When shopping a business automobile coverage coverage, you may stumble upon numerous endorsements that alter the standard insurance. One such critical endorsement is IMT 23. This endorsement mainly offers with the inclusion of lamps, tyres, tubes, mudguards, bonnet, bumpers, headlights, and paintwork (of the damaged component handiest) in case of an coincidence.Many industrial car owners are blind to this clause and the way it impacts their claims. In this weblog, we are able to give an explanation IMT 23 in insurance meaning, the way it works, its advantages, and things to remember before choosing it.

IMT 23 in insurance meaning ?

IMT 23 (Indian Motor Tariff Endorsement 23) is a further coverage choice in a industrial vehicle coverage policy. It ensures that parts like tyres, tubes, bumpers, headlights, and paintwork are protected most effective if the damage occurs along side other automobile damages.

Why is IMT 23 Needed?

Under a fashionable business vehicle coverage policy, harm to these parts is not blanketed one at a time. This is due to the fact these components are greater susceptible to regular wear and tear or minor damages. Hence, to save you needless claims, insurers exclude them from simple insurance.

However, with IMT 23, policyholders get monetary alleviation as they can claim 50% of the damage restore expenses for these elements in case of an twist of fate.

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How Does IMT 23 Work?

Let’s apprehend how IMT 23 functions with an instance:

Imagine a business truck is worried in an accident. The front bumper, headlights, and tyres are damaged in conjunction with the automobile’s body.

• If the coverage includes IMT 23, then 50% of the cost to restore or update these elements will be protected with the aid of the coverage.
• If IMT 23 is not covered, the coverage will handiest cover the harm to the frame of the car, and the proprietor will ought to pay the full value of bumper, tyres, headlights, and so on.

Thus, IMT 23 guarantees that the policyholder receives partial financial support for those typically damaged parts.

Key Conditions of IMT 23

Before choosing IMT 23, you have to be aware about its terms and conditions:

1️⃣ Coverage Only with Other Damages – IMT 23 applies most effective if different elements of the automobile are also damaged. If handiest the bumper or tyre is damaged, then the claim may be rejected.

2️⃣ 50% Cost to be Paid through Policyholder – The insured person ought to endure 50% of the restore costs of the specified components, at the same time as the insurer will pay the closing 50%.

three️⃣ Depreciation is Applicable – The declare quantity will be subject to depreciation, which depends on the age of the vehicle and the elements being repaired.

4️⃣ Theft is Not Covered – If tyres, bumpers, or headlights are stolen without any twist of fate, IMT 23 will not cover the loss.

5️⃣ Applicable for Commercial Vehicles Only – IMT 23 is now not available for non-public motors. It is supposed for vans, buses, taxis, and other commercial cars.

Benefits of IMT 23 in Insurance

Opting for IMT 23 affords multiple advantages for industrial car proprietors:

✅ Financial Relief – Covers 50% of the fee of frequently damaged elements, decreasing out-of-pocket fees.

✅ Better Protection – Ensures comprehensive coverage past general coverage policies.

✅ Useful for High-Risk Vehicles – Ideal for commercial vehicles that regularly journey lengthy distances or operate in difficult conditions.

✅ Peace of Mind – Owners don’t need to worry about minor damages main to most important restore prices.

Who Should Opt for IMT 23?

IMT 23 is specifically useful for:

🚚 Truck and Transport Owners – As commercial trucks tour lengthy distances and are vulnerable to common minor damages.

🚕 Taxi Operators – Since cabs are used notably and regularly go through small damages.

🚌 Bus Owners – Public delivery motors are at better risk of unintended damages.

Things to Consider Before Adding IMT 23

• Cost of the Endorsement – Adding IMT 23 increases the coverage top class, so take a look at if the fee is affordable on your vehicle utilization.
• Extent of Usage – If your vehicle operates in high-site visitors regions or long routes, this endorsement can be a terrific investment.
• Existing Coverage – Some insurers provide complete plans that would already consist of those coverages.

How to Add IMT 23 to Your Insurance Policy?

Adding IMT 23 on your business vehicle coverage policy is a simple system:

1️⃣ Contact Your Insurance Provider – Speak with your insurer to understand the value and technique of including IMT 23.

2️⃣ Request Policy Modification – You can also need to fill out a form or request an endorsement addition.

3️⃣ Pay the Additional Premium – The top rate for IMT 23 is commonly nominal, however it relies upon on the vehicle type and insurer.

4️⃣ Receive Updated Policy Documents – Once processed, your insurer will offer an updated policy report with IMT 23 protected.

Conclusion

IMT 23 is a precious addition for business car owners who need greater economic safety for often broken parts like tyres, bumpers, and headlights. However, it comes with barriers like depreciation and 50% price-sharing, so it’s crucial to weigh the advantages against the extra top rate cost earlier than choosing it.

For business proprietors counting on trucks, buses, and taxis, IMT 23 can be a exceptional way to reduce repair charges and preserve monetary stability in case of an accident.

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If you need more details about IMT 23 or different business car coverage endorsements, feel free to contact us! 🚛📞