What is Motor Insurance policy?
Motor insurance is mandatory for the vehicles that are driving on the road. Its mission is to provide comprehensive protection against damage or loss from natural and man-made calamities. There are 4 types of motor insurance policies, Car Insurance, Bike Insurance, Third-party Insurance, Commercial vehicle Insurance.
What is car insurance policy and how does it work? ?
Car insurance policy is an agreement between car owner and insurance company that can cover car and car owner, damages cause if you hit someone else, and other accident events. When you get car insurance policy, you are buying “car coverages,” which are essentially things your insurer agrees to pay for compensation to rectify damage car and you.
What is Car Insurance Premium and how car insurance premium is calculated
.car insurance premium is the amount you pay to insurance company on a fixed term example 12 months, in exchange for policy coverage. as your car become older, the Insured Declared Value decreases. The premium for Own Damage cover is calculated as a percentage of Insured declared value.
What is add on in car insurance??
Car Insurance Add-ons are those covers that you buy for an extra protection for your car during loss or damages. – These add-ons increase your car insurance premium, as you get extra coverages example zero depreciation to protect your insured value you are paying extra premium for extra cover it is better to you buy if your car is less 5 years.
What is car Claims Services and why car claims get rejected?
A car insurance claim is a process wherein as car owner asks the car insurance company to pay compensate for the damages that are happened by his/her car after an accident. it is one’s right to make a claim when he/she is involved in an accident as per insurance law. Car insurance companies to reject large number of car insurance claims or to reduce there pay out. … Another reason why a claim may get rejected is that the customer may have taken an insurance policy for a private car use while it was used for commercial other purposes..
What is bike insurance policy and how does it work?
Bike insurance policy is an agreement between car owner and insurance company that can cover bike and bike owner, damages cause if you hit someone else, and other accident events. When you get bike insurance policy, you are buying “bike coverages,” which are essentially things your insurer agrees to pay for compensation to rectify damage bike and you.
8 steps in 3 minutes to compare best bike insurance quotes and buy best Bike Insurance Policy
1. Insured Declared Value -Each bike has got total fixed value (current market value) which is called as Insured’s Declared Value (IDV). This IDV is calculated based on previous year IDV.IDV is very much important in case of Total damage of the vehicle. Fire, Theft, Natural calamities. This is why IDV has to be kept more while buying a policy. Your IDV defines your premium. The more IDV you chose the more compensation you get. IDV is depreciated every year as per the IRDA regulation.
2. Compensation types -Personal Accident Cover – Coverage for individual driver of the vehicle while travelling in bike, also there is option to cover co-passenger who is travelling in bike.
Third-Party liability cover – Protection against legal liability due to accidental damages resulting from the permanent injury or death of person and damage caused to the property
Own damage or comprehensive cover – Protection against the loss or damage of the insured bike.3. What type of policy is required before you start driving your bike? Before raiding your bike, it is mandatory for bike owners to have bike insurance policies and adhere to the motor vehicle act, at least a raider must have a third-party liability coverage policy. Otherwise, you will have to pay fine to cops. And also, you need to pay third-party damage costs from yourself for third-party damages in case of any unexpected events. 4. From whom you can buy a bike insurance policy?
You can buy a bike insurance policy from the insurance company or insurance aggregators, agent or broker who is licensed by IRDA to provide policy advice and services. you can check IRDA for the website to validate who your buying from. 5. How to buy my bike insurance online? If you buy your bike insurance online you will get discounts and cashback offers. One most important thing you can save your time while doing your bike insurance renewal online. It’s better to compare and get a minimum of 3 different insurance companies quotes before buying the policy. Bike insurance online gives you quick and faster service from anywhere and any time.24*7.
Buy a policy from insurance aggregator, also explore online aggregator you can get 3 quotes in 3 minutes. You can save your money and time. The bike insurance online process is very simple and fast. 6. What are the things I need to check after buying a bike insurance policy? Always check the start date of the policy, the end date of the policy, IDV value, exclusion of policy terms and conditions and insurer details. Take a digital copy of the policy. It will help you always while raiding you can show this proof if any authority asks for the proof of insurance.7 How to file a bike insurance claim and get my compensation? Base on accident type you must have the following documents to file a claim, 1. Copy of insurance policy, 2. First Information Report filed with the policy if any personal damages to you or third-party 3. Signed claim form 4. Copy of bike registration certificate 5. Copy of driving license 6. Medical receipts in case hospital expenses. With all these details call the insurance company or send an email with all these details and get a claim number for further process to your compensation.8. How to renew my bike insurance policy or bike insurance renewal. Before doing bike insurance renewal please check your current policy end date, if policy expired don’t have to do the inspection for some companies. It will be processed T+ 2. Means policy start date will be after 3 days from the date of payment. This applies only to the expired cases. Bike insurance renewal has to be done every year so that you will be getting no claim bonus every year. In this technological world, most insurance companies will help to do the bike insurance renewal via app and website to save their customers time.
What is add on in bike insurance?
Bike Insurance Add-ons are those covers that you buy for an extra protection for your bike loss or damages. – These add-ons increase your bike insurance premium, as you get extra coverages example zero depreciation to protect your insured value you are paying extra premium for extra cover.
What is Bike Claims Services and why bike claims get rejected?
A bike insurance claim is a process wherein as bike owner asks the bike insurance company to pay compensate for the damages that are happened by his/her bike after an accident. it is one’s right to make a claim when he/she is involved in an accident as per insurance law. bike insurance companies to reject large number of bike insurance claims or to reduce there pay out. Another reason why a claim may get rejected is that the customer may have taken an insurance policy for a private car use while it was used for other commercial other purposes like bike racing etc.
What is Third-party Insurance policy and how does it work?
Third-party insurance policy is a form of liability insurance purchased by an insured person (first party) who is driving on road from an insurance company (second party) for protect against the claims of another person (third party). As per motor act the first party is responsible for their damages or losses, regardless of the cause of those damages..
How Third-party insurance premium is calculated ?
Third Party Liability Insurance policy covers your legal liability for the injury or damage caused by you to the third party. Demise or any bodily injury to the third party. Property damage caused to the third party up to Rs. 7.5 lakh per car and 1 lakh per bike for commercial vehicle premium is calculated based vehicle make and model and purpose of use of vehicle.
How to make Third-party Claims ?
There are 2 steps involved in a third party insurance claim,you need to File an FIR and obtain a charge sheet from the police.File a Motor Accident Claims to Insurance company with Driving license documents proof
What is Health Insurance policy? how does it work?
Health insurance policy is “a contract between you and health insurer to pay some or all of your healthcare costs in exchange for a premium.” Payable either monthly or annually. Medi claim Insurance policy. Individual Coverage. Family Floater Coverage. Senior Citizen Coverage. Unit Linked Health Plans. Critical illness plan
1What is health Insurance Premium and how health insurance premium is calculated
Health insurance premium will calculate based on the policy type i.e. individual or family, floater, sum insured of policy, age of the insured person and other factors. On an average, the health insurance premium for a sum insured of Rs. 5 lakhs that an individual might have to pay around Rs. 5,000 to Rs. 10000, depending upon the policy type and insurance company.
What is add on in health insurance?
Add-on features give extra coverage benefits over and above a base health insurance policy. Although premiums for these add-ons are low premium, the benefits that you can accrue are also limited. Hence, you should aware that every add-on comes with a extra premium, you should only buy for add-ons when it is required.
What is Health Policy Claims Services and why health policy claims get rejected?
The Health policy claims settlement process is one of the important part of an health insurance policy, if it is a health cover. A policyholder health insurance claim can get settled by an insurer in two ways: third-party administrators (TPA) or through the insurer’s in-house claims processing office. The policy holder should understand health insurance form to know the exclusions, understand the coverage limits, and other terms and conditions. Another key reason for rejection of claim by the health insurance company is the provision of incorrect information by the policy holder.
What is personal accident policy and how it works
A personal accident policy coverage you against death, permanent total disability, permanent partial disability and temporary total disability in case of an accident. Usually, on death and permanent total disability, the Insurer pays the onetime payment of sum assured and policy will get terminated.
What is Hospital Cash Policy and how it works
The Hospital Policy provides you with fixed cash benefit for each day of hospitalization irrespective of the actual medical cost you are spending. This, provides you with extra protection & also takes care of expenses which are not covered under your Health Insurance Policy such as like traveling, food etc.
What is Life Insurance Policy and how it works ?
Life insurance policy is a contract between you and an insurance company. You agreed to pay premium for the policy on a regular basis, and the insurer company agrees to pay a sum of money to your beneficiaries if you die. Term Plan – pure risk cover,Unit linked insurance plan (ULIP) – Insurance + Investment opportunity,Endowment Plan – Insurance + Savings,Money Back – Periodic returns with insurance cover, Whole Life Insurance – Life coverage to the life assured for whole life
What is Term Insurance Policy and how it works?
Term insurance policy is a type of Life Risk cover, provides financial protection coverage to the insured person for a defined period of time. In the absence of the policy holder or insured person during the during the policy term, insurer pay death benefit sum insured money to policy holder nominee.
What is renew the policy?
Renewal, in the context of insurance, refers the continuation of coverage. The policyholder extends their contract with the insurance company to continue their current coverage for a specified period. The insurance company typically invites the policy
Older to renew the policy near the end its term.
Can you renew the expired policy?
Yes you can. if your car insurance has been expired for more than 90 days, then you may lose out on your no-claim bonus benefit too. Can I renew my expired car insurance policy online? Currently, you can only initiate the renewal process by contacting insuremile online services. Or through insuremile mobile app.
What is a File claim?
An insurance claim is a formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event. The insurance company validates the claim and, once approved, issues payment to the insured or an approved interested party on behalf of the insured.
What did your claim status mean?
Your claim will be placed in “deferred,” “accepted,” “denied,” or “closed” status, depending on where it is in the process. If you’re unsure about what your claim status. Please contact your insurance company customer care.
What is Claim complaint?
If you’re not happy with the service offered by your insurance company, you have the right to complain.
Why complain about an insurance company?
Step 1 – Try to resolve the complaint informally
Step 2 – Send a written complaint
Step 3 – Ask the Financial Ombudsman Service for help
From an individual perspective, it provides financial security, besides other benefits including tax.
From a national perspective, it furthers economic development. So if we as a nation have to accelerate the pace of economic development, then it is necessary for all of us to take one or the other insurance, be it Life, be it Health, be it Vehicle etc.
Presently, India is a highly under-insured and un-insured nation, thus affecting national development. As per a report, over 63 million Indians are paying from their pocket for healthcare services and due to this they are pushed to go below the poverty line (BPL). With rising health care costs, they have had to raise the funds either by selling off their movable and immovable assets; borrow; or take to some other recourse for medical treatment.
A National Survey has indicated that people spend the least portion of their out-of-pocket (OOP) expenses on inpatient treatment. while they spend the most on purchasing drugs. Nearly 72 % of OOP expenditures (74 % in rural areas, 67 % in urban) are drug related.
India accounts for less than 1.5 per cent of the world’s total insurance premiums despite being the second most populous nation.
India needs to increase the spread of Insurance as it:
• Provides safety and security (to individuals, organisations and other entities).
• Generates financial resources (which can be deployed into investments and other development activities).
• Generates large-scale employment.
• Adds fillip to economic growth (mobilizes domestic savings)