Category: Motor Insurance
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.
IRDA Proposes Motor Cover for 3 years for Cars and 5 years for 2 Wheelers
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.
MOTOR INSURANCE (Private Car) – Things you Should Know
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 […]
Importance of Declaring claims details in Motor Insurance
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 […]