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There are two major classifications in motor insurance; private motor insurance, and commercial motor insurance. Both of these types of motor insurance policies operate in similar fashions, the only difference being in the coverage extended.
A commercial motor insurance policy usually provides lesser coverage compared to private motor insurance. The reason for this being is that there is more wear and tear in a commercial car due to its very high usage. The higher the usage, the riskier it is for the insurance company to provide coverage.
That is why commercial motor insurance usually excludes coverage of items like fender, bonnet, bumper, front headlights, tires, and paint. How can someone circumvent this? Let us find out.
If you are a commercial motor insurance policyholder, you can buy motor insurance with Indian Motor Tariff 23 (IMT 23) coverage. Buying a commercial motor insurance policy with IMT 23 will ensure that your motor insurance company will at least provide up to 50% coverage of items like paint, tires, bonnet, fender, bumper, and front headlights.
Total coverage will not be provided by the company on these parts, but something is better than nothing, and 50% coverage is better than 0% coverage. IMT 23 coverage can be purchased along with a host of other motor insurance riders like engine-protection, key-protection, zero-depreciation rider, among other riders.
Layering one rider on top of another rider will increase the coverage of your commercial vehicle, and ensure a better night’s sleep. IMT 23 coverage is available with most major general insurance companies.
Be sure to ask your insurance company or insurance agent for complete details on the IMT 23 rider the next time you intend to purchase a commercial motor insurance policy for your vehicle.
Frequently asked questions about IMT 23
No, it is not mandatory. That being said, it is recommended.
Yes, you can combine one or more riders together.
Up to 50% coverage will be provided on typically non covered items like bumper, tires, bonnet, etc.