Insurance other than 'Life Insurance' falls under the category of General Insurance. General Insurance comprises of insurance of property against fire, burglary etc, personal insurance such as Accident and Health Insurance, and liability insurance which covers legal liabilities. There are also other covers such as Errors and Omissions insurance for professionals, credit insurance etc.
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Motor Insurance
Why Motor Insurance
In India, nearly 4 lakh people meet with accidents every month. Fatalities in road accidents in India are moving up at a compounded annual rate of four per cent. Considering the high number and the poor state of roads, Motor insurance is a necessary requirement. By law, Motor Insurance is mandatory. Motor Insurance provides financial cover not only to you but also covers damages to third party (people travelling with you). Motor Insurance also protects you from losses arising from natural calamities like cyclone, earthquake etc.
Types of Motor Insurance
Third Party Insurance
This insurance is mandatory by law. It protects a policy holder against losses which arise due to bodily injury/death to a third party or any damage to property. Here third party includes people travelling with you or whom the insured person injures and claims damages at the time of accident. But this insurance does not protect you, your vehicle and co-passengers against losses which arise due to bodily injury/death.
Comprehensive Insurance
In addition to third party coverage, this policy covers you, your Vehicle and co-passengers against damages /losses arising from unforeseen calamities, hence it is prudent to purchase this policy.
FAQ's:
1. Who should buy Motor Insurance?
Both individual owners as well as corporate entities should buy Motor Insurance. All vehicles, be it for personal or commercial use should be insured.
2. Is Motor Insurance Mandatory?
Motor insurance is mandatory for all vehicles under the provision of Motor Vehicles Act 1988, be it for commercial or personal use. It is compulsory to have a valid Motor insurance policy before you can start driving your vehicle. Motor insurance comes with unique plans for four wheelers, two wheelers and commercial vehicles.
3. What are the benefits from Motor Insurance?
It is a financial safety net that can help you offset the cost of
- Bodily injuries to yourself or others.
- Lost wages due to injury.
- Benefits to survivors when an accident results in death.
- Lawsuits brought against you as the result of an accident.
- Repairs made to your vehicle due to damage caused in an accident.
4. What is the cover level of Motor Insurance?
The cover level of Motor insurance can be the insured party, the insured vehicle, third parties (vehicle and people). The premium of the insurance is dependent on certain parameters like gender, age, vehicle classification, etc.
5. What does Motor Insurance not cover?
Motor Insurance does not cover loss due to wear and tear, breakdown, accidents due to drunken driving and war perils. The insurance also does not cover failure or breakage when the vehicle is used outside the geographical area.
6. What is IDV?
IDV is the short form of Insured declared value. It is the value of Sum Assured that can be taken on your vehicle. It is calculated on the depreciated value of your vehicle or on the showroom price of the vehicle depending on the Insurance carrier.
7. Why do premiums vary between different insurance companies?
Insurance companies work with different statistics and use different methods to calculate premiums. Some companies are specialized in certain areas or types and so are prepared to give discounts in those areas. This adds to the complexity as various companies yield varied prices.
8. What are the factors that determine the premium amount?
- Make and Model of the Vehicle.
- Year of Manufacture
- Place of Registration
- Current Showroom price of the vehicle
- Whether Client is Individual or Corporate
- The principal insurance amount and its subsequent premium also vary according to the price of the vehicle.
9. What is Third Party?
Third party would include all people other than the primary insured. They would include people travelling in the vehicle or pedestrians or people involved in the accident.
10. Which type of policy is better and why?
A comprehensive motor loan is better, as it also covers you against losses arising from theft, natural calamities, vandalism etc. This will have a deductable attached to the policy.
11. What is a deductable?
When you file a claim with the insurance company, you have to pay a specific amount as mentioned in the policy for the losses incurred. For example, if the deductable is 10% and you file a claim of 5000 rupees, you have to pay 500 rupees. Hence one has to choose the policy carefully depending on the deductable amount.
12. Are there any benefits for no claims?
Yes, there are benefits like ‘no claim’ discount. If you have a claim free period you can avail a discount on the premium when you renew your policy for the next period. There are other specific benefits that insurance companies provide like free maintenance etc??
Tips for buying Motor Insurance
Motor Insurance can be confusing for many people as there is plethora of Motor policies and is an arduous task to choose an Motor policy which you should really carry to protect yourself compared to various coverages available.
- Depending on the vehicle you have
- Claim settlement
- Customer service
- Discount & Deductable %
- IDV (Insured Declared value)
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Travel insurance Simplified
Why Buy Travel Insurance
Travel Insurance offers insurance protection while you travel. Travel Insurance may be called by different names by insurance companies. It is important for you to check and understand whether the policy covers domestic travel or overseas travel or both. Travel Insurance protects you and/or family against travel related accidents, unexpected medical expenditure during travel, losses such as baggage loss, loss of passport etc and interruption or delays in flights or delayed arrival of baggage etc.
What Travel Insurance to Buy
The Scope of Cover and Benefits offered by different insurance companies would vary. You must shop around to ensure that you purchase the best travel insurance policy that you need. The following are covers that are generally provided under Travel Insurance- though the combination may vary. The list, however, is not exhaustive.
- Medical Expenses with or without cashless facility (most travel insurance products offer cashless facility)
- Personal Accident
- Loss of Baggage
- Delay in Baggage arrival
- Loss of Passport
- Travel Delay
- Repatriation
- Transportation of dead body etc.
The Sum Insured offered may vary and so would the premium rates, which would depend on the country in question, apart from other factors such as Age, Period Of Travel etc.
You must go through the exclusion clauses very thoroughly. Ask your insurer and/or agent or broker for clarifications wherever you have a doubt. In general, the following are not covered in an International travel insurance policy:
- Pre-existing diseases
- War Risks
- Suicide and Insanity
- Hazardous Sports
There could be some exclusions relating to personal effects.
It is also very important for you to understand what to do in case a claim situation arises abroad. Generally, international travel insurance policies provide hotline numbers where intimation of claim/s should be given. You must also notify the concerned authorities involved e,g, local police, embassy, transportation company etc, as applicable. The insurer should also be notified. Normally, every International travel insurance policy docket will also contain a claim form as you will be away in a distant place and may not be in a position to obtain a claim form immediately.
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Corporate Insurance
Provide Comparative and Competitive Quotes from Insurance Companies
Assist in Policy Administration
Personalized Claims Assistance
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Home Insurance
The home insurance policy is usually a term contract-a contract that is in effect for a fixed period of time. The payment the insured makes to the insurer is called the premium. The insured must pay the insurer the premium each term. Most insurers charge a lower premium if it appears less likely the home will be damaged or destroyed: for example, if the house is situated next to a fire station; if the house is equipped with fire sprinklers and fire alarms; or if the house exhibits wind mitigation measures, such as hurricane shutters. Perpetual insurance, which is a type of home insurance without a fixed term, can also be obtained in certain areas.
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Shopkeepeer Insurance
The shopkeeper insurance policy is specifically designed to cover all the risks and contingencies faced by small or medium-sized shop owners. It provides protection for the property and the interests of the insured (and their partners) in the business venture.
The sum insured depends on the value of your shop and the value of the contents of the shop. The value of the shop is calculated on the basis of the estimated cost of rebuilding it completely. The contents of the shop are assessed according to their value at the time of purchasing the shop insurance policy. The valuation would also include electrical and mechanical appliances in the shop.