We buy motor insurance to claim when there is damage. But when we claim, the premium will be higher during renewal. This is why people tend to hide claims history upon renewal.
But hiding claim details will not help. Because there is a common database with IRDA where the motor claims from all the insurance companies are registered.
Accidents in India: As per the Ministry of Road Transport and Highways, every year, approximately 1.5 lakh people die on Indian roads, with an average of 47 accidents and 18 deaths every hour. There could be many reasons for road accidents, such as high speed, improper roads, drunk driving, etc. In all these cases, there […]
Motor Insurance: Motor insurance is an agreement between an insurance provider and the insured policyholder, in which the insurer agrees to compensate the insured for any loss caused by the insured in the event of an unforeseeable incident in exchange for a small sum known as the premium. The insurance of motors has been made […]
Vehicle insurance compensates the financial loss incurred by the insured due to an unforeseen incident causing damage to the vehicle and third-party liability, which includes bodily injury and property damage to third parties due to the insured vehicle. Motor insurance comes in two parts. The first part covers the insured’s liability towards bodily injury and […]
The Indian Insurance Regulatory and Development Authority (IRDA) has asked for the withdrawal of long term comprehensive package cover for two wheelers and private cars. This was based out of concerns arising out of policyholder sentiment of being stuck with Insurers, despite deficient service.
A mechanically self-propelled vehicle; supposed to be ply on the public roads should have at least ‘ THIRD-PARTY ‘ Insurance as per the Motor Vehicles Act Coverage under motor insurance: OWN DAMAGE: (Comprehensive) The company will indemnify the insured against loss or damage to the insured vehicle. i. by Fire ii. by Explosion iii. by […]
We buy motor insurance to claim when there is damage. But when we claim, the premium will be higher during renewal. This is why people tend to hide their claim history upon renewal. But hiding the claim details will not help. Because there is a common database with IRDA where all the motor claims from […]