by insurers for
vehicles over 7 years. Proposers wishing restricted
coverage can also choose this option. There is a
discount given off the OD premium. The discount
ranges between 50% and 75% depending on the

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