Do I need a ‘tyre cover’ as add-on even if my vehicle insurance is comprehensive?

A tyre cover will be important when your car’s tyre gets damaged due to

  1. Road impact cuts or bursts – when there is no accidental damage to the car.
  2. Impact bulging not related to manufacturing defect or any other chemical or atmospheric changes.
  3. Flattening of tyres due to hard braking.

The above types of damages to tyres are not covered by a normal comprehensive insurance.

The fact that cost of tyres is nowadays very high and difficult to afford makes a ‘tyre cover’ quite essential, particularly for high-end cars where the costs are huge compared to the additional premium paid.

We should note that under the tyre cover the replacement of tyre is allowed only once during the policy year. Once replaced, if the cover needs to remain, requisite revised premium may have to be paid and endorsed on the insurance policy.

It should also be noted that the percentage of claim settled will be proportionate to the remaining life of the tyre (measured as per the depth of the available tread).

How does the ‘windshield cover’ help in my car insurance?

Adding a windshield cover in your car insurance may protect your NCB for the next year renewal

In a usual comprehensive insurance policy, if the windshield glass (front or rear) alone gets damaged without any accidental damage to the car, the replacement will be considered as an Own Damage claim.

In this case, the No Claim Bonus (NCB) will not be available for next year renewal of your car insurance.

If a windshield cover is added in your car insurance, in case of damage to windshield without any damage to your car, the replacement of the glass for the first time during the year will not be considered as an OD claim. The No Claim Bonus will be available without any reduction during your next renewal.

3 good reasons why you should opt a Hospicash cover

It will be good to have an Insurance which extends daily allowances to cover your extra expenses.

Having a health insurance with appropriate Sum Insured value will help you in getting treatments covered. But, it does not cover your 100% cost of treatment and all related expenses.

Hospital Cash Benefit Cover, either as an additional benefit under a health insurance policy or a separate cover will give you daily cash allowance for a specified period during hospitalisation.

Due to the following reasons, it is best to have an additional hospicash cover:

  1. Certain deductions in health claims are standard.
  2. If you exceed your Room Rent limits, proportionate deductions are applicable in your claims.
  3. You will always have other expenses related to your hospitalisation like costs of travel, food for attenders, etc.

Hospital Cash Benefit cover will extend you daily allowance to cover the expenses as stated above.

What you should know about ‘OD only’ renewal of Car/Bike Insurance

If your new vehicle is bought after 1st September 2018, you will require ‘OD only’ renewal..

All new cars and bikes that are sold by dealers from 1st September 2018 will have 3 years and 5 years third party insurance as per the Order of the Honourable Supreme Court of India.

That is, a new car sold on 1st September 2018 will have third party (TP) insurance coverage up to 31st August 2021 and a new bike up to 31st August 2023.

Car/Bike Insurance Policies with 1 year OD and 3/5 Years TP Covers

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Be aware of the importance of IDV in your vehicle insurance

When you buy insurance for your car or bike, it is very essential that you choose the right IDV.

Insured’s Declared Value (IDV) is the value that you insure your vehicle for. In case of an adverse total loss due to an accident or theft of your vehicle, this is the total loss value you will receive. Obviously, it will benefit you in such circumstances to support buying another vehicle.

Insurers do not accept whatever IDV you choose

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It is good to be aware of ‘Deductibles’ in your health insurance claim

As per standard industry practice, there are non-payable items in hospital bills under health insurance claims

You should be aware of what is payable and not payable on your hospitalisation claim by your health insurer. All insurers will require an itemised bill for the purpose of processing the claims, whether it is a cashless or a reimbursement claim.

Certain of the items in the bill, charged by the hospital, are not payable by the Insurance Company, as an Industry standard. These non-payable charges in the hospital bill are called ‘Deductibles’.

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Be Aware of how to approach your health insurance claims

It is important for you to get a fundamental understanding of how to approach claims process in order that you don’t get stuck during claims process

Most probably, you can get stuck in health insurance claims process when you or your loved ones are hospitalised due to illnesses.

Our intent here is to give an account of high-level requirements during the process of health insurance claims for your benefit, in order that you get the fundamental understanding of how to approach the claims process.

Cashless Claims

There are three major follow ups in cashless claims,

  1. Choose a Network Hospital – Cashless claims are possible only in hospitals that are in the Network list of your health Insurer
  2. Approach the hospital’s Insurance Desk – All hospitals have an Insurance Processing Desk
  3. Discharge Procedure at the Hospital – Coordinate for early completion of discharge formalities.

Choose a Network Hospital

Find out your best choice of hospital, which falls in the network list of your health insurance company. Normally, people seek the recommendation of the physician who diagnosed them of the ailment and referred to a hospital where the physician may know the specialist.

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