IMT 1 Add-On for Commercial Vehicle Insurance

What is IMT 1 Add-On?

The IMT 1 add-on is an optional cover that policyholders can buy with their commercial vehicle insurance policy. It offers a geographical area extension at an additional premium. This add-on helps to cover damages and losses incurred to or by the commercial vehicle even in the neighbouring countries of India, such as Bhutan, Nepal, Bangladesh, etc. It also protects the insured vehicle from damages caused by accidents, natural calamities, theft, third-party liabilities, etc.

Why Choose the IMT 1 Add-On Cover?

Here are some of the most common reasons to get the IMT 1 add-on cover with your commercial vehicle insurance:

• Extended Geographical Scope: Even though comprehensive commercial vehicle insurance extends the coverage of a basic insurance to cover both third-party liabilities and damages incurred by the insured vehicle, it still does not cover losses incurred outside the prescribed geographical area and India. However, with this add-on, business owners can cover losses incurred in the neighbouring countries of India, including Bhutan, Bangladesh, Nepal, etc.
• Reduces Financial Stress: Having this add-on with a commercial vehicle insurance, will help business owners to protect their savings and reduce any financial burden that may occur due to unexpected emergencies.
• Additional Premium: This add-on is available at an additional premium. Even though it is affordable, the premium is slightly higher than a basic third-party liability policy. It is because, the add-on provides essential and extended coverage for businesses without hampering the budget.

Key Aspects of IMT 1 Add-On Cover?

Check out the points mentioned below to know all about the IMT 1 cover:

• Add-on with an Insurance Policy: It is important to note that the IMT 1 is an add-on cover with a comprehensive policy and is not available with third-party commercial vehicle insurance policy.
• Covers Damages Caused Outside India: The IMT 23 add-on covers damages incurred due to accidents, collisions, third-party liabilities, and more, in and out of India. It extends the coverage of a commercial vehicle insurance to the neighbouring countries of India.
• Exclusions: IMT 1 does not offer coverage for damages incurred during the sea voyage or air passage used to ferry the vehicle to the extended geographical area. It also does not cover driver negligence, wear & tear, and damages caused due to any unauthorized use.

When to Buy the IMT 1 Add-On Cover?

Policyholders can opt for the IMT 1 add-on in the following cases:

• If the commercial vehicle is used for long distance travels
• If the commercial vehicle is being operated in the neighbouring countries of India
• If the insured vehicle needs an enhanced coverage beyond basic geographical area