Insurance Blog

Health insurance is perceived to be quite complex. Most individuals relate it with paperwork, documentation and complicated procedures. While this might have been true maybe 10 years ago, it is not so today and this all thanks to the internet. Yes, the World Wide Web has made every aspect of a health insurance policy easier, starting with the purchase process. Now you can buy a good plan in just 5 simple steps! Find it hard to believe? Well, we’ve highlight the steps below just to give you a better idea.

Your medical insurance plan provides coverage from several medical expenses, even critical illnesses such as cancer, diabetes, heart diseases, etc. The only issue is that most health insurance plans have a certain sum assured, say 5 lakhs. In case of any medical emergency, the plan will cover your expenses up till this sum assured. Once your medical expenses exceed this sum assured, your health insurance cover will get exhausted and you will have to start paying out of your own pocket.

When you buy a car, you can choose a model based on the fuel type it uses. Usually, the decision involves determining which type of fuel would be best for long-term use and vehicular performance. However, the type of fuel your car uses also affects the premiums of your car insurance policy. This article will give you a better idea to ensure you make all the right decision when it comes to the type of car you buy and the insurance policy you choose.

Petrol

Simply put, insurance plans will charge a lower premium for a petrol car than that for a diesel or CNG fitted car. The reason for this is that petrol cars are usually driven over short distances and have a lesser chance of wear and tear. Moreover, they demand lesser maintenance than that of CNG fitted cars.

Diesel

Compared to petrol or CNG fitted cars, diesel cars are a little more expensive. Hence, the cost to insure them is also higher. Moreover, many insurance providers will charge you a little extra for parts, repairs, and coverage for car theft.

CNG

CNG is often considered to be the environment-friendly alternative to petrol and diesel. Moreover, using CNG as a fuel has also proven to be more economically sound. Hence, many car drivers today prefer to use CNG as fuel for their vehicles. However, the cost to insure a CNG vehicle can be on the higher side. In fact, you could end-up paying as much as 10% more than what you would for a diesel or petrol car. Moreover, the premium you pay will depend on you these two factors:

Installing CNG kit into an old car

If you want to make the switch from petrol or diesel to CNG, you need to get a CNG kit installed in your vehicle. However, this your car already has an insurance plan that does not cover the CNG kit.

Hence, if you install a CNG kit in your car, you have to purchase coverage for the kit separately. This could cause your car insurance premium to increase. Moreover, for compliance reasons, you have to make changes to your vehicle’s Registration Certificate (RC).

Before changing the coverage for your car insurance policy, your insurance provider may call for an inspection of the vehicle. Hence, you should make sure that the kit is installed through an authorised workshop.

Buying a new pre-fitted CNG vehicle

Buying insurance for a new pre-fitted CNG vehicle is the same as insuring a petrol or diesel car. Hence, there will be no extra cost for installation of a CNG kit. The premium for your insurance plans will then be determined by vehicle’s specifications.

Lately, the world has witnessed numerous virus outbreaks such as Zika, Mers, Ebola, Nipah. The most recent one of the list is the novel coronavirus. Coronaviruses are a group of viruses that hamper the immunity of an individual. The new virus is called the 2019-nCoV. Similar to other viruses from its family, it causes symptoms like cough, headache, and fever among others. The medical condition has been termed as COVID-19.

In such a situation, the obvious question you may have is how you can save your self from it. Moreover, if you feel you are already infected, what should you do? Usually, among the first option to explore during any healthcare concern is a health insurance policy. However, as the disease is new there is a lot of confusion about whether a policy can help or not. Hence, here is everything you need to know about coronavirus and health insurance:

How you can defend yourself?

So far, scientists have not come up with a vaccine to prevent or cure COVID-19. Hence, it is better to take preventive measures to avoid contraction of the virus. These measures include:

·     Washing hands frequently

Ensure that washing and cleaning your hands is a frequent practice. You can clean your hands with alcohol-based sanitizers or wash them with soap. Doing so kills most bacteria and viruses that might be on your hands.

·     Maintaining social distancing

COVID-19 shows similar symptoms to that of the common cold. Hence, distinguishing someone that has a common cold from someone who may be infected with 2019-nCoV requires medical testing. However, by the time an individual is tested, he/she could have infected many others. Hence, you should avoid close contact with anyone who shows flu-like symptoms including coughing, sneezing, and fever. Avoid going to work, college, or any public gathering if you are showing symptoms yourself.

·    Refraining from touching your face

Every person touches numerous things and surfaces consciously or unconsciously. Any of these surfaces may be home to viruses or other microorganisms. Being contaminated, your hands can transfer the virus to your nose, eyes, and mouth - introducing the virus into your body. Hence, in addition to keeping your hands clean, make sure you avoid touching your own face.

Can health insurance help with coronavirus?

Most health insurance companies cover you against diseases caused by a virus outbreaks that require hospitalization. However, you should ask your insurance provider about the same. Regardless of what your type of policy is or how dangerous the infection is, you will most likely be covered from the day you receive a positive diagnosis.

Even something as necessary as buying medical insurance can be difficult. Not only are there multiple types of policies available, but also a large number of insurance providers that provide these policies. Moreover, every type of policy can have a load of intimidating jargons that you may not be able to understand. Hence, making the right choice in both the policy and provider is extremely crucial. That being said, there are many factors to consider before you decide which medical insurance policy you should buy. Hence, here are a few things you should check:

Claim process

Why you should check the claim process of a medical insurance provider is pretty simple to understand. If the claims process is simple, you will not have to wait a long time to get the medical support that you need. Hence, an efficient claims process along with great customer support is something you should primarily look for when buying medical insurance.

Family health insurance

It is important to consider every member of your family when selecting a health insurance policy, especially their age. Moreover, you should also consider any ailments and conditions that any family member may be suffering from. Keeping these things in mind will help you determine the right amount of cover you may need.

Network hospitals

You should check whether an insurance provider is associated with a large number of hospitals. Moreover, if they have a network of cashless hospitals, nothing could be better. In case of a medical emergency where the patient needs to be hospitalized, you should be able to admit him/her in a hospital that can settle medical bills directly with the insurance provider. Hence, the wise choice would be to go for an insurance provider that covers a large network of cashless hospitals.

Maternity benefits

While it is not the first thing that comes to mind when you think about medical insurance, maternity benefits still hold a lot of importance, especially with the steady increase in medical expenses. Hence, you should look for a medical insurance policy that includes maternity benefits. More specifically, you should look into the waiting period applicable for claiming maternity expenses and consider the sub-limit. The policy should also cover outpatient expenses and check for exclusions related to the policy.

Lifetime renewal

Making the right choice now can help you when you are old. You should look for medical insurance that has lifetime renewability. While you may be fit and fine, you will not always be. Just because you do not suffer from a disease now does not mean you never will. Hence, having lifetime renewability on a medical insurance policy means you will always have the necessary coverage for medical treatment. 

Free medical check-up

Insurance plans can be put into two broad categories, i.e. life and non-life insurance plans. Usually, all non-life insurance plans are labelled as ‘general insurance plans’. In India, the most common types of general insurance plans include home, health, travel, motor & travel insurance. This article will give you a brief understanding of all these types of general insurance to give you a better understanding of such plans. 

1. Travel insurance. To travel is to live! However, making and executing holiday plans requires you to invest a good amount of time and money. Now imagine what would happen if something were to happen causing all your plans to fall through? For example, you’ve booked the flight tickets, paid for hotels, etc. and suddenly you are forced to cancel due to some reason. Not only would this be highly disappointing but it would also lead to significant financial losses. However, if you have travel insurance and your reasons to cancel are valid, you would get most of your expenses reimbursed. Great isn’t it? These plans also provide cover for things like emergency hospitalization while on vacation and provide compensation for unfortunate event such as the theft/loss of your belonging while on vacation. 2. Home insurance. Home is where the heart is and it is also a huge financial asset. If something were to happen to it, the financial repercussions would be quite severe. This is why you should get home insurance, it will protect your from numerous emergencies such as theft, fire, etc. that cause damage to the structure or the contents of your home. 3. Health insurance. The rising cost of healthcare services and the increase of illnesses have made health insurance extremely important. A good plan will safeguard you from hefty financial repercussion of a sudden medical emergency. It will also cover healthcare expenses in case you fall sick and ensure the lack of funds do not restrict you from getting the best treatment possible. 4. Motor insurance. It is not allowed to ride or drive a vehicle in India without a valid motor insurance policy. Motor insurance is of two kinds, one that safeguards others and one that also safeguards you & your vehicle in case of an accident. The former is known as third party insurance and pays for the injuries & damages of a third party in accident you are involved in. The latter is known as comprehensive motor insurance, it provides compensations for others and your own damages. Comprehensive plans also come with optional add-ons that you can purchase and include to your plan to widen the coverage it provides.  

The concept of third party car insurance has always been a little lost on some people. Most of the people look to cover the cost for damages caused to their own car or the cost for their hospitalization in the event of an accident or any untoward incident, but do not feel the need for cover for damages caused to the third party. In this article, we look at the coverage of third party car insurance policies and why they can be very useful for any owner of a car:

Coverage of third party insurance policy

A third party car insurance covers for the damages caused to the third party’s vehicle or the cost for their hospitalization in the case of an accident. It does not cover for any damages caused to the owner or his/her car; that is covered by comprehensive car insurance policies. It can also include the compensation required to be paid by the owner in case of an accident.  

Is it mandatory to buy?

The third party car insurance has been made mandatory according to the Motor Vehicles Act for every person who owns a car in India. It is hence essential for the buyer to buy it in order to save himself from any fines or legal action taken for not having a proper third party insurance policy.

Benefits of Third party insurance

There are many benefits of third party insurance. The owner can buy two separate policies for comprehensive and third party insurance. In this way, the owner has to claim only the third party policy when he/she is supposed to compensate any third party for the damages incurred. In this way, the buyer can prevent making unnecessary claims to his comprehensive policy and avail the benefits of no claim bonus awarded by the insurance companies for making no claims during a year.

The importance of third party insurance becomes even more when the car gets old. Most of the buyers have their policy only for the first few years after which they do not renew their policies, but it can be a not so wise option. An accident can happen anytime and pose a big financial liability to the buyer, which is why the buyer should always ensure they are covered by the third party insurance policies.    

Also, the policyholder can port his/her third party car insurance policy with any other insurance provider. In order to do that, the policyholder has to fill out portability form with the current insurer at least 45 days prior to the policy renewal date.

How can I buy a policy?

The buyer can purchase a third party car insurance policy by online or offline method. The buyer can also renew his/her policy through online methods.

Every person dreams of one day saving up enough money to buy a car. Moreover, saving up for the same is no easy task. Taking years of hard work and patience, the moment of getting your hands on the keys of your own car is unlike any other. However, the bigger task then is to preserve it in its best shape possible for years to come. This includes protecting it from various types of damages and theft. The best way to do so is to buy car insurance.

Most car insurance providers provide car owners with 2 major types of car insurance package. One is a third party motor insurance that is mandatory as per the instructions of the government. The other is a comprehensive package that covers a wide array of conditions. When comparing the two, the comprehensive package proves more useful when it comes to protecting your car. Here are few reasons you should buy comprehensive car insurance:

· Coverage against weather

Unpredictable weather has turned into a certainty these days. It’s not a question of ‘if’, but ‘when’. In such a situation, a comprehensive car insurance policy is much more helpful. For example, monsoon in the city of Mumbai has often proven to be troublesome. With a few hours of rainfall, many sections of the city start to flood, especially roadways and residential areas. In this case, if the flood caused by rain damages your vehicle, your comprehensive car insurance will cover it. Other weather conditions your car insurance will cover you for include storms, earthquakes, and landslides etc.

· Coverage for damage and theft

A comprehensive car insurance policy provides coverage in the case of intentional damage by another individual. This type of damage can be through harmful activities like theft, burglary, vandalism, and terrorist activities. In case your vehicle is damaged or stolen as result of any of the above activities, the car insurance provider will compensate you for the damage or loss.

· Add-ons

Where you truly get the worth of every rupee spent towards a comprehensive car insurance is the additional services. Add-ons are essentially your customization of the policy over the default coverage. While selecting add-ons may increase your premium a little, it also does increase the amount of protection it gets.

The average man’s morning now comprises of breakfast, coffee, and a report of some unfortunate accident in the news. While it may feel like an everyday thing, it is important to know why it happens and how can it be remedied.  

Many factors that accompany driving in India are responsible for these accidents. These include road rage, inexperienced drivers, bad roads, and vehicle malfunction among many others. In such a situation, no amount of protection seems enough. Hence, the need for car insurance also becomes paramount. For this reason, the Motor Vehicles Act mandates that every vehicle owner should have at least a third party insurance policy.

What is third party insurance?

Every auto insurance company offers two types of insurance policies. They are third party insurance and comprehensive insurance. Based on what your preference, requirement, and budget are, you can buy either one.

Third party insurance is the minimum amount of protection you should have according to the Motor Vehicles Act. Many people call it an act-only or a liability-only plan. It offers protection to the insurer from any legal liability of any accidental injury or loss caused to a third party from your vehicle. As it is considered to be the most basic form of protection, it is also much cheaper than its comprehensive counterpart.

Apart from the fact that it is mandatory, a third party insurance has a large range of benefits for a wide set of people. For example, it is the perfect type of insurance for someone who owns a very old car or doesn’t use his car much. This way he/she does not have to spend much on insurance, yet has a healthy amount of protection. A third party insurance is sufficient as a minimal liability-only insurance for a vehicle. Moreover, as a result of technological advancements in the insurance sector, many insurance providers also provide online third party insurance. Here are some other benefits of a third party insurance: 

Legal cover and financial assistance

If you ever find yourself stuck in a situation where you end up accidentally injuring someone on the road, online third party insurance will feel likea blessing. The financial burden of compensating a third party in the case of personal or property damage/loss is taken off your shoulders by the insurance company.

Peace of mind

Any accidental damage to a third party from your vehicle translates into a financial liability as you need to compensate them for the damage/loss. A third party insurance plan pays for these liabilities on your behalf and also saves you from any taxing situations that may hinge of these liabilities.

Cost-effective

Car insurance is crucial – without it, you are not permitted to drive your vehicle on Indian roadways. Moreover, without a valid policy, you are exposed to the risk of heavy financial losses. For example, if you meet with an accident and you are not covered by an insurance policy, you will have to pay fines up to Rs. 2,000. Moreover, if the accident is your fault, you will have to pay for third part damages and injuries as well. Not to mention, you will also have to cover your own repair costs!

Therefore, it is of utmost importance that you have a valid car insurance policy at all times. There are two kinds of policy you can purchase – comprehensive insurance and third party car insurance. The former is more expensive as it covers third party liability, own damages and complete loss of your vehicle as well.

However, third party insurance only covers the damages and injuries occurring to others that are affected by an accident in which you are involved. This article will discuss 4 wheeler third party insurance to give you a better of these kinds of car insurance policies. Read on to know more! So what is third party car insurance? As mentioned above it is for of motor insurance that offers protection only from third party liability. This means that, in an accident that you are involved in or is your fault, the policy will compensate any third parties that have suffered injuries or whose property has been damaged. However, any damages, or even total loss of your vehicle occurring due to the said accident will not be covered by the policy. The only means of compensation you receive with a 4 wheeler third party insurance policy is personal accident cover. This element of such policies provides compensation to the policy holder in case of dire injuries that result in total temporary or permanent disability. In this case, the policy will provide compensation up to Rs. 15 lakh depending on the extent of and seriousness of the injuries.

General insurance has become very popular in the recent years due to the growing trend in people to protect their assets in the form of insurance. People are always on the lookout for the best general insurance company to buy insurance plans. In this article, we look at some of the common general insurance jargons commonly used:

·        Deductible: Deductible is the percentage of amount that the buyer agrees to pay out of his own pocket. An increase in deductible will reduce the premium amount of the policy. The policyholder should look for the best general insurance company offering the maximum protection to its policyholders by offering affordable premium rates at low deductibles.

·        Premium amount: Premium amount is the amount required to be paid by the policyholder to avail the facilities of the general insurance. The buyer should look for the best general insurance company that allows him/her to pay the amount in lump sum or monthly installment form.

·        Claim: Claim is the remuneration demanded by the policyholder in case of an emergency or any untoward event that has caused the damage or loss to the asset assured by the insurance policy.  

·        Cashless and Reimbursement: Cashless refers to the claim process where the policyholder makes a claim and the insurance company pays the claimed amount directly. Remuneration refers to the type of claim where the policyholder pays up the bills for damages up front and then makes a claim to the insurance company by presenting the relevant documents pertaining to the claimed amount.  

·        Sum assured: Sum assured is the maximum amount that the insurance company agrees to pay the policyholder in the case of the policyholder making a successful claim demanding financial protection for the damage or loss of the asset insured.

·        Add-on covers: Add-on covers are the additions that can be made to the general insurance policy to increase the protection offered to the policyholder. This requires the policyholder to pay additional premium amount for every add-on cover selected. The add-on covers offered by the best general insurance company help the policyholder to align and customize the policy to his or her personal needs.

·        No claim Bonus: The insurance companies reward the policy holders for not making a claim in form of discount in their premium amount or an increase in the sum assured every time the policy holders renew their policy. This is called as a No Claim Bonus (NCB). The No Claim Bonus increases with every renewal of the policy, with a cap limiting the increase in the sum assured or decrease in the premium amount, thus encouraging the buyer to make less number of claims during the policy term.

The improvement in lifestyle has led to an increase in demand for general insurance. The general insurance companies provide many online insurance plans for buyers to protect their various assets like car, bike, home etc. These insurance policies are expected to cover every critical or emergency situation occurring during the ownership of that asset. However, a few things are always excluded from different types of general insurance policies irrespective of the insurance company offering it. In this article, we look at the common exclusions in different types of general insurance policies:

• Car/Bike insurance: The various parameters excluded in car or bike insurance online include depreciation, normal wear and tear, mechanical and electrical failure, intentional self-injury, suicide, any damages due to drunk driving or under influence of drugs while the car is being driven by the owner or driver, hospitalization charges, any penalty or interest or any other charges imposed by the financer due to default in payment. Some of these can be accounted for by buying add-on covers like zero depreciation cover.

• Home insurance: The various exclusions in home insurance covers include loss or damage caused by war, mutiny, civil war, hostilities by foreign countries, radioactive and nuclear waste or any other explosive nuclear component, or by pollution or contamination. The add-on covers can account for damage caused during debris removal or earthquake or volcanic eruptions.  

• Health insurance: The standard exclusions from all policies include expenses for treatment of chemical and nuclear exposure, any condition directly or indirectly resulting from war, civil war, rebellion, or military acts. Other exclusions may include treatment for alcohol or drug abuse, cosmetic surgery, circumcision unless it is absolutely necessary, custodial care, long term non-medical assistance for activities like bathing, eating, dressing etc., accidents or mishaps during adventure sports like rock climbing, trekking, river rafting, gender change operation, HIV AIDS or other sexually transmitted diseases, sleep disorders, psychiatric treatment, treatment for obesity like liposuction, preventive vaccinations and birth control expenses. The add-on covers for insurance online may cover critical illness, daily hospitalization, ambulance costs, expert consultation etc.

• Travel insurance: The general exclusions in travel insurance include expenses endured for injuries caused by adventure sports, medical emergencies like abortion or miscarriage, for travelling through illegal transportations, claiming treatment through methods apart from allopathic. The add on covers may account for protection in case of maternity related expenses, adventure sports, mental and psychiatric illness, pre-existing conditions and diseases.

Health insurance is extremely useful. When a person is affected by critical illnesses and has to be hospitalized for long duration of time, a quality health insurance policy will ensure all the costs are taken care of.

However, there are many medical procedures & conditions that do not require hospitalization but can still take a toll on a person from a financial viewpoint. Fortunately, the best medical insurance plans will provide protection from such expenses as well. This is possible through the OPD (Out Patient Department) cover which provides compensation for outpatient expenses of the policyholder. In this article, we discuss some of these expenses covered by the OPD cover:

1)     Medical Consultation: There are many occasions when a person requires consultation with a doctor to cure or know about their medical condition. Depending on the type of ailment suffered by the person, these consultation charges can be quite high. Also, there are times when medical consultation is continuous thereby increasing the cost associated with it. An OPD cover would help the buyer in such a situation and provide for the expenses incurred. 

1)     Medicines: Medicines do become a big part of medical expenses especially if you are suffering from ailments that require constant medication. The cost of the medicines for such diseases can take a financial toll sometimes. health insurance plans can be very useful for people who have to cope with such constant costs for medication.

2)     Medical tests: Medical tests are required to shed more light on a person’s medical condition. Tests like MRI, CT scan are well-known to be expensive tests. Also, there are times when the person’s medical condition is complex and requires repeated tests to point out the intricate details of the ailment. This can also be a considerable expense. The OPD cover can help the buyer to bear with the cost of such expensive medical tests.

3)     Dental care: A lot of people in the present age suffer from dental problems and have to bear with the expenses of procedures like tooth extraction, root canal and others. Some people also suffer through these dental ailments for a long time, which makes the cost of such treatment a constant burden. Medical insurance even include this expense and hence provides protection to the buyer.

4)     Visual and hearing aids: The people with sight and hearing problems have to go through the expenses of buying aids. This expense can be a burden especially for senior citizens living on pension and past savings. The OPD cover takes care of this expense as well.

‘Things get better with time’ – this is one of those sayings that applies to almost everything in life, including motor insurance in India. Gone are the days where buying and using insurance was dominated by paperwork, exhaustive documentation and long waiting periods. Now, dealing with insurance is simple, especially with the internet. You can buy the policy you want in a snap and make a claim by submitting a few photos on an app!

However, if you thought that car insurance couldn’t change any more, you’d be far from the truth. This is because, there are many things that could still change in the way car and bike insurance works in India. This article will go over some of these probable ‘future trends’ to give you a better idea of what to expect from this industry in the years to come.

1. Premiums based on driving etiquette.

Today, bike and car insurance premiums are generally unaffected by your driving skills. The only reward you get for being a safe driver is your NCB discount. Besides this, all motorists are generally provided with the same premium amounts. Well, this could change in the coming years - the Transport Department is considering a move that will incentivize the good etiquettes and penalize frequent traffic offenders with lower and higher motor insurance premiums respectively.

This is good news for those who adhere to the road regulations when driving/riding. For those who do not, it is a cue to start doing so and enjoyed the benefits of the same.

2. Premiums based on credit scores.

Right, this is already a very prevalent concept in the west. Many countries, such as the USA, factor in the person’s credit score into the cost of their motor insurance premiums. If this comes to India, being a good driver and a good track record with debt will ensure you get lower premiums than others, great right?

3. Insurance on electric vehicles. Electric vehicles are the future of the motoring world. They are known to be way more powerful and efficient than vehicles that use an internal combustion engine, not to mention, they are also good for the earth (win, win, win situation). However, most electric vehicles in India were not taken very seriously and until recently, did not even require an motor insurance policy. However, things changed a couple of months ago when the IRDAI introduced TPA cover for such vehicles that too, at a 15% discount as compared to TPA for normal vehicles. However, comprehensive plans still haven’t rolled out and we expect that to happen as well in the not so distant future.

4. Self-drive cars and their impact on motor insurance. We’ve saved the best for last. Self-drive cars only existed on movie screens a few years ago, today they are very much a reality. There are many self-drive cars that are operational in across the world. They are much safer and reduce the risk of accident considerably. If we all took to self-drive cars, motor insurance premiums should plummet significantly due diminishing risk of accidents and the lack of human error.

Motor insurance is extremely helpful. However, for those who are new to the concept, it can also seem a little confusing. Some individuals have several questions on the topic but shy away from getting their queries resolved, fearing that their questions might sound silly. Keeping this in mind, the following article will go over some of the common questions regarding motor insurance. Hopefully, it will give individuals the clarity they need without causing them any embarrassment.

1. Do I need motor insurance if I’m a safe rider/driver?

Yes, you need to have motor insurance to ride/drive your vehicle in India. You could pay a fine of Rs. 1000 or face imprisonment up to 3 months or both if you are caught operating a vehicle without a valid motor insurance policy. So even if you are a very safe rider/driver, you need to have a motor insurance policy. 2. Is there any minimum amount of insurance I can buy? Yes, you can buy a basic third party insurance to cover the legal requirement. This plans will allow you to ride/drive your vehicle, however it will not provide any compensation for damages that occur to your vehicle in an accident. 3. What do you mean by first, second and third party in motor insurance? Every motor insurance policy is a contract between two people – the insurance company, who is the first party and the policy holder, who is the second party. The third party is anyone else, not mentioned in the policy, whose property is damaged or who suffers injury in an accident in which the policy holder is involved in. 4. If my vehicle is stolen, will I get the total cost of my vehicle reimbursed? This depends. With third party insurance, you will not get any compensation in case of a stolen vehicle. If you have a standard comprehensive policy, you will the amount you paid for the vehicle, minus the amount of depreciation applicable. If you want to get the complete cost of your vehicle reimbursed, you will have to purchase zero-depreciation cover or the return to invoice add-on.

5. What if someone else is riding/driving my vehicle when an accident occurs.

Usually, as long as the driver is not breaking any traffic regulations and has a valid driving your motor insurance policy will provide coverage.

6. Can I reduce the cost of my motor insurance policy?

Yes, there are numerous ways to reduce the cost of your motor insurance plan. Simple things like joining a rider club, installing safety features to your car, driving safely, etc. can help you reduce the cost of your motor insurance policy.In fact, just driving safe could help you unlock discounts up to 50% on your car insurance premium.

If you had any of these doubts floating around in your mind, know that you weren’t alone. Many individuals have the exact same questions. We hope this article has helped clear your queries, if you have any more doubts, we suggest you pick up the phone and speak to an insurance provider today.

General insurance is every type of insurance barring life insurance. A general insurance company offers insurance online and offline. General insurance includes motor insurance, home insurance, health insurance, marine insurance, travel insurance, etc. A general insurance company provides coverage in case of loss or damage to the insured individual or the insured individual’s valuables. In some countries, general insurance is called property and casualty insurance.

As in the case of life insurance, the insured individual needs to pay a premium to the general insurance company either monthly, quarterly, or yearly. A premium is the amount charged by the general insurance company to the insured individual for taking the risk of damage or loss. The premium depends on a number of factors. However, there is a chance that you could be paying more premium than you need to because of these following factors:

1)      Your location - Where you live significantly affects your premium. A general insurance company will usually use your zip code to determine how at risk you are when it comes to vehicle theft, damage to property, etc. For example, if you live in a city like Mumbai, your premium will be higher than a quiet place like Nashik because crimes and accidents are more likely in larger cities than smaller ones. The area of commute can also impact your premium.

2)      Your gender and age - If you are less than 25, you could be paying more premium than you need to because insurance companies think that younger people get into accidents more. Senior drivers, especially after the age of 65, also have to pay a higher premium because the risk of accidents as well as health problems goes up as you age. Also, it is proven that male drivers who are less than 25 get into more accidents than female drivers.

3)      Your previous insurance record- Going without an insurance plan could easily hike up your premium. If you have a record of making claims, then the insurance company might set you up with a higher premium due to the higher risk. Even if you miss your renewal deadline, the general insurance company could increase your premium and you would be paying way more than you need to.

4)      Your add-ons - Add-ons increase the premium significantly. Relevant add-ons are extremely useful when it comes to protecting the car or the no claim bonus; but, extra add-ons will only be a bane to your premium in the long run.

5)      Not buying insurance online - Not buying insurance online can also increase your premium because insurance companies generally charge more offline. If you know exactly what you want and you understand the product, it is more beneficial to buy insurance online so you can compare prices of different insurance agents.

General insurance is non-life insurance. Any insurance that is not life insurance is called general insurance. It includes health insurance, motor insurance, travel insurance, home insurance, commercial insurance, etc. General insurance plans help the insured individual protect their valuable objects. A general insurance company provides reimbursement in case of damage or wreckage to the insured individual or their valuables. In some countries, general insurance is called property and casualty insurance or non-life insurance.

Since general insurance is a broad subject, some people are sometimes confused. That is why we have answered 5 of the most commonly asked questions about general insurance:

1)      Is it safe to purchase insurance online?

Ans. A general insurance company that offers insurance online usually has incredibly secure payment gateways that protect your personal information. Due to the advancement and convenience of technology, most people prefer to purchase insurance online.

2)      How can I make a claim?

Ans. There are two ways to make a claim when it comes to a general insurance plan.

-          Cashless claims: When you make a claim, the bill is settled directly between your insurance company and the service provider. For example, if you get admitted to the hospital or have to undergo a bunch of medical tests, the insurance company settles the bill. However, you do have to provide some documents to the insurance company as proof.

-          Reimbursement claims: When it comes to reimbursement claims, you have to settle the bill with the service provider (garage, hospital, etc) after which you get reimbursed the full amount. In order to get reimbursed, you have to provide the proper documents and the original bills. For example, if you have to get reimbursed for your stay in the hospital, you have to provide documents such as the discharge summary, medication prescription, etc.

3)      What is no-claim bonus?

Ans. The NCB or no-claim bonus is a kind of reward given to the insured individual for not making a claim in that policy year. It ranges from 20 percent to 50 percent. If you haven’t made a claim that year, you can claim your no-claim bonus when you are renewing your policy the next year. If you go five years without making a claim, you are eligible for a discount of 50 percent.

4)      What is a premium?

Ans. It is the amount that the insured pays to the insurance company every year, every month, or on a quarterly-basis according to the plan they have chosen. Coverage is given in return.

5)      What happens if I do not make the premium payment on time?

Ans. Most insurance companies give a grace period of 10-15 days after the premium is due. However, if you do not make the premium payment even after the grace period, your policy will cease to exist. To open up the policy again, you will have to pay the interest and the outstanding premium. Every general insurance company has different norms for re-opening the insurance policy.