Important things to know before choosing Insurance Covers.
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.
A tyre cover will be important when your car’s tyre gets damaged due to
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).
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.
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.
If the room rent limit is not sufficient in your health insurance policy, it will cost you more on claims in the form of proportionate deduction..
Room rent limit is a very important factor while choosing your health insurance policy. A lot about this factor has been written widely by a lot of people. So, we are writing down the gist of important things a customer should consider about room rent limit while purchasing a health insurance policy.
Room Rent usually includes the rent, nursing charges and the fees related to the Resident Medical Officer (RMO).
Room Rent limits are imposed in three different ways,
Continue reading “What happens when you exceed the room rent limit of your health insurance?”Considering certain facts will prompt us buying it as an additional cover.
COVID Insurance is a low cost niche cover introduced by few insurers specific to corona virus infection. Both Fixed Benefit and Indemnity policies are available.
Fixed Benefit: A lumpsum benefit amount varies from Rs.21,000 to Rs.2,00,000 based on the respective insurers’ plans.
Indemnity Policy: Under this policy, you can get cashless treatment in network hospitals up to Sum Insured.
Other Benefits*: Each insurer extends additional benefits unique to each other. Following are the types of additional benefits:
While buying health insurance policy for the first time, all the insurers exclude coverage of certain diseases for a specified period of time from the date of inception of the policy.
It is imperative for any insurance buyer to know the details of coverage extended by various insurers before buying.
Two of the most important terms of health insurance are Exclusions and Waiting periods.
While buying health insurance policy for the first time, all the insurers exclude coverage of certain diseases for a specified period of time from the date of inception of the policy. Those are called exclusions and the period of exclusion of coverage is called waiting period.
Continue reading “Exclusions and Waiting Period in Health Insurance”