Motor Insurance FAQs on Cost, Premiums, Bonus, Discounts, Renewals
Know about motor insurance, its costs, premiums, bonuses, discounts and more.
Motor Insurance FAQs on Claims
If you are wondering whether you can claim insurance for your vehicle damaged in another city than where the policy was issued, get your answer right know. And, answers to many more questions.
In case my vehicle is sold and an accident occurs while the policy is in the process of being transferred, would the new owner be eligible to file a claim?
The new owner of a vehicle is eligible to file a claim on the car even if the insurance is still in the process of being transferred to him/her.
What happens if a vehicle flees after injuring a third party and its license plate number was not legible?
Such hit and run accidents mean that no liability for insurance companies. The victim can be compensated by the Solatium Fund established by the Government.
Can the insurance premium on my vehicle be reduced?
Insurance premiums can be reduced if you maintain a claims-free record. Insurers reward claims-free years with discounts on the succeeding year's premiums.
What is No Claim Bonus?
No Claim Bonus is the discount that the insurer gives you for a claims-free year. The No Claim Bonus increases every claims-free year up to a maximum of 50% discount.
What is Malus?
Malus is the amount tagged on to your motor insurance premium because you are a riskier customer, based on your previous accidents and subsequent claims-history.
What if I forget to renew my auto insurance on time?
If a vehicle's auto insurance policy is not renewed, driving that vehicle is illegal. Also, if the vehicle has an accident, the insurance company will not pay out claims. All No Claims Bonuses will also be forfeited.
Voluntary Deductibles and Compulsory Excesses
Voluntary deductible is the portion of a claim that the customer is willing to bear voluntarily. Compulsory excess is the sum added to the customer's premium as a result of bad claims experience with regards to a vehicle. It is tagged on apart from the Ma
Do I need to obtain an FIR in the case of an accident?
A 'First Information Report' needs to be given to the insurer to process the claim. Here's when you need to obtain a FIR.
How do I make a claim if my vehicle is damaged in an accident? / What do I do in case of an accident?
Here's the process to file a claim for the vehicles damaged in an accident.
What is my liability if someone else is driving at the time of the accident?
If your vehicle is driven by someone else at the time of an accident and you have personal accident cover for passengers and drivers, you can make a claim.
When is the damage to my vehicle considered a 'Total Loss'?
Total Loss is when the damage to the vehicle is more than 75% of its IDV.
How is the premium calculated on my vehicle?
The premium on a vehicle is calculated on the type of vehicle, its IDV, city of registration, period of coverage, and claims history.
Insurance cos may have to take the service of independent loss assessors
Insurance cos may have to take the service of independent loss assessors
Insurance companies asked to make bus owners pay for deaths
Insurance companies asked to make bus owners pay for deaths
New India Assurance to pay Rs 4.7 lakh to vehicle owner
Consumer court has directed an New India Assurance company to pay Rs 4.7 lakh to the vehicle owner. The forum said that the insurance company had rejected the claim on flimsy grounds. Thus, it is guilty of deficiency of service.
MyTVS tie-up with Oriental Insurance to provide cover
MyTVS comes together with Oriental Insurance and launches a product for roadside emergency along with the cashless facility. This scheme will provide immediate roadside assistance by calling on a toll free number. This scheme will initially be provided i
ICICI Lombard to pay Rs 3.33 lakh Consumer Forum
District Consumer Forum has asked ICICI Lombard General Insurance Company to pay Rs 3.33 lakh as insurance and compensation to a vehicle owner.
Oriental Insurance opens service center in Mumbai
Oriental Insurance Company, has opened its first service center in Mumbai. Initially, it will handle motor claims for all Mumbai offices.
Insurance cos criticized by Delhi High Court
The Delhi High Court has criticized insurance companies for the lack of interest in settling compensation claims of motor accident victims.
ICICI Lombard introduces new claim service for motor insurance
ICICI Lombard General Insurance introduced a new claim service initiative in its motor insurance business.
Insurers will have to settle claim even if license is invalid
The Supreme Court has said that insurance companies will have to compensate the victim of an accident even if the driver of the insured car is does not have a valid license.
'Red Carpet' initiative by ICICI Lombard
ICICI Lombard starts claim initiative service in the motor insurance sector called 'Red Carpet'.

 

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