GENERAL INSURANCE BLOG

Building a property from zero is a daunting process. It takes time, effort, and a high budget to construct your dream home or your dream office. Despite all this hard work, there are times when misfortune strikes unexpectedly. It can be a short circuit caused by lightning, a storm, flood, or cyclone that might drown your premises.

You won’t want your property to fall prey to such casualties. Despite taking all precautions and looking after safety measures, still, you cannot avoid the probability of mishaps. As rightly said, we must always pray for the best but prepare for the worst.

So, it is wise to be smartly insured against any such happenings. A policy that covers most misfortunes, either natural or man-made, is the Fire and Special Perils Policy.

What is the fire and special perils policy?

A fire and special perils policy is a contract where the insurer secures you and your property from any damages that may occur due to natural calamities such as storms, cyclones, and resulting floods, lightning, or man-made perils such as riots, strikes, or malicious damages.

Even though adversities like these may not strike you as something you should pay immediate attention to, it’s best to get insured before the situation gets out of hand. This will give you and your loved ones some much-needed peace of mind.

Key features of this policy:

This policy usually covers several contingencies, including

1. Fire hazard: Your property and possessions are insured if a fire breaks out.

2. Lightning: If any damage is caused by lightning impact

3. Explosion/Implosion: Your property is insured against an unforeseen explosion. If the building collapses inwards due to the failure of a system, that is also insured within this policy.

4. Human hazards like riots, strikes, and malicious damage: In case of these man-made hazards, your possessions are insured against visible physical damage.

5. Natural calamities: No one can accurately predict precisely when a natural disaster will occur. So, it gives great peace when your property is secured against these unforeseen calamities like storms, cyclones, typhoons, tempests, etc. This policy also insures you and your loved ones against floods, and landslides, including repairing your property.

6. Accidental mishaps: The repair charges are covered in the rare chance of accidental damages like the bursting of an automatic sprinkler installation.

7. Missile testing operations

8. Groundworks and other excavations

Some of the add-ons you can opt for in this policy are

1. Debris removal

2. Destruction in the event of a forest fire

3. Loss of rent

Features that are not covered:

Knowing the pros and cons of each policy before purchasing it is essential. There are a few instances where this insurance policy does not cover damage and loss to your property. These are

1. Destruction and damage caused by wars, being invaded by a foreign entity, civil war, rebellions, or in the case of military or usurped power

2. Nuclear war and allied risks

3. Pollution and contamination

4. Damages incurred due to volcanic eruptions or earthquakes

5. Damages incurred due to the loss of unclaimed precious stones or works of art

6. Acts of terrorism or militant activities

It takes a lifetime to build assets like property, so it doesn’t come as a surprise that one would want to get it insured against unforeseen misfortunes. The Fire and special perils policy are one of the most popular insurance policies chosen by homeowners, SME’s and big corporations alike. This holistic plan can protect you and your loved ones and also comes with a lot of flexibility.

You may even invest in the best HOME INSURANCE IN INDIA to protect the content of your home from incidents like theft or damage to the building. Investments that reap fruitful outcomes go a long way in safeguarding your dreams.

Click HERE to know more about the best home 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.

Building a property from scratch can be a time-taking and intimidating process. Whether commercial or private property, the construction cost can burn a hole in your pocket. This is precisely why property insurance becomes necessary to protect you, your family, and your assets from any unforeseen tragedies that might occur.

Property insurance provides cover for various misfortunes, including but not limited to fire, natural calamities, or robbery. However, choosing an insurance specific to your asset type is vital for the best coverage and benefits. This blog gives insight into the various types of property insurance available in the market based on your asset type.

1. Office insurance:
Office insurance is essential for all office premises, including public and private offices, call centres, etc. This insurance plan covers office owners against damages from unforeseen circumstances like fires, storms, lightning, hurricanes, cyclones, etc. This policy also covers other possible threats, such as the theft of office appliances.

2. Construction sites insurance:
Construction sites are places with a high probability of accidents. The misfortune of contractors is that the property remains their liability till the entire construction is completed and the property is handed over to someone. Whether it is due to bad weather or some water damage, it is a possibility that the building might collapse onto itself. It is essential to get construction site insurance to keep your assets secure against these occurrences.

3. Commercial insurance:
This insurance covers the policyholder from the losses incurred from destroying commercial properties such as warehouses, offices, factories, hotels, etc. Taking a suitable commercial insurance policy can be the best investment for business owners to safeguard themselves from the enormous losses faced by man-made or natural calamities.

4. Landlord insurance:
Landlord insurance is much like the homeowner’s insurance with one significant addition. The addition is the compensation of lost rental income, which is not covered by any other policy.

5. Renter’s insurance:
Tenants are usually in a dilemma regarding the safety of their belongings in rented accommodation. If their prized possessions are stolen, or there is some natural calamity that results in the tenant incurring losses, there is no way that the homeowner will pay for it.
So, the best option for tenants is to get insurance that covers all their belongings. Renter’s insurance is very similar to the homeowner insurance policy. One significant difference is, however, that this policy is exclusively meant to recover financial losses sustained by the policyholder if their belongings (can include clothes, jewellery, and appliances around the house) are damaged because of man-made or natural calamities.

6. Homeowners insurance:
Homeowners insurance or HOME INSURANCE is the most widely acquired type of property insurance. This is for a good reason. A home is a significant investment, and it is imperative to be secure against the various misfortunes that might befall it.

An appropriate home insurance covers all the financial losses the homeowner might incur in the event of any significant damage due to an accident or mishaps like burglary. Additionally, it also covers any possessions that have been destroyed in the mishap.

Our home is the greatest property asset, and safeguarding it from potential damages should be our primary objective. Having the most suitable home insurance is a surefire way of protecting from financial mishaps and adding the safety net of damage coverage.

Property insurance gives the property owner security and credibility, which is important for peace of mind and financial safety. Thoroughly researching the best insurance policy is essential to have the optimum coverage for your assets.

Click HERE to know more about home insurance.

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.

India is home to some of the best healthcare facilities in the world. Be it some government hospitals or super-specialty hospitals, they are equipped with state-of-the-art facilities and highly skilled doctors. However, with the rising costs of treatments and healthcare, buying health insurance is necessary for everyone. Even with all the facilities, timely treatment is often not easily accessible, so people keep turning to premium healthcare.

Super-specialty hospitals promise premium services at the cost of steep expenses, and most people from middle-class backgrounds cannot afford these treatments. This is also the reason why most people invest in health insurance. But, with increased services, the cost of premiums will also significantly rise.

If you want to reduce your health insurance premium without compromising on the services, this article is just for you.

1. Start early:
Since most health insurance plans consider your age and medical history to calculate premiums, starting early can save you a lot of money on premiums. A younger body has a better immune system, and thus the risk of diseases or illness is significantly low. If you are someone who has already been diagnosed with age-related issues such as diabetes, blood pressure, or other heart conditions, then your premium amount will also increase. To ensure that you are getting a policy at the best rates, start early and invest in the best health insurance in India.

2. Online health insurance:
Online health insurance has a lot of benefits, but the most significant of them is how cost-effective it is. With online insurance, you can avoid broker fees and other administrative charges. You also can buy health insurance from anywhere, with the freedom to choose the desired policy by comparing multiple plans.

3. Compare plans online:
There are many health insurance policies in the market and deciding on the one that suits your choices can be overwhelming. But in the long run, having an informed idea of various aspects of your insurance policy will be helpful. You can compare insurance covers, premiums, and add-on costs online. With the internet at your disposal, comparing various insurance companies is a smart way to ensure that your company is not overcharging.

Another great alternative is to use the online insurance calculator. Different companies have a calculator that helps you calculate the overall cost of your insurance. Once you enter all the covers you need, this calculator will give you a rough estimate of your health insurance plan. Compare different prices online to choose the best option for you.

4. Extended validity:
Most insurance plans have a validity of one year. However, some companies provide significant discounts on policy periods of two to three years. Not only you reap the benefits of fantastic deals but getting a policy that extends to three years also helps you evade the annual renewal costs on your policy.

5. Family plans:
Health insurance is mandatory not just for ourselves but also for our families. However, the cost of buying health insurance for every family member can add up to a lot. This is why insurance companies have initiated family health insurance plans. Family plans provide comprehensive coverage to your family members. A family insurance plan is a smart way to cut costs on individual premiums while also maintaining the scope of various covers.

These are a few ways in which you can ensure cost-effective insurance planning. Thorough research on different insurance companies and their policy plans can help you make an informed decision that suits your budget and provide maximum coverage. Remember that health insurance is essential, but what is more important is to take good care of your health. Regular exercise and healthy eating habits are a simple start to leading a healthy and happy life. Invest in the best health insurance in India for your loved ones to safeguard yourself against any expenses you might incur in hospital and medical bills.

Click HERE to buy the best health 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.

The time of a health crisis is a vulnerable time for you and your loved ones. And this moment of panic is where most frauds occur, where mischievous minds exploit your vulnerability with their fraudulent strategies. Everyone can't look into the small details of fraud unless they understand how it takes place beforehand.

Medical emergencies are a time of great financial insecurity. A lifetime of savings can be drained due to your loved one getting into a sudden accident or the unexpected detection of chronic disease. In this time of need, health insurance is a great boon. It can provide you and your dear ones with much-needed protection from financial disaster. However, it is imperative to have the correct information to avoid falling into the trap of health insurance fraud. You won't ever want your hard-earned money to go to waste by falling prey to frauds or scams.

This blog gives you some pointers you can keep in mind to safeguard yourself from health insurance frauds.

Most common types of fraud:

Before getting into how to protect yourself from this deceit, here are some of the most common ways people can swindle money from your health insurance policy –

1. Medical identity theft: This type of fraud involves scammers using your personal information to charge fraudulent bills or make health insurance claims in your name.

2. Marketing scams: If you do not do adequate research about the company's reputation and decide to buy insurance, it may result in the company taking a high premium from you but not responding to any claims. These companies give out forged insurance documents to individuals and then become untraceable.

3. Ambulance fraud: Holding the spot of being the most overlooked type of fraud, ambulance fraud comes in the form of unnecessary charges and facilities you might not have taken, paying huge dividends to scammers.

Tips to safeguard yourself from scammers –

1. Take your time: The biggest red flag in an insurance company is when they ask you to make hasty decisions. Avoid schemes that promise you a lesser premium or better claim if you sign immediately. It is advisable to take your time with the decision-making process and be sure what kind of policy is necessary for you.

2. Be wary of unsolicited calls: Reputed insurance companies rarely call individuals to market their health insurance policies; if they do, they never pressure a customer. Be cautious of aggressive salespeople. However, even if the salesperson seems to be from a reputed company, you must never share your personal information or documents without proper research about the company.

3. A hard copy of policy and seller's signature: Request a copy of the policy they offer, complete with the company's seal and seller's signature.

4. Extensive research on plans: Become familiar with the kind of plans that insurance companies usually offer. This will help you be aware of unsolicited advertisements to sell insurance policies. Understand that if something is too good to be true.

5. IRDA licence: If an agent does not have an IRDA licence, there is a higher probability that they are a scammer.

6. Avoid online transactions: It is safer to avoid sending any money online to the agent upfront unless it is an IRDA licenced insurance firm.

Researching a quality health insurance policy is already a demanding process. The process is complicated, from finding a good plan to cover all your needs to looking for a reputed doctor in an emergency that your insurance covers and then claiming the insured amount. This is when people are most susceptible to getting scammed by fraudsters.

Be careful while opting for a health insurance policy, and always remember to read the fine print. Always buy from genuine insurance firms and avoid the manipulative sales tactics of agencies. Rely more on your personal research for buying the best health insurance and guarantee yourself trustworthy and reliable protection.

Click HERE to know more about health insurance.

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.

The tyres and wheels of your car are one of the most used external parts. They sometimes outperform their original capacity resulting in wear and tear due to rough surfaces. If left unnoticed, this can risk the safety of the passengers. So, you must ensure that your tyres are up to the standards as per the regulations set by the manufacturer, the road safety department, and the respective car company.

But what happens if you are facing issues with just one wheel? Do you have to go through the process of replacing all your wheels with new ones? What factors should you be watchful about, and how can you procure used wheels? Don't worry. At the end of this blog, you will know if it is worth buying used wheels or not. So, let's get started.

1. Why do we think it can be worth buying used wheels:
Purchasing used wheels is a good option if your four-wheelers have damaged wheels. This is a significantly cheaper and temporary option than buying a new set of wheels. You can comfortably use those used wheels without burning a hole in your pocket.

2. Understanding the quality of used wheels:
It would be best if you examined the used wheels closely. Be aware of all the cracks, dents, bends, or if any parts and pieces are missing. Surficial damages which are not causing any defects internally can be ignored. There might be issues with the structure of the wheels and rims, which can risk a puncture or blowout on uneven roads and at high speeds.
You can go to a junkyard where they sell used parts. But if you want to avoid the hassle and get quality used wheels and other components, visit an auto parts store that can provide you with top-quality used wheels.

3. Examining the used wheels for damages and defects:
A thorough visual examination is one of the best ways to determine the quality of the used wheels. The second solution is to take a test drive with those wheels. But there are situations where you might not be able to take a test drive, miss out on certain damages, or fail to understand the gravity of what might seem to be surficial damages. You should know other ways to inspect those used wheels in such cases.
If the wheel's outer rim has visible cracks, bends, or dents, it is more likely to get damaged, which might eventually cause a flat tyre. Examine the wheel for corrosion, rust, chipped paint, etc. Used wheels with improper or defective bolt holes should be immediately rejected. Test the wheel by rolling them on an even surface and avoid using them if you see any wobble, misaligned or sideways movement. This usually happens when the wheel is bent but could be difficult to notice during a visual examination.

4. Check the material:
Steel works quite well but affects the car's speed and acceleration since the material is heavy. People often use alloy rims as they are considered a good combination. It upgrades the look of your vehicle to give it a more sporty vibe, gives you a better driving experience, and eventually, helps you save fuel and money. You need to check the tyres' material and immediately reject used wheels with slight damage, corrosion, or rust.

Now you know if it is worth buying used wheels or not. And while we are considering wheels and their alternatives, a sudden accident or ending up in unfortunate circumstances can cause severe damage to your car. Getting those defects fixed can cause a substantial financial burden in times of distress. You need to purchase car insurance which would help you cover the massive costs of fixing and repairing in complex cases. You must explore all your options and buy reliable car insurance India with a reasonable premium and the best benefits.

Click HERE to learn more about the benefits of car insurance 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.

The craze for new things never dies out. You might ride your new bike or car more, and eventually, your old bike starts getting dust all over it. But you can't just let it sit there and slowly rust and get damaged to the point where it would be a huge pain to repair the damages, maintain and get it serviced regularly. There can be various risks and damages your old bike might go through over time.

But why is it essential to ensure that your old bike is up and running? Well, there could be multiple scenarios where old bikes may come in handy. You could land up in an emergency and might not have your new vehicle at that point. Or you could get stuck with the new car if it does not start up and you must urgently be somewhere. These situations will make you realise why it was an excellent decision to keep it up to date, maintained, damage-free, and keep up with its insurance.

This blog will discuss everything you need to know while insuring your old bike. All this information will provide context when you meet up with your insurance company officials or apply for insuring your old motorcycle online.

1. You need to be aware of the depreciation:

When your vehicle gets old, its original value depreciates over time. If it's more than a year, but under two years, the actual value depreciates by ten percent. The bike's value further declines by almost fifteen percent and more, depending on the manufacturing year.
This also varies as you compare one insurance company's list of depreciated values to the others. The primary point here is to make sure that you know what the vehicle is worth by consulting an expert or researching a bit about the current market value on your own.

2. Be mindful about renewals:

It would help if you were careful about renewal dates while purchasing third-party two-wheeler insurance for your old bike. This insurance does not grant you any grace period for your insurance renewals. Even if you realise your renewal payment is due a day later, the third-party two-wheeler insurance for your old bike will be considered null and void. But you can escape this trouble by buying comprehensive two wheeler insurance online India for your old bike. This type of insurance grants you a grace period of thirty days. The renewal of your insurance policy can only be completed after a thorough inspection of your old bike that is to be insured. To ensure you avail of all the benefits of the policy, please renew it timely.

3. What happens to the premium:

Since your old bike's market value has depreciated, you do not have to worry about sky-high premiums. Your premium rates would be determined according to the value of your bike. But this does have a side effect. You will be subject to lower IDV-Insured Declared Value which derives the assured amount you will get from the insurance based on the asset (in this case-the bike) in case of loss or theft. The compensation would be pretty low since your premiums and the value of your bike is already depreciated.

Other factors you need to include are the add-on benefits, the engine capacity, and the best premiums without diminishing the features of your policy cover.

Be it an old bike or new; you need to get two wheeler insurance to protect your motorcycle against mishaps. You can explore all your options and purchase the best two wheeler insurance online in India to serve your needs. Insurance firms are adapting to technological advancements and moving towards the online revolution. You may also reduce the physical and mental stress of buying insurance the traditional way by purchasing two wheeler insurance online India.

Click HERE to know more about purchasing the best two wheeler insurance online 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.

The most heard of types of two-wheeler transmission have been manual and automatic transmission. While manual transmission requires the driver to operate the gear stick and clutch to change gears, the automatic transmission does not need any driver input to change forward gears under usual driving conditions.

While automatic transmission has made driving significantly easier, there's a new type of transmission that might take over. This is CVT (Continuously Variable Transmission). A CVT is an automatic transmission where the rider doesn't need to apply the clutch pedal manually.

However, there are fundamental differences between the two. Traditional automatic transmission has a fixed number of preset gears for the driver. However, CVTs have an unlimited number of gear ratios that can accommodate the driving conditions at any given moment. It allows seamless shifts without hard shifting points, making the ride remarkably smooth.

This blog gives you an insight into this fascinating technology and why it is steadily gaining popularity.

Benefits and drawbacks of CVTs.
Benefits:

1. Improved fuel efficiency – Unlike typical automatics, the CVT can change the gear ratio forever to maintain the engine running at peak fuel efficiency. Overall, the more gears offered by an automatic transmission, the better the optimisation of engine power.

2. Smoother driving experience – The absence of harder shift points means the CVT delivers much more consistent performance on the roads. There are no sudden lags in acceleration as experienced with automatic and manual transmissions.

3. Driving uphill – Driving uphill or on steep roads is easier using a CVT. This is because, in regular transmissions, the driver would have to find the perfect gear ratio by themselves. In contrast, a CVT finds the exact ratio needed immediately, providing a smoother driving experience.

Drawbacks:

1. Heavy on the wallet – CVT systems are generally more costly than traditional counterparts. The repair and replacement costs are also more expensive. Additionally, CVT systems don't last as long as conventional systems and start failing more quickly.

2. Lack of high-performance capability and durability – A CVT is an excellent choice for an average driver, but it can't handle the higher horsepower. Hence it isn't used for performance and sports cars.

3. Noisiness – CVTs are louder and whinier than automatic transmission. Under fast acceleration, they tend to drone. This makes driving less enjoyable for the driver.

Working mechanism of CVT.

CVT systems use a pulley system to function effectively. Unlike the traditional automatic transmission, CVT uses several parts for shifting between gears.

This system depends on cones to change through the infinite gear ratios seamlessly in a CVT. These cones are attached to each pulley and the chain and can be moved around to adjust the dimensions of the belt. This allows for faultless shifting, which results in improved power output and better mileage.

A pulley connects the bike's engine and CVT and manages the direction of power. Based on the required energy, the diameter of the pulleys is adjusted.

The CVT's value lies in its simplicity. It has very few components but can work more efficiently for an average driver with increased fuel economy and steady, smooth operation. This technology can enhance the experience of a driver, but not all that glitters is gold.

The main drawback is that the repair costs might be overwhelming. Rather than fearing the expenses, take a step towards sensible investment, i.e. insurance. Consider looking for the best quotes online. Buy 2 wheeler insurance online and get amazing advantages that ensure a noteworthy return on investment during your hour of need.

Click HERE to know more about 2 wheeler insurance online.

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.

Being stranded in an unknown location with a broken-down car is probably one of the scariest things ever. Even if you are the most experienced driver, a situation like this can cause panic and anxiety. Over the years, roadside assistance has improved significantly, and highway services are prompt with their response time. One such service provided by your insurance company is the outstation emergency coverage. It never hurts to know that in case of an accident or a breakdown, your insurance provider has an option to help you.

Outstation emergency covers can vary depending on your add-ons and the overall premium. Still, in brief, this add-on offers you services such as emergency assistance in case of a breakdown or accident. Under this cover, your insurance provider is bound to help you wherever you are. If, due to severe damage, the car cannot be fixed on-site, the responsibility of taking the car to the nearest service station falls on them. In some cases, they are also liable to drop you at a safe location of your choice.

Let us look at the services that fall under the outstation emergency cover.

1. Towing facility in case the vehicle is immobile

2. Battery charging in case the battery dies out

3. Tyre change in case of flat tyres

4. Fuel refilling in case of an empty fuel tank

5. If you are locked outside the car, the company might arrange a spare emergency key

What to look out for while purchasing an outstation emergency cover?

1. If you intend on purchasing this service, your premium will cost extra.

2. The emergency should occur outside a hundred-kilometre radius of the registration location.

3. You are eligible for NCB even when you make an outstation emergency claim.

4. The cover can be purchased for up to 03 years.

5. Check the limitation on the number of outstations claims you can make.

How to avail your outstation emergency coverage?

1. Alert the insurance company:

You should notify the insurance company about the damage or accident as soon as it happens. Once they are informed, they are liable to send the support staff immediately. The company will send a surveyor to analyse the damage and prepare a report.

2. Do not withhold any details:

Your insurance provider is supposed to help you. Do not hide details of the damage or breakdown. The more information they have, the better the report. An excellent report ensures a hassle-free insurance claim. Upon investigation, your claim might not be processed if they find any ambiguity.

3. Repair and maintenance:

If your vehicle needs repair, it is best to go to the service station associated with your insurance provider. If you cannot find a network service provider, you will be asked to pay for the repair, which the insurance company will later reimburse.

As mentioned above, even the most experienced drivers can panic during such situations. Remember to turn on the parking lights and keep the car breakdown warning signs behind and ahead of the car. If you have network coverage, notify your family or friends about your location.

The above points will give you a detailed idea about the outstation emergency coverage. With this coverage in hand, you can go on long road trips and weekend getaways with your loved ones without constantly worrying about flat tyres, empty fuel tanks, or a complete breakdown. Coverage schemes like these are a boon for travel enthusiasts who enjoy road trips.

Put in your best research and browse multiple options on various sites before you buy car insurance policy online. Reading about the various insurance providers and their coverage will give you a better insight into what services are better suited for you. Also, making an online deal will offer you several advantages with just a few clicks and from the comfort of your home.

Click HERE to buy car insurance policy online.

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.