National Insurance

Insurance » Automobile Insurance

Depreciation

Depreciation Applicable in the event of claim - Private Vehicle & Motorcycle

Age of Vehicle	Percentage of Depreciation
Upto 6 months	Nil
Between 6 months To 1 year	5%
Between 1 year To 2 years	10%
Between 2 years To 3 years	15%
Between 3 years To 4 years	25%
Between 4 years To 5 years	35%
Between 5 years To 10 years	40%
Above 10 years	50%

Note: For all Rubber, Nylon or plastic parts, Bumper, Back Light & battery 50% Depreciation

or all parts made of Glass - Nil

Depreciation Applicable in the event of claim - Commercial Vehicle

Age of Vehicle	Percentage of Depreciation
Upto 6 months	Nil
Between 6 months To 1 year	10%
Between 1 year To 2 years	15%
Between 2 years To 3 years	20%
Between 3 years To 4 years	30%
Between 4 years To 5 years	40%
Between 5 years To 10 years	45%
Above 10 years	60%

Excess

Types of Automobile	Imposed Excess (Rs)	Discount on premium for imposed Excess %	Compulsory Excess (Rs)
			Registration date of Vehicle
			Upto 5 years Rs	5 To 10 years Rs	Above 10 years Rs
Motorcycle	500	10	500	500	500
	1000	15
	2000	20
Private vehicle	1000	10	1000	2000	3000
	2000	15
	5000	20
	10000	25
Taxi	1000	10	2000	3000	4000
	2000	15
	5000	20
	10000	25
Commercial Vehicle	1000	10	Tanker- 5000	8000	10000
	2000	15
	5000	20	Tempo- 1000	2000	3000
	10000	25	Others- 2000	4000	6000
Agriculture Forest/Construction Equipment Vehicle	1000	10	5000	7000	10000
	2000	15
	5000	20
	10000	25

Note: Compulsory Excess for Ambulance, Fire Brigade, Dead Body Carrying Vehicle Rs. 2000/-

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Learning Zone

Learning zone is an attempt to help you understand some basic concepts of general insurance in order to identify your insurance needs... [ read more ]

Personal Line Insurance

Personal Line Insurance is meant to cover risks of person and property of individuals or group of individuals or liability developing upon them...

Automobile Insurance

Private Car, Two Wheeler, Commercial Vehicle, Ambulance, Construction Equipment vehicle, Agriculture & Forest Vehicle

Industrial Insurance

Industrial Insurance is another branch of non-life insurance which covers various risks faced by the industry and serves to sustain the growth of the industrial activity.