GENERAL INSURANCE BLOG

Having a car insured takes many brainstorming sessions in which you have to consider several factors. The premiums paid towards a car insurance policy can be a wrecking ball to your hard-earned money. The requirement for purchasing a suitable policy is something that can't be overlooked. An ideal approach to manage this undesirable circumstance is to know about significant components that influence the vehicle insurance premium. The adequate knowledge of these determinants will enable you to have decent policy terms from the best car insurance company in india with the same advantages and deductibles. Here are some of the factors that directly affect the premium rates,

• Type of Car – Undoubtedly, the subject of your insurance that is your car determines your premium rates and is one of the significant factors considered under the premium bar as some of the vehicles are either stolen; lack specific safety measures or incur more repair costs.
• Driving Habits of the Driver – If you have a record of bad driving, accidents or too many traffic fines under your belt then the insurance companies may refuse to give insurance or charge the high cost of the policy as they strictly adjudge that another accident is prone to happen soon. However, if you make sincere efforts to drive safely, your record may lose value over time, and your insurance premiums can be more manageable for you.
• Demographic Factors – Things like your age, profession, geographical location have quite a weight on your insurance premium allocation. For instance, if you live in densely populated regions, then you are more prone to collisions, thefts or injuries hence higher the premium. Whereas, if you live nearly in a hamlet, then your premium may descend accordingly. Similarly, take age or gender; for example, if you are young and reckless, you may have to shell higher premium amounts. In some cases, women tend to pay lesser premium than man. No reason, just giving an edge to gender parity and all.
• Customized Car Insurance Policy- Another primary reason for increment and decrement of insurance premiums. A well-customized car plan that completes the necessities of your desired car may cost you high premium rates. Many insurance firms offer well-tailored policy plans that would prove beneficial to the insured on a personal basis.
• Car coverage and choice of deductibles - Insurance premiums may vary depending upon the type of coverage the insured chooses for their car. Types of coverage depend upon the state of the car; they could be collision, liability, comprehensive, personal injury protection coverage, etc. A deductible is an amount you pay before your policy period to pay for an uncovered loss, setting high deductibles indicates less money to pay in policy.

In the end, one must ensure that paying for car insurance is an essential part of owning a car. Hence, try to come with a pivotal decision that would lower your premium at any cost.

Health problems can occur suddenly and without preamble, and it can often mess up your financial planning with unexpected expenses. It has made health insurance important for every family to help decrease any unplanned financial burden. Though most of the companies provide their employees with health insurance coverage, it is not sufficient and can also exclude many ailments. Emergencies do not see our feasibility; hence, a reckless attitude towards health could put you in financial risk. Also, if we are paying for a thing, we tend to be very careful about the benefits we would be receiving.

However, it is not just about taking a health insurance plan; instead, it is about choosing the right health plan for your family to get the maximum benefits at the time of emergency. It is essential that you understand various factors that will help you choose the right health insurance policy .  Here are a few essential things you should know while deciding to buy a health insurance plan.

What kind of health plan suits you?

Health insurance plans can be indemnity plans and defined benefit plans. The defined benefit plan pays a lump sum amount for treatment without going into the detailed breakup of hospital expenses. On the other hand, an indemnity plan reimburses the hospital expenses. It is recommended that your health insurance portfolio should have indemnity plans and additional critical illness plans which are defined benefit plans. 

Which indemnity cover suits you: Individual health insurance or family floater?

If you want extensive coverage, individual health insurance is the option. In this type, you will buy separate plans for each member of the family, and premium for each policy will be based on the age, and respective sum assured. However, if you are a family person, it is recommended that you buy a family floater (FF) plan to cover your whole family. Then you will not need to buy separate policies for each family member. The premium for family floater plans is also less than individual plans, and there is a higher sum assured. The most important factor is that anyone can use the amount for medical treatment. Also, it is possible to cover parents if they are senior citizens with a slightly higher premium.

Other important considerations while choosing health insurance for your family:

• Select the sum insured based on your age and marital status, because the risk is less when you are younger, and it climbs as you grow older.
• Select a plan that has a minimum waiting period for pre-existing health conditions.
• Select a plan that allows you to renew at 75 or 80 years of age.
• Consider the range of hospitals that the insurer is affiliated with.
• Compare premiums and plans from more than one insurer and remember to read the customer reviews.
• Read between the lines to understand the exclusions.

Insurance does not guarantee good health, but it will help you in taking care of your loved ones the best way possible during health emergencies. 

As the world revolutionises and turns towards more eco-friendly options, the emergence of Electric Vehicles, or EVs, has also come to the limelight. They are not only cost-effective but a good eco-friendly riding option. They help in the reduction of harmful gases in the atmosphere. It keeps the balance of the environment intact. This, in turn, helps maintain the balance of global warming. The Indian Government has also prioritised shifting all vehicles plying on Indian roads to electric vehicles or EVs by 2030.

To make this possible, a lot of steps have been taken. The government wants to make EVs affordable, usable, and accessible to all. Are long charging hours stopping you from buying an EV? Batteries make up 40-50% of the cost of every EV right now. Additionally, battery charging can also take long hours. Hence, battery swapping was established as a plausible solution.

The battery-swapping policy was introduced in the 2022-23 budget. Let's find out more about it.

What is the new policy of the Indian Government?
The Indian Government has released a new policy focusing on two and three wheeler vehicles with electric-powered engines. The main purpose behind the policy introduced by NITI Ayog focuses on swapping the batteries instead of charging them. It is not only cost-effective but also ensures good time management.

How is swapping batteries better than charging?
There are a variety of merits that you can derive by swapping the batteries instead of charging them. These are

● Time management:
It is a known fact that charging batteries can be an extremely tedious process. It takes approximately an hour or more to charge a battery completely, which can be a waste of time if you are in a hurry. Instead, if you swap the battery, it will only take you a few minutes. It is because the batteries will already be charged.

● Space management:
The chargers that are present at the charging stations are furiously slow. Moreover, they can only charge one vehicle at a time. Instead, if you swap the batteries with a pre-charged one, you need not wait for your turn to charge. All the discharged batteries can also be charged once and used when ready.

● Cost-effective: Batteries can be costly, which limits the consumers to buy an EV. With the swapping of batteries, the batteries will be available on a subscription basis. This was done to make batteries and EVs affordable to all.

● Less anxiety:
One major issue with EVs is running out of charge before the destination. If the battery swapping stations are set up successfully, this will not be an issue anymore. You can easily swap the batteries in minutes and go to your destination without hassles.

These are some clear pointers on why battery swapping is a game-changer for EVs. The Government is trying its best to establish EVs as the future of India. We should also do our share in making the world free from pollution and carbon emissions. With methods like battery swapping, EVs can be more accessible and affordable. Make sure to buy car insurance policy online to keep your EV safe and sound. Contact your insurance provider to understand the terms and conditions better while covering an EV.

Click HERE to buy car insurance policy online for your EV.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

When purchasing insurance, people check the plan's conditions, coverage, and exclusions. A good insurance agency offers the best plans and benefits to its customers. But do you know how to identify an excellent general insurance company? If you want insurance for your home, business, or automobile, you must determine the best insurance agency for your requirements.

Here are some clear signs that help you choose a good insurance company.

1. Problem-solving:
A good insurance company can come up with creative solutions to your problems. You should ensure that the agency helps its clients with the right insurance plan according to their needs. If you get the right solutions, the insurance company is rated outstanding.

2. Genuine:
You should know that unethical insurance agents only stay in business for a short time. You can check the experience and reviews of old customers of an insurance company to determine whether they are transparent & genuine.

3. Ease of doing business:
If you can easily access an insurance company's product, you can put them in the category of a good insurance company. Some other factors that make the interaction between clients and insurance agents more seamless include online claim reporting, online bill pay, billing questions, policy changes, 24x7 customer service, and social media platforms.

4. Vast technical knowledge:
An excellent general insurance company knows how to sell its policy and win its customers' trust. You should expect that your insurance agency can instantly answer all your insurance, law, and tax queries. They must know income tax preparation, financial planning, and some other avenues of financial service to help their clients with their financial situations.

5. Customers delight:
You will feel encouraged to buy their product when you meet an agent or a team from a good general agency. Most good insurance agents are eager and excited, which makes it interesting and easier for clients to understand the details of their products.

6. Emotional intelligence:
If your insurance agency listens and empathises with clients, they can help you clear up your financial situation when you encounter a loss due to an accident. A good insurance agent is sensitive and able to understand the needs of their clients.

7. Good customer service:
Customer service doesn't mean being available at all times, but it should also solve your problems and satisfactorily answer your questions. Check whether the customer care team timely responds to their client's inquiries via phone, chat, or video calls. You may also go through the company's online reviews to get a clearer picture of their customer service.

8. A wide array of products:
If your agency offers comprehensive products and services that meet your specific needs, you can call them a good insurance company. You should check that they offer a wide assortment of general insurance, including motor, health, home, travel, commercial, and more. You should also look for optional features in the general insurance plan and decide on its requirements to get comprehensive coverage.

9. Sense of urgency:
A good agency has robust SOPs and processes for quick insurance approval. Consider the agency's time to explain its products and services, the application process, and other factors. You should check how fast your insurance agency can provide the claim money when needed.

Look for these signs in your general insurance company and decide whether they are the best agency for you. Choose the right insurance company that offers a wide array of general insurance products. You can benefit from the insurance plan if you encounter a loss or damage to your life, vehicle, home, or business.

Click HERE to know more about the best general insurance company in India.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

If you're looking for answers to some frequently asked questions about two wheeler insurance, look no further. According to the Indian Motor Vehicles Act, every two-wheeler and four-wheeler owner must have third-party coverage. As a result, you must get either standalone bike insurance or a comprehensive bike insurance plan if you wish to cover the damages your bike sustains in accidents.

Many individuals need clarification on the numerous facets of a bike insurance policy. Therefore, we are addressing many concerns about a two wheeler insurance plan in this post in the form of some frequently asked questions.

1. What paperwork is necessary to submit an insurance claim for a two-wheeler?
Depending on your coverage and the damage experienced, you may need specific papers to submit a two-wheeler insurance claim. However, the necessary documents required to submit a two-wheeler insurance claim are summarised below:

● A current insurance policy agreement

● R.C. papers

● Driving licence copy

● As reported to the local police, a First Information Report (FIR)

● Pictures that were taken at the scene of the accident

● Other supporting records, if any

2. How much is my two-wheeler worth, and how is that determined?
Insured Declared Value (IDV), to which you are referring in this sentence, is the maximum sum for which you will be compensated if your two-wheeler is stolen or lost in its entirety. The manufacturer's suggested retail price determines the IDV of two wheeler, which is then depreciation-adjusted. Similarly, the IDV for non-factory-installed items is determined separately if they need to be added to the coverage at an additional expense.

3. What steps are involved in renewing my bike insurance?
Nowadays, it's effortless to renew your bike insurance thanks to the online renewal process of two-wheeler insurance. Most insurers notify the policyholder of the policy's expiration date in advance. Therefore, to renew your bike insurance online, go to the insurance company's website and complete a few easy steps. In addition, you can renew the insurance offline by going to your insurer's office or getting in touch with customer service.

4. Which situations fall under a bike insurance policy's exclusions?
The policy wordings for bike insurance coverage include specific information about the exclusions. Before purchasing your bike insurance policy, reading and comprehending the exclusions is crucial. It is advised to get clarification if there are any questions about the exclusions in your bike insurance policy.
Here is a list of typical exclusions that can be encountered while filing a two-wheeler insurance claim:

● Getting behind the handlebar when intoxicated

● Riding a motorcycle without having insurance

● Driving without a valid licence

● Nuclear risks-related harm

● War-related damage

5. What kind of additional coverage is offered for my two-wheeler?
You must purchase comprehensive coverage that includes any injury or damage to a third party and any harm to your two-wheeler if you want to protect it adequately. Similar to the above, an add-on policy like Zero Depreciation would guarantee the total amount of your valid claim is paid without considering the depreciation factor.
Repairs and replacements of certain parts made of plastic, fibre, glass, etc., are priced on a depreciation basis under IRDA regulations.

6. Where can I find the policy number for my bike insurance?
When you purchase a two-wheeler insurance policy, you will receive policy documents having the policy number for your bike insurance. The correspondence letters, emails, etc., that your insurer sends you regularly include your bike insurance policy number as a reference.

7. Why should I purchase online two-wheeler insurance?
The advantages of purchasing insurance online include the following:

● Comparing prices and assessing coverage alternatives on a free and user-friendly platform.

● A quick and helpful customer service team can address any issues.

● Post-sale services that are prompt and trustworthy.

● Assistance with the claims and related issues as soon as possible.

These are the most commonly asked questions when purchasing bike insurance which offer you good clarity about the application process, claim settlement, premium, inclusions and exclusions, types of bike insurance, renewal details, and much more. Let's get ready to buy your bike insurance today!

Click HERE to buy bike insurance and stay stress-free.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

Tulsi is a popular houseplant in India and is worshipped by people as a religious practice in different parts of the country. You can find a dedicated area for the tulsi plant if you visit the traditional Indian houses. But things have changed a lot nowadays, and people have also started keeping a tulsi plant in their apartments for its many benefits.

Having a tulsi plant at home can have many benefits, including calmness and happiness to the house. According to the ancient Vastu Shastra and Ayurveda, tulsi can benefit you in the following ways:

1. Tulsi leaves have medicinal values:
According to Ayurveda, tulsi leaves contain various medicinal properties. Taking tulsi leaves with honey can heal common coughs and colds. Moreover, tulsi leaves possess various natural antioxidants that kill free radicals in the body and improve the immune system. Regular consumption of tulsi leaves can help manage stress and high blood pressure. Notably, tulsi leaves feature multiple benefits without any side effects on your body.

2. Bring happiness to marital life:
It is believed that maintaining a tulsi plant in the east or northeast corner of your home can bring positive energy. As per the Vastu, a tulsi plant eliminates stress and brings happiness to your conjugal life. Gradually, your life will become happier and more peaceful.

3. Tea with tulsi leaves:
Tulsi can make your tea more refreshing and nourishing. Restaurants usually use dried basil to prepare such tea. But you can use fresh leaves if you have a tulsi plant. Tea is a source of various antioxidants, which improve your immunity, and when you add tulsi to it, the level of such minerals and antioxidants increases. The combination of tulsi and tea creates a warm beverage with many health benefits.

4. Insect repellent:
Many homeowners find themselves subjected to frequent insect attacks, and it often becomes annoying to tackle them. People use different kinds of toxic chemicals to remove insects, though these chemicals may harm pets and children in the house. Tulsi is a natural insect repellent, and your house can stay protected from mosquitoes, flies, and many other insects if you have this plant in your balcony garden.

5. Tulsi brings prosperity:
In Hindu mythology, the Tulsi plant has been represented as the form of the goddess Lakhsmi. So, it is believed that having a tulsi plant in the east or northeast part of the home brings good luck and prosperity. Having a tulsi plant in the house can protect you from unnecessary financial expenses. Also known as the queen of herbs, the tulsi eliminates negativity and spreads positive energy to the home.

How can you have a tulsi plant in your apartment? The tulsi plant needs direct sunlight for 4-5 hours a day. You can keep it on the window sill or balcony, where it can receive a good amount of sunlight.

So, these are some benefits of having a tulsi plant at home. Overall, people believe that tulsi brings peace, happiness, wellness, and good luck to a house. Your house will become a more beautiful place to live, though you must remember to invest in the best home insurance policy in India for financial peace during unexpected circumstances.

Click HERE to buy the best home insurance policy in India.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

From commuting to the office to planning a road trip with friends, having your vehicle is a worthwhile investment. However, there are certain rules and regulations you should keep in mind when driving a vehicle. A valid driving licence and insurance are essential to driving a vehicle on Indian roads, and vehicles that lack these important documents are subjected to fines and punishments.

But there are times when you can lose your motor insurance policy documents accidentally. What should be the right measure in the situation? While, your insurance company will guide you through the whole procedure, we help you here with all the basic things to keep in mind.

What are the immediate steps to take after losing your insurance papers?

If you've misplaced or lost your insurance papers, then the immediate steps to take are mentioned below:

1. File an FIR at the nearest station:
The First Information Report (FIR) is important for obtaining duplicate insurance papers. Once you have lost your insurance papers, go to the nearest police station and file an FIR. Report all the necessary details to the officer in charge. Once you've done that, get a copy of the report to keep with you.

2. Apply to the insurance company:
The next step involves the submission of the application to your insurance company. You must submit a written application with details like the policyholder's name, policy number, kind of coverage, and date of issuance, among others. You should also mention the reason for the loss of the documents. The application also requires the photocopy of the FIR to be provided with the documents.

While there are no restrictions on claim filing, it may not be a good idea to do so frequently for the reasons mentioned below:

3. Publish an advertisement:
It is also required to publish an advertisement announcing the loss of your insurance papers. It is to be done in a newspaper so that all the details can be covered for a wider reader base. The details to be included are:

● Registration number of the two-wheeler

● Insurance policy number

● Name of the insurance company

● Name of the policyholder

You will cover the cost of it all. Once the newspaper publication is done, attest a copy of the same with the other documents to the insurance company.

4. The signing of the indemnity bond:
The last step is a bit complicated. Through this, you will be asked to sign an indemnity bond. It will be done on a judicial stamp paper and requires your signature. This bond will be your official request to the insurance company for issuing the duplicate policy documents of your insurance. This bond also states that if you find the original policy documents, you will inform the insurer and return the documents. The signing should be done with the presence of two witnesses. All the necessary details should be provided as well.

After the bond is signed, the insurance company will investigate the matter and verify everything. Once everything is done, a duplicate set of insurance papers will be issued to you.

Following these steps will get you the duplicate papers of your motor insurance in case you've misplaced or lost it. Make sure to apply to your concerned motor insurance company in India to avoid further delays. Also, always be alert and keep your insurance papers safe to minimise the risks of theft or misplacing them.

Click HERE to buy insurance from the best motor insurance company in India.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

Technology has significantly advanced in recent years, with almost all businesses, including the auto and insurance industries, adapting to technology principles to drive better results and more scalability.

While the auto industry has made great strides in autonomous driving, the insurance sector has also started to offer motor insurance plans that charge customised premiums using various telematics systems. After being extensively available in many nations worldwide, these insurance policies have recently become popular in India.

What impact does telematics have on the motor insurance sector?

Telematics, once a specialised element, is now permeating the mainstream of the car and insurance industries. A growing number of motor insurers have started to give customers the choice of usage-based insurance with telematics.

The automobile sector is experiencing an acceleration in innovation because of the surprising boost of the Internet of Things (IoT) and Artificial Intelligence (AI), which are creating new opportunities to enhance customer experiences. Telematics-powered usage-based insurance (UBI) is a key component of this push toward digitalisation.

How does it work?

GPS and other technologies are used by telematics to track user driving through a gadget put in the car or a mobile app. You might reduce your rate by driving more safely with telematics or GPS box insurance.

The telematics model initially gained popularity in the auto insurance industry because of its capacity to monitor vehicle usage using devices that can be operated using smartphones. Usage Based Insurance (UBI), a recent development among auto insurers, offers four distinct types based on driving behaviour:

● Pay As You Drive

● Pay How You Drive

● Control Your Drive

● Distance-based insurance

How is the cost of insurance determined using telematics?

Traditionally, the type of your car is one of the factors considered when determining the rate for your motor insurance policy. As a result, if two people own the same make and model of car, their insurance premiums will probably be similar. But what if one of the two drivers is a more sensible and responsible driver? Should they still be subject to the same premiums?

A usage-based or telematics-based auto insurance coverage can be useful in this situation. In a usage-based auto insurance policy, the insurance providers use various telematics tools and connect them to the vehicle's GPS. They can monitor the drivers' driving behaviour and reward them with benefits. The device tracks your car's mileage, average speed, gasoline consumption, fuel economy, and driving safety.

The gathered information is sent to your insurer over the cellular network. Your insurance premium is determined after the insurance provider analyses the data it has received. Your motor insurance premiums will be lower if you drive safely or do not use your car frequently.

Challenges:
Insurers can use telematic devices to gain information about a customer's driving habits because they capture real-time data. As telematics devices need to be added to or retrofitted into cars and data needs to be collected and kept, this raises data privacy issues. Before being subjected to extensive analysis to produce actionable insights, data is frequently shared with several parties.

Benefits of telematics insurance:
Telematics in auto insurance may significantly reduce friction throughout the insurance supply chain, particularly underwriting, customer service, and claims management. One potential result from telematics as a whole is a considerably closer bond with insurers and the consumer base that boosts customer loyalty.

How is telematics transforming the future of motor insurance?
Every business, from the car to aviation, has embraced technology to create cutting-edge products that will win over customers. Like other businesses, the insurance sector has begun integrating modern technologies into its daily operations to make it simpler for customers to access and purchase policies.

Speaking of the motor insurance industry, it has seen a significant transition recently. Technology has significantly impacted this sector, from IoT telematics-based premium computation to new insurance products. The change will be evident soon and will reap exceptional outcomes.

Click HERE to buy the best motor insurance in India.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.