Covers under HDFC Ergo
What are the covers under HDFC Ergo? This plan protects the driver/ policy holder against injuries or death occurring due to an accident. In the unfortunate event of death of the driver/ policy holder due to an accident, no compensation is provided. Sometimes compensation is also paid for loss of limbs and/ or loss of sight. Total liability borne by the insurer is of ₹ 100000. The plan also provides cover against third party liability.
Most insurance companies offer 24x7 claim assistance. Main part of claim assistance is cashless garages. HDFC Ergo Liability Policy has the facility of cashless garages. One cannot keep an online track about HDFC Ergo Liability Policy claim status. While making claims, different types of documents are required. Some of them include: a copy of the insurance policy, FIR in case of theft claims, copy of driving license, copy of registration book, etc.
Depreciation is considered by all two wheeler insurance plans on various accessories of a vehicle. It depends on the material of the accessory that is damages. As mentioned in HDFC Ergo Liability Policy terms, for all the parts made of rubber, nylon or plastic, 50% depreciation is considered and so is for tyres, tubes and batteries of a vehicle. Fiber glass components are depreciated by 30% but glass components are not depreciated at all. Some insurance plans also consider depreciation if the vehicle has wooden parts which is mentioned in the brochure/ policy wordings.
Policy status of HDFC Ergo Liability Policy is In-Force. That is, you can buy this policy at present time. Incurred claims ratio for insurance provider of this plan is 78.60 %. This mentioned figure is as published by IRDA for the year 2014-15. Incurred claims ratio is a measure of claims settled by the insurance provider. It is a ratio of money spent on claim settlement to money earned through premiums by the insurer.