Q1. What is covered under the IMT 23 add-on in commercial vehicle insurance?

Ans: The IMT 23 add-on covers uninsured parts like tyres and tubes, lamps, mudguards, bumpers, side panels, bonnet, headlights, and paintwork of the damaged section. These parts are usually excluded from a standard commercial vehicle insurance policy.

Q2. Is depreciation deducted under the IMT 23 add-on?

Ans: Yes, depreciation is still applied on the covered parts. However, with IMT 23, the insurer pays a part of the cost for these otherwise excluded components after deducting depreciation.

Q3. Who should consider adding IMT 23 to their commercial vehicle policy?

Ans: Vehicle owners who operate in rough terrains, run older vehicles, or frequently deal with minor damages and part replacements should consider opting for this add-on.

Q4. Does IMT 23 cover mechanical breakdown or engine failure?

Ans: No. IMT 23 does not cover internal engine damage or mechanical breakdowns. It only covers parts that are otherwise excluded from the standard policy.

Q5. Can IMT 23 be purchased with a third-party commercial vehicle policy?

Ans: No. IMT 23 can only be purchased with a comprehensive commercial vehicle insurance policy. A third-party commercial vehicle insurance only covers third-party liabilities and does not offer any add-ons.

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IMT 23 Add-On Cover for Commercial Vehicle Insurance

Operating a commercial vehicle means frequent exposure to wear and tear, minor accidents, and part replacements. However, many of these parts are not fully covered under a basic commercial vehicle insurance. While comprehensive insurance offers broad protection, it still leaves out parts like tyres, tubes, bumpers, headlamps, and more. This is where the IMT 23 add-on plays a major role in providing coverage to uninsured parts. Let us read below to understand more about the IMT 23 add-on in commercial vehicle insurance.

What is the IMT 23 Add-On?

The IMT 23 add-on is an optional cover with a standard commercial vehicle insurance that offers protection to uninsured parts of a commercial vehicle that are usually excluded. It offers coverage to body parts, like tyres and tubes, lamps, mudguards, bumpers, side panels, bonnet, headlights, and even the paintwork of the damaged section. Policyholders must note that depreciation will still be applied on the repair or replacement of such parts.

Why Choose the IMT 23 Add-On?

It is beneficial to choose the IMT 23 add-on with a comprehensive commercial vehicle insurance for the following reasons:

Covers Excluded Parts: This commercial vehicle insurance add-on protects components like tyres, tubes, lamps, and bumpers, which are typically not covered under standard insurance.
Reduces Financial Burden: Since this add-on insures and protects expensive parts that are otherwise fully excluded from an insurance policy, it offers a huge financial relief for business owners.
Helps in Frequent Wear and Tear: The IMT 23 add-on is Ideal for vehicles operating on rough terrains or in urban traffic, where minor damages, wear and tear, and risks for exposed and uninsured parts are common.
Increases Claim Value: With this add-on, business owners are entitled to a better claim amount as it covers damages caused to several parts.
Peace of Mind: Since it helps to cover many parts of a commercial vehicle and also ensures a better claim amount, the add-on offers peace of mind to the policyholders.

IMT 23 vs Nil Depreciation Add-On Cover

Here are some key differences between the IMT 23 and the nil depreciation (zero depreciation) add-on cover:

Parameter	IMT 23 Add-On Cover	Nil Depreciation (Zero Depreciation) Add-On Cover
Coverage	Covers parts usually excluded in standard policies.	Covers and eliminates the depreciation cost incurred on repaired and replaced parts.
Parts	Covers excluded parts, such as tyres, tubes, bumpers, headlamps, etc.	Applies to all repaired and replaced parts, including metal, plastic, rubber, etc.
Depreciation	Yes, depreciation is applied	No, full cost of parts is reimbursed without depreciation
Suitability	Ideal for vehicles facing frequent minor damages or running on rough roads	New or high-value vehicles where depreciation significantly impacts claim value
Premium	Lower than Nil Depreciation add-on cover	Slightly higher due to broader coverage

When is IMT 23 Add-On Needed?

Policyholders can opt for the IMT 23 add-on in the following scenarios:

If the commercial vehicle is frequently used in rough conditions or construction zones
If parts like tyres, mudguards, or headlamps are frequently replaced
If the insured vehicle is older and prone to minor damage
For broader protection beyond what standard coverage offers

FAQs

Q1. What is covered under the IMT 23 add-on in commercial vehicle insurance?

Ans: The IMT 23 add-on covers uninsured parts like tyres and tubes, lamps, mudguards, bumpers, side panels, bonnet, headlights, and paintwork of the damaged section. These parts are usually excluded from a standard commercial vehicle insurance policy.
Q2. Is depreciation deducted under the IMT 23 add-on?

Ans: Yes, depreciation is still applied on the covered parts. However, with IMT 23, the insurer pays a part of the cost for these otherwise excluded components after deducting depreciation.
Q3. Who should consider adding IMT 23 to their commercial vehicle policy?

Ans: Vehicle owners who operate in rough terrains, run older vehicles, or frequently deal with minor damages and part replacements should consider opting for this add-on.
Q4. Does IMT 23 cover mechanical breakdown or engine failure?

Ans: No. IMT 23 does not cover internal engine damage or mechanical breakdowns. It only covers parts that are otherwise excluded from the standard policy.
Q5. Can IMT 23 be purchased with a third-party commercial vehicle policy?

Ans: No. IMT 23 can only be purchased with a comprehensive commercial vehicle insurance policy. A third-party commercial vehicle insurance only covers third-party liabilities and does not offer any add-ons.