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Insurance is a contract between an Individual or a group of individuals and an insurance company. The person who takes insurance is called ‘Insured’ and the person who insures is called ‘Insurer’. The insured agrees to pay a premium to the insurer in exchange for compensation in case of loss of property, illness, death or damage. The premium that is paid assures the insured that he or she is financially protected. There are different types of insurance – Car, Life, Health, travel Insurance.

A: In India, insurance is more than just a financial product—it’s a shield against life’s uncertainties. With rising medical costs, frequent road accidents, natural calamities, and the growing need for financial security, insurance ensures that you and your family are not left vulnerable during tough times. It helps cover hospital bills, protect vehicles, safeguard homes, and even secure your family’s future in case of unforeseen events.

A: An insurance policy is a legal agreement between you (the policyholder) and the insurance company. It clearly defines what risks are covered, how much compensation you will receive in case of a loss, the premium you need to pay, and the terms & conditions of the coverage.

A: Insurance quotes help you compare plans, premiums, and benefits before making a decision. Just like checking prices before buying a product, quotes let you see which policy gives you the best coverage at the most affordable cost. They also highlight differences in features, exclusions, and add-ons, so you don’t end up paying more for less protection.

An insurance agent can represent only one insurer and do business for him. An insurance Broker is basically the representative of the customer and can sell the policies of more than one insurer. In the Indian context an Agent can represent one Life insurer, one Non-Life insurer and one Health insurer. In addition he can represent one credit insurance company and agricultural insurance company too. Detailed regulations have been framed by Insurance Regulatory and Development Authority (IRDA) for both Agents and Brokers and they govern them.

In certain insurance policies, there exists a clause known as a deductible, where a specific amount is subtracted from the claim payout. Take, for instance, Industrial Risks policies that impose a deductible of 0.5% of the total sum insured, with a minimum of Rs. 1 lakh, for losses attributed to a Terrorist Act. This implies that the insured must bear the initial Rs. 1 lakh of any claim and up to 0.5% of the total claim amount. If the loss falls below Rs. 1 lakh, no claim payment is made. This deductible provision serves as a mechanism for insurance companies to mitigate the administrative overheads associated with processing small claims. As a trade-off, policyholders often receive a premium rebate for agreeing to shoulder this deductible burden

Corporate clients often opt to diversify their insurance coverage by engaging multiple insurers or leveraging competitive dynamics among insurers. In this arrangement, they designate one insurer as the “Leader,” granting them a larger share of the premium, while other insurers receive a smaller share. The client interacts exclusively with the Leader insurer. This Leader then distributes the premium (as per the client’s specified ratio) and shares claims with other participating insurers, termed Co-insurers. The number of Co-insurers can vary based on the total premium volume, ranging from two to several insurers.

It’s wise to contact your insurance provider at least 15 days before your policy expires to ensure seamless coverage. This timeframe allows for ample processing time and ensures a smooth transition without gaps in coverage

Certificate of Insurance, Xerox copy of Registration Certificate, Pollution under control Certificate (PUC), Copy of DL of person who drives the vehicle.

The documents required to purchase two-wheeler insurance online typically include your vehicle registration certificate (RC), previous insurance policy details (if applicable), personal identification documents, and vehicle details such as make, model, and manufacturing year.

Buying two-wheeler insurance online offers several benefits, including convenience, quick policy issuance, access to a wide range of insurance providers for comparison, cost savings due to reduced paperwork, and the ability to manage policies digitally.

An add-on cover enhances the protection provided by your base policy by paying an extra premium. Various insurers offer different add-ons, allowing you to customize your policy. Some of the most popular add-ons include Nil Depreciation Cover, Return to Invoice Cover, and No Claim Bonus Protection. These add-ons offer valuable benefits, such as covering depreciation costs or safeguarding your No Claim Bonus. For a detailed list of available add-ons and their coverage, you can visit the official IRDAI website (irdai.gov.in).

Yes,it is mandatory to have a valid PUC Certificate on the date of renewal of the insurance policy.

Compensation is provided in case of bodily injury/death of the owner-driver of the vehicle in direct connection with the vehicle insured or while mounting into/dismounting from or traveling in the insured vehicle

The documents required for a Motor Insurance claim typically include:

1. Duly filled claim form provided by the insurance company.
2. Copy of the Registration Certificate (RC) of the insured vehicle.
3. Original estimate of the loss or damage, prepared by an authorized surveyor or repair facility.
4. Original repair invoice and payment receipt from the repair facility. If you have used cashless facility, only the repair invoice may be necessary.
5. First Information Report (FIR) copy, if applicable, especially for accidents involving third parties or theft.
6. Non-traceable certificate for theft claims where the stolen vehicle or parts cannot be recovered.
7. Keys of the vehicle, particularly for theft claims.
8. Any additional documents specified by your insurance policy or the insurer.

Yes, it is necessary to inform both the Regional Transport Authority (RTA) where your vehicle is registered and your Insurance Company.

Generally, there is no fixed limit on the number of times you can claim motor insurance in a year. However, frequent claims can affect your No Claim Bonus (NCB) and may result in higher premiums.

In India, motor insurance policies can be classified into three primary types based on the type of vehicle insured:

1. Car Insurance: This policy provides financial protection for private cars, covering damages from accidents, theft, natural disasters, and third-party liabilities.

2. Bike or Two-Wheeler Insurance: Tailored for motorcycles and scooters, this insurance covers damages to the vehicle, theft, personal accidents, and third-party liabilities.

3. Commercial Vehicle Insurance: Designed for vehicles used for business purposes, such as trucks, buses, and taxis, this policy offers coverage against damages, theft, accidents, and third-party liabilities associated with commercial vehicle operations.