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The <keyword id="22902068" type="General" weightage="100" keywordseo="health-insurance-sector" source="keywords">health insurance sector</keyword> may face challenges in the coming months, due to <keyword id="20617555" type="General" weightage="20" keywordseo="rising-claims" source="keywords">rising claims</keyword> and increased competition, particularly in the retail sector, highlighted a report by <keyword id="19905137" type="General" weightage="20" keywordseo="Jefferies" source="keywords" meta.keywordsubtype="org" meta.entityname="Jefferies" meta.hostid="153" meta.entityid="Jefferies">Jefferies</keyword>. "Health (approx. 35% of mix) can see pressure in its retail segment from rising claims frequency and elevated competition" the report stated. The report indicated that <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="22461357" type="General" weightage="20" keywordseo="non-life-insurance" source="keywords">non-life insurance</keyword> sector is experiencing significant shifts, the health insurance segment may face challenges as healthcare costs continue to rise and more consumers claim their insurance, and insurers are grappling with increased payouts. This trend could squeeze margins and put pressure on insurers to find ways to manage costs while remaining competitive in the market. However, for the <keyword id="20224622" type="General" weightage="20" keywordseo="motor-insurance" source="keywords">motor insurance</keyword> segment, the report draws a promising picture and added that it is entering a promising multi-year upcycle. This positive momentum is expected to benefit large private insurers of the motor segment, who are well-positioned to capitalize on these trends. "Initiate on Non-Life Insurers Large private insurers are set to gain from multi-year upcycle in motor (approx. 35% of premium mix) led by <keyword id="21232881" type="General" weightage="20" keywordseo="premiumization" source="keywords">premiumization</keyword> of underlying auto mix and moderating competitive intensity" the report mentioned. The report also added that the motor insurance segment in India is estimated to grow at a compound annual growth rate (CAGR) of 14% over the financial years 2024 to 2027. The key driver behind this growth is the ongoing shift in the automobile market towards higher-value vehicles. Over the past three years, the average selling price (ASP) of passenger vehicles (PVs) has increased by 41%, reflecting a move towards premium segments. This trend is expected to continue, benefiting motor insurance renewals, which account for 60-70% of the motor insurance premium mix. "Motor segment amidst a multi-year upcycle (est. 14% CAGR over FY24-27E) as renewals (60-70% of premium mix) will continue to benefit from the underlying change in auto mix towards premium high-value segments" the report added. Despite these challenges, the report mentioned that the broader non-life insurance market in India remains significantly underpenetrated, with insurance premiums representing only about 1% of the country's <keyword id="19904293" type="General" weightage="20" keywordseo="GDP" source="keywords">GDP</keyword>. This is relatively low compared to global peers, where non-life insurance to GDP ratios range between 2% and 4%. However, the Indian non-life insurance market has shown steady growth, with gross premiums expanding at a CAGR of 12% over the past five years, reaching Rs 2.8 trillion (approximately $35 billion). Notably, the private sector has outpaced the overall market. "India remains an under-penetrated market with non-life insurance to GDP at approx. 1% (vs 2-4% for global peers). Gross premiums have expanded at 12% CAGR over the last 5 years to Rs 2.8tn (approx. $35bn) with the private sector growing faster at 15% CAGR and improving its market share to 68%(from 57%)" said Jefferies in the report. Despite these challenges, the overall insurance market in India remains underpenetrated, offering significant long-term growth potential for insurers who can navigate these dynamics effectively.

Rising claims pose challenge for health insurance sector in India, says Jefferies

What is the right time to make a <keyword id="20224622" type="General" weightage="100" keywordseo="motor-insurance" source="keywords">motor insurance</keyword> claim? While there are no right answers, you generally make a claim if your car or bike has suffered serious damages in an accident, which will cost a bomb to repair! But did you know that you could also make a claim if your car or bike was damaged by, well, a coconut? Surprised? <keyword id="20081892" type="General" weightage="20" keywordseo="Digit-Insurance" source="keywords" meta.keywordsubtype="org" meta.entityname="Digit Insurance" meta.hostid="261" meta.entityid="Digit Insurance">Digit Insurance</keyword>, which is backed by ace Indian cricketer Virat Kohli, recently released some interesting data in this regard. Per the company, by the end of FY24, it had paid out almost Rs 1.68 crore in claims related to over 1,500 cases where the damage was caused by an innocuous coconut! <cmsannotation type="cmsannotation" annotationid="Monkeys go coconuts!" comment="subhead" text="Monkeys go coconuts!"><keyword id="20243262" type="General" weightage="20" keywordseo="monkeys" source="keywords">Monkeys</keyword> go coconuts!</cmsannotation> Well, if you don't believe a coconut can wreak this kind of havoc, think again. The company reported receiving more than 350 cases of <keyword id="19986918" type="General" weightage="20" keywordseo="vehicle-damage" source="keywords">vehicle damage</keyword> in just 2023, where the good old coconut was the culprit! The maximum claims stemmed from Maharashtra. The average claim amount was around Rs 10,000. If you’re away from the coast, you’ll have to battle your neighborhood's dogs and monkeys! Monkey’s seem to have a special liking for motorcycles, given that Digit reported setting over 1,200 claims worth Rs 40 lakh towards damage to 2-wheelers caused by monkeys in FY 2023-24. The cases saw a 40% jump on a YoY basis. Since Digit’s inception in 2017, the company has seen more than 85,000 claims where the primary cause of vehicle damage was an animal. Out of these, dogs were the main reason behind 7% of such claims in FY 2023-24, triggering payouts of over Rs 30 crore. <cmsannotation type="cmsannotation" annotationid="The mayhem of dogs and goats" comment="subhead" text="The mayhem of dogs and goats">The mayhem of dogs and goats</cmsannotation> As per the company’s internal claims data, Indira Nagar in Lucknow seems to be the epicentre of dogs unleashing damage on vehicles. The company reported paying more than Rs 6.7 lakh towards 110 claims received from this location. If, on an unfortunate day, your bike ever gets in an accident, how much do you imagine the damage payout would be? Well, in some cases, like of a luxury bike, which was damaged upon accident with a goat, the <keyword id="22121817" type="General" weightage="20" keywordseo="accidental-damage-payout" source="keywords">accidental damage payout</keyword> went as high as Rs 6.75 lakh. <cmsannotation type="cmsannotation" annotationid="Motor Insurance on the rise" comment="subhead" text="Motor Insurance on the rise">Motor Insurance on the rise</cmsannotation> As per data from the annual report of insurance regulator <keyword id="6361421" type="General" weightage="20" keywordseo="IRDA" source="Orion">IRDA</keyword>, the motor segment saw a YoY growth of about 15.4% in <keyword id="21608709" type="General" weightage="20" keywordseo="premium-collection" source="keywords">premium collection</keyword>, from Rs 70,433 crore in 2021-22 to Rs 81,280 crore in 2022-23. The average <keyword id="19989676" type="General" weightage="20" keywordseo="claim-settlement-ratio" source="keywords">claim settlement ratio</keyword> of India’s motor insurance industry has also been on a steady rise, going from 81.3% in 2021-22 to 84.48% in 2022-23. Additionally, the incurred claims ratio, or the proportion of claims paid as against premium received also noted a marginal rise, from 81.30% in 2021-22 to 84.48% in 2022-23. All in all, save your precious cars or bikes from the terror of monkeys, dogs, coconuts and more. If you are yet to get a comprehensive vehicle insurance for your two or four wheeler, do so at the earliest!

Dogs, coconuts and monkeys: Insure your vehicles from their mayhem right now!

<keyword id="6385180" type="ORGANIZATION" weightage="20" keywordseo="airtel-payments-bank">Airtel Payments Bank</keyword> Monday announced its alliance with <keyword id="618356" type="POSITION" weightage="20" keywordseo="Bharti-AXA-General">Bharti AXA General</keyword> Insurance to offer comprehensive <keyword id="35490" type="PERSON" weightage="20" keywordseo="car-insurance">car insurance</keyword> to its customers. The Smart Drive Private Car Insurance offers financial protection against damage to the vehicle due to accident, theft, and natural and man-made disasters. It also compensates for injury or damages to another person or property caused due to a car accident. The insurance comes with a personal accident cover for the policyholder. In the event of an accident leading to permanent disablement or loss of life, the policy ensures financial protection for the family. Bharti AXA General Insurance Managing Director and CEO Sanjeev Srinivasan said, "We always look for creating eco-systems that help us improve the reach of our insurance solutions. As part of our partnership with <keyword id="15491" type="COMPANY" weightage="20" keywordseo="Airtel">Airtel</keyword> Payments Bank and strong synergies of customer-centricity, we are offering innovative <keyword id="6381626" type="UNKNOWN" weightage="20" keywordseo="Motor-insurance">motor insurance</keyword> products to its customers through a seamless journey from the purchase to the claim process. The strategic alliance will also help us reach out to the growing customer base of the bank and secure them.'' Airtel Payments Bank's customers can easily purchase the car insurance policy by Bharti AXA within five minutes using a paperless, secure, and quick process through the Airtel Thanks app. "Motor insurance being mandatory in the country constitutes an important requirement for millions of car users. We endeavour to offer a bouquet of well-designed products to serve varied insurance requirements of our customers," said Ganesh Ananthanarayanan, COO, Airtel Payments Bank. With no pre-inspection required, a customer only needs to fill in the details about the vehicle, and the insurance is immediately issued on their registered email id and mobile number. At the time of the renewal, customers can choose from a wide range of add on covers. This includes depreciation cover, small consumable items, loss or replacement of car key, roadside assistance in the event of car breakdown, damage to the engine or gearbox, medical expenses if the policyholder is injured, ambulance expense to reach the hospital, and many more. In August this year, Airtel Payments Bank tied up with Bharti AXA General Insurance to provide 'shop insurance' to its retailers and merchants. The 'Smart Plan Shop Package' policy provides financial protection in case of damage to assets inside the shop due to fire and allied perils and burglary among others as covered in the product. Airtel Payments Bank's partners can easily purchase this policy within minutes through a fast, simple, and paperless process using the retailer and merchant app offered by the bank. It also offers protection against personal accidents to the policyholder. In the event of an accident leading to permanent disability, partial disability, or loss of life, this ensures financial protection for the family. At present, India's first payments bank now has more than three crore active customers, with a network of over five lakh neighbourhood banking points, which aimed at taking services closer to the customer, and have reached rural pockets that did not have access to banking services earlier. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/hyperloop-pod-carries-two-humans-through-a-tube-at-over-160-kmph-for-the-first-time-ever/articleshow/79121765.cms">Hyperloop pod carries two humans through a tube at over 160 kmph for the first time ever</a> <a href="https://www.businessinsider.in/tech/news/top-cyber-espionage-groups-that-have-india-in-their-crosshairs/slidelist/79120867.cms">Top cyber espionage groups that have India in their crosshairs</a> <a href="https://www.businessinsider.in/business/startups/news/bigbasket-the-e-grocery-startup-which-tata-group-is-eyeing-admits-a-data-breach-of-over-20-million-users/articleshow/79122791.cms">BigBasket, the e-grocery startup which Tata Group is eyeing, admits a data breach of over 20 million users</a>

Airtel Payments Bank partners with Bharti AXA General for motor insurance

New Delhi, Mar 5 () Third-party insurance premium for cars, two-wheelers and transport vehicles may go up with regulator Irdai proposing substantial increase in premium rates from the next financial year starting April 1, 2020. The Insurance Regulatory and Development Authority of India (Irdai) has proposed to increase the third-party (TP) motor insurance premium rates for cars below 1,000 cc to Rs 2,182, up about 5.3 per cent from the existing Rs 2,072 during the financial year 2020-21. Similarly, for cars falling between 1,000 cc and 1,500 cc also, premium is being proposed to be increased to Rs 3,383 from the existing Rs 3,221. However, for luxury cars (with engine capacity of over 1,500 cc), no change in TP premium has been proposed from the existing Rs 7,890. Normally, the TP rates are revised from 1 April. The regulator has come out with a draft of new rates for TP premium for the next financial year. It has sought comments from stakeholders on the proposed rates till May 29. According to the draft, TP for two-wheelers below 75 cc is proposed at Rs 506, up from the existing Rs 482. Hike has also been proposed for those between 75 cc and 350 cc. The hike in bikes with engine capacity exceeding 350 cc has been proposed at Rs 2,571 from Rs 2,323. The Irdai also proposed to raise the TP rate for electric cars and two-wheelers. The three-year single TP premium may also be raised to Rs 5,167 from the existing Rs 4,493 for private electric cars not exceeding 30 kilowatts (KW). In case of two-wheelers (not exceeding 3 KW), the new TP premium may go up to Rs 1,040 from the current Rs 888. The rate increase has also been proposed for taxis, buses and trucks. NKD CS HRS

Irdai proposes to hike third-party motor insurance premium on cars, two-wheelers

<keyword id="35490" type="PERSON" weightage="20" keywordseo="car-insurance">Car insurance</keyword> is a highly useful product that will protect your vehicle against damages due to an accident and also mitigate the various costs you will incur like treating your personal injuries and compensating the third party affected. There are a large number of car insurance packages to choose from. The different kinds of cover you will get depends on the package you choose and the various provisions given in the package. In the event of an accident, here is how your car insurance can work for you. Reporting the accident If your car meets with an accident, you will have to report the accident to the insurance broker or agent or the insurance company within seven days irrespective of who is at fault. If you cannot report within 7 days, report it at the earliest possibility after that. As per the rules, the insurance company is under no obligation to honor your claim if it is submitted late. The insurance company will require a number of details from you including your personal details, the details of the car, the information about the other vehicle and the other insurance provider, the details of the police officer who is investigating the accident. What happens after the accident is reported? Once the accident is reported, the claims adjuster assigned to your file will contact you. The adjuster will decide if he or she will meet you in person or the process could be handled over the phone. The claims adjuster will also decide to what extent the insurance policy you have bought will cover the costs of the accident. You can seek any clarifications about the settlement with the claims adjuster who will guide you through the entire process. How is the fault assessed by the insurance company? In every accident, someone is determined to be at fault either partially or fully. In order to determine which covers must be applied to the accident, the insurance company will use the fault determination rules and make a fault decision. The circumstances of the accident is compared with a number of accident situations whose diagrams are maintained with the insurance company. If none of the scenarios can explain who is at fault, the fault is allocated as per the ordinary rules connected to the negligence law. Based on the findings, the driver can be at fault anywhere between 0 to 100 percent. If your fault percentage is more than 25, your premiums rates will go up when you go for a renewal of the policy. If you do not agree with the insurance company’s decision, you can ask for a review of the entire accident scenario. How the claims are settled? The claims adjuster will outline the coverage you are eligible to get depending on the policy you bought and the scenario of the accident. Once these factors are decided, the insurance company will take further steps to compensate for the losses you suffered due to the said accident wholly or in part as per the claims adjuster’s findings and decision.

How does car insurance work in an accident

<ul><li>With an annualized revenue of upwards of $25 million, Coverfox is working towards achieving a 500% growth rate in the next financial year.</li><li>While Coverfox focused on motor and <keyword id="6362363" type="UNKNOWN" weightage="20" keywordseo="health-insurance">health insurance</keyword> initially, it has eventually expanded its portfolio to include travel and life insurance.</li><li>Coverfox is looking at scaling up volumes by penetrating into the Tier II and Tier III cities.</li><li>It plans to go global in the next 2-3 years.</li></ul> Mumbai-based insurtech startup Coverfox is aiming big. With an annualized revenue of upwards of $25 million, the startup is working towards achieving a 500% growth rate in the next financial year. And it’s hopeful of achieving this by addressing the needs of the millennials who are well-versed with the digi-tech platform. Since its launch in 2013, Coverfox has acquired over a million customers and is working towards simplifying the entire process of insurance buying. Coverfox also launched its seller platform Coverdrive in 2017 which was primarily launched as a digital assistant for new insurance agents. In September this year, Coverfox reported that the platform issued close to a million policies across the country and grew by 300% for FY 2018-19. In a recent conversation with us, <keyword id="1179507" type="PERSON" weightage="20" keywordseo="Premanshu-Singh">Premanshu Singh</keyword>, CEO, Coverfox.com walked us through the platform’s journey so far and the factors that have helped them grow at a healthy pace. Edited excerpts: Q) Coverfox was launched in 2013. How has the journey been so far for the platform? We started with a small team, acquiring one customer at a time and we now have a million customers. We have expanded over the years to cover nearly all cities and states in the country. From the time of inception till date, we have been simplifying the insurance-buying process. We are now one of the most trusted InsurTech platform in which you can compare, buy and manage insurance policies on your own. While using the proprietary technology and algorithm-based platform, the users can easily compare and choose from a variety of plans from top insurers, understand the main features and then buy a policy that suits one’s needs. As a step forward, we also handhold the customers through the tedious claims process. The journey has been exciting, and we are energized to take it to the next level. Q) What was your primary business idea when you had launched and how has Coverfox evolved since then? We had the vision to create a digital ecosystem for the distribution of insurance, at the time when insurance wasn't even driven by technology. We realized that in such a tech-deprived ecosystem, the call-centre model was prone to mis-selling, attrition, and lack of a consistent user experience. These issues lead to limited accountability plus immense dissatisfaction amongst customers. Thus, we stayed true to the intention of creating an unbiased online insurance distribution business model and a tech-driven platform with no human error. We have successfully achieved digitization to quite an extent with the bike insurance product. Now 100% of the bike insurance business is unassisted. Also, 80% of the customers insure their two-wheelers under 4 minutes. The objective has always been to make the process of buying and managing insurance fast, simple, transparent and 100% unassisted for the user. Q) What kind of growth has Coverfox witnessed in the past few years? What rate have you grown at? We are growing at 4X and have the best InsurTech platform in Asia-Pacific. Coverfox focused on motor and health insurance in the initial days, and eventually expanded its portfolio to include travel and life insurance as well. With heavy investment plans in place on our B2C (Coverfox) and O2O (Coverdrive) platforms, we plan to delve deeper into the existing categories such as health, motor and life, while exploring some newer categories as well. We're the second largest InsurTech platform in India, and the largest one in the O2O space. Q) Today, a lot of platforms are offering what Coverfox has to offer. How do you differentiate yourself from the clutter? The online insurance space has a very limited penetration, which is less than 4% in India. However, the penetration rate is growing at a whopping 90%. The current insurance ecosystem is large enough to absorb multiple players. No one has an InsurTech platform like us that simplifies the entire insurance buying process for the end-user with minimal assistance. This is what differentiates us from our competitors. Q) It’s been more than a year since you launched Coverdrive. What kind of growth, adoption and reception has the platform witnessed? Coverdrive was launched in September 2017. The platform currently has over 50,000 agents registered across India. It has issued nearly a million policies and has witnessed a 300% growth for FY 2018-19. In fact, over one-third of Coverfox’s total revenue between the time span January 2017 and June 2019 came from our Point of Sale agents. We were able to achieve this milestone by tapping the power of technology. Q) What kind of revenues have you been getting and what’s the total funding you have raised till now? We have an annualised revenue of upwards of $25 million. We have raised a funding of $50 million approximately so far and are in the advanced stages of raising another $50 million. Q) What will your key focus areas be for the next few quarters? We will scale up whatever we offer, thereby making the journey comfortable and fulfilling for the customer. Our efforts will always be directed towards incorporating and scaling new technology, and solving new problems. We have been working with most insurance companies in the ecosystem and have associated ourselves with a partner who knows technology well and places the user right at the centre of the system. We are running towards creating 100% unassisted online buying journeys for our customers, while completely automating the claims plus endorsement process to reduce the turnaround time. We are looking at scaling up volumes by penetrating into the Tier II and Tier III cities. As of now, we plan to go global in 2-3 years from now. Q) Going ahead what will be your growth strategy? We plan to grow by 500% in the next financial year. We want to cater to the needs of the millennials who are very well-versed with the digi-tech platform. We have our customers spread across the major cities of India. We have expanded to approximately 800 cities so far. We are building a long-term business structure that is here to stay. We will just keep simplifying the complex world of insurance for our customers. With 35+ insurers on the platform, we are completely neutral and provide unbiased expert advice to all our customers. Only after careful scanning and thorough comparison does a user choose a product that best suits their requirements. We plan to go the extra mile to insure the last person on this planet! We are looking at building a profitable and sustainable business model, and constantly striving for the best.

With an aim of growing by 500% in the next financial year by catering to the needs of millennials, Coverfox plans to go global in the next 3 years

<ul><li>The Motor Vehicles (Amendment) Bill was tabled by <keyword id="26680" type="PERSON" weightage="20" keywordseo="Nitin-gadkari">Nitin Gadkari</keyword>, the Minister for Road Transport &amp; Highways in the Lok Sabha.</li><li>It has one hiccup for the Indian insurance industry – unlimited cap on third party insurance liability. </li><li>The earlier version of the Bill had capped the liability at ₹10 lakh but that has been removed. </li></ul>While the Motor Vehicles (Amendment) Bill would make way for compulsory insurance cover for all road users in India, it has one hiccup for the Indian insurance industry – an unlimited cap on third party insurance liability. The earlier version of the Bill, which has been three years in the making, had capped the liability at ₹10 lakh. “The earlier proposed capping on claims amount for a third-party liability cover has been removed and currently stands at an unlimited amount. This might lead to increased perceived value of third party insurance but might lead to very high losses,” said Animesh Das, Head of Product Strategy, <keyword id="4055885" type="PERSON" weightage="20" keywordseo="Acko-General-Insurance">Acko General Insurance</keyword>. The compensation for hit-and-run cases is increased to ₹2 lakh in case of a death, from the existing ₹25,000, added Das. The Motor Vehicles (Amendment) Bill was tabled by Nitin Gadkari, the Minister for Road Transport &amp; Highways in the Lok Sabha. The Bill hopes to change the way Indians drive on the roads. It also introduces heavy penalties for offenders. The Bill is also set to constitute a Motor Vehicle Accident Fund, which would provide compulsory insurance cover to all road users in India. And, there are also benefits for <keyword id="1405341" type="PERSON" weightage="20" keywordseo="Insurance-players">insurance players</keyword>. “The fine for not carrying a valid insurance is also increased to ₹2000. This shall lead to increased awareness and higher insurance penetration,” said Das.

Here’s why insurance players aren’t too happy with the Motor Vehicles (Amendment) Bill

If you reside in New Delhi, Mumbai, Chennai or Kolkata, your motor insurance policy is going to increase, thanks to <keyword id="493481" type="UNKNOWN" weightage="20" keywordseo="chennai-floods">Chennai floods</keyword>. 
 
As Chennai floods saw claims of over Rs 1500 crore, the motor insurance companies are treading the path carefully and have decided to make premium 15% higher. 
 
"We will have to build in the factor of flood for all big cities that are developing fast and premium should go up by 10%-15%. Simple clogging due to rain water can enter basement parking and result in claims,” Vijay Kumar, head of motor insurance Bajaj Allianz General Insurance, told ET. 
 
The Rs 1500-crore claim during Chennai floods was more than that of 2006 Mumbai floods claim. Experts say that higher claims in metros act like a whip, thereby increasing the premium. 
 
(Image: Indiatimes)

Wounded by Chennai floods claims, Motor insurance cos to increase premium to 15% in metropolitans

Your assets and your life must be insured against unforeseen calamities and circumstances. While no monetary sum may be able to make up for the pain and trauma of loss, it is heartening to know that at least some financial help is at hand. Here is your guide on how to make an <keyword id="6357122" type="UNKNOWN" weightage="100" keywordseo="Insurance-claim">insurance claim</keyword>. 
 
<keyword id="6406875" type="COMPANY" weightage="100" keywordseo="life-insurance">Life Insurance</keyword> Policy 
Where life insurance is concerned, the insurance money or the sum assured goes to the person whom the policy holder has named as his or her nominee. The nominee will have to provide documents such as death certificate of the insured, policy papers, and in case the insured died due to an illness, the medical death summary. A post-mortem report and a first information report (FIR) will also have to be given if the death was accidental. The nominee will also be required to provide their identity proof. 
 
Insurers wave off some documentary requirements in the case of catastrophes. Usually, records kept with any government body or the proof of death from a hospital is accepted. The claim forms are also reduced from four pages to one page, mainly focusing on capturing the basic details of the nominee and the insured. 
 
Under normal circumstances as well, insurance policies can be made more secure and the claims process can be simplified by opening an e-insurance account and digitising the policy. E-insurance reduces the hassle of a person having to recover a misplaced original claims policy, which they have to submit at the time of claim settlement or on maturity. This is especially useful for people who have survived a natural disaster but have lost their assets and important documents in the process. With an e-insurance policy, the surviving customers needn’t apply for a duplicate copy if they have lost the original one. 
 
Householder’s Policy 
Homeowners can avail of basic fire insurance or a comprehensive policy. Financial loss caused due to damage to one’s house and the belongings due to fire or natural disasters like lightening, earthquake, flood, storm, and riots are covered by fire insurance. A comprehensive policy, also known as the householder’s package policy, covers breakdown of electronic equipment or burglary. 
 
To make a claim, the policyholder needs to show documents which establish the policy number, ownership of insured assets, the incident of loss, policy number, and an estimate of the loss. 
 
Insurers will need the report of the fire brigade In case of a fire, a police report in case of an explosion or in case of natural peril, a surveyor’s report or a report from the meteorological department. They will also ask for the policy papers and proof of the policy holder actually owning the insured asset in questions, such as original bills of the insured items or registration papers of the house. The insurer will dispatch a surveyor to assess the quantum of loss and work out an estimate to offer the insurer. If the loss is over Rs 20,000, insurers are required to assign a licensed surveyor. 
 
Policyholders can do their part and inform insurers about any damage or loss of property as soon as possible. Usually, insurers allow a window of about two weeks. After this time, any delay in claim will require a valid explanation as assessment of the loss is hindered. 
 
<keyword id="6381626" type="UNKNOWN" weightage="100" keywordseo="motor-insurance">Motor Insurance</keyword> Policy 
It is imperative to call and inform your insurer as soon as possible if your vehicle has been damaged in an accident. Delays are acceptable only in cases of natural catastrophes. Any other incident that does not fall under the realm of natural disaster needs to be reported within a day or two, or at least must have a legitimate cause for delay. 
 
Insurers assist with the location of the nearest garage, which will tow the policyholder’s car away for repairs. An estimate for the repair will be worked out by a person from the garage itself, and the damage and cost will be assessed by a surveyor from the insurance company. After assessing the damage, the surveyor will accept the bill and the garage will be paid by the insurer directly. 
 
While most policies today are cashless, wherein in the claim is settled directly between the insurer and the garage, the deductible amount and any depreciation amount will still need to be paid by the policyholder to the garage or the dealer. The policyholder will have to pay the bill themselves and then claim it from the insurance company, in case they do not have the cashless facility. 
 
If the policyholder’s car has been stolen, they need to inform the police and file an FIR. It usually takes the police 90 days to search for a vehicle, after which, if it is still not found, they issue a non-traceable report. This report needs to be given to the insurer along with other documents, for instances: the registration and policy certificate. The insurance company will make a few inquiries of their own once the report has been submitted, and will usually settle the claims within 15 days. 
 
Most insurance companies are directed by the insurance regulator to smooth out the claims process. Therefore, they are rather proactive and lenient when it comes to dealing with catastrophic events. However, a regular course of events calls for insurers to carry out their due diligence process. That is why it is important to keep necessary documents ready in order to file a claim without any unprecedented delay. 
Image: Thinkstock

What You Need To Know To Make An Insurance Claim

Bike insurance is a necessity for every bike owner. It provides financial protection in the event of an accident, theft, or any other unforeseen circumstances. A comprehensive <keyword id="21358051" type="General" weightage="100" keywordseo="bike-insurance-policy" source="keywords">bike insurance policy</keyword> not only protects your bike but also safeguards you against third-party liabilities. In India, as mandated by law under Motor Vehicles Act, of 1988, it is mandatory to have a third-party motor insurance policy for all motor vehicles. However, opting for comprehensive insurance which is a combination of Third-Party (TP) and Own Damage (OD) coverage, which offers additional benefits and peace of mind. If you purchased bike insurance in April 2023, it will be up for Own Damage (OD) renewal in <keyword id="19986528" type="General" weightage="20" keywordseo="April-2024" source="keywords">April 2024</keyword>. Here are some tips to help you renew your bike insurance policy effortlessly. This article will offer essential tips that will make your bike insurance renewal journey seamless and convenient. <cmsannotation type="cmsannotation" annotationid="Evaluate your current policy" comment="subhead" text="Evaluate your current policy">Evaluate your current policy</cmsannotation> Before renewing the policy, evaluate your current bike insurance policy. Assess the coverage you opted for and whether it meets your requirements. Check if your policy includes add-ons that you don't need or if it lacks crucial coverage. Based on your evaluation, you can decide if should switch to another insurer, opt for a new policy, or renew your existing policy with no changes. <cmsannotation type="cmsannotation" annotationid="Check for No Claims Bonus (NCB)" comment="subhead" text="Check for No Claims Bonus (NCB)">Check for No Claims Bonus (<keyword id="20071511" type="General" weightage="20" keywordseo="NCB" source="keywords">NCB</keyword>)</cmsannotation> If you did not make any claims during the previous policy period, you are eligible for a No Claims Bonus (NCB). You can avail of a discount on the premium for the next policy period. Ensure that your insurer has correctly calculated the NCB amount, and it reflects in the <keyword id="20791613" type="General" weightage="20" keywordseo="premium-amount" source="keywords">premium amount</keyword>. <cmsannotation type="cmsannotation" annotationid="Review the IDV of your bike" comment="subhead" text="Review the IDV of your bike">Review the <keyword id="20623260" type="General" weightage="20" keywordseo="IDV" source="keywords">IDV</keyword> of your bike</cmsannotation> Insured Declared Value (IDV) is the maximum amount that the insurer pays in the event of damage or theft of a bike. IDV is calculated based on the current market value of the bike. Review the IDV of your bike in your current policy. Ensure that the premium amount is correctly calculated based on the IDV. If the IDV mentioned is less than the actual value of your bike, you will have to pay extra in case of partial loss or theft. On the other hand, if the IDV is high, your premium amount will be more. Thus, you must evaluate the IDV wisely, ensuring a balance between the IDV and the premium amount. <cmsannotation type="cmsannotation" annotationid="Compare policies" comment="subhead" text="Compare policies">Compare policies</cmsannotation> It is crucial to compare policy quotes from different insurance providers before renewing your policy. Comparing policies helps you understand the different types of coverage available in the market. It also enables you to make an informed decision based on the best possible coverage and premium cost. Using online insurance comparison tools can help you compare policies and their features. It is advisable to opt for a policy that offers comprehensive coverage while keeping the premium amount affordable. At Bajaj Finance Insurance Mall, you can compare bike insurance policies and premiums offered by leading insurance providers in India. This convenient platform allows you to choose your preferred policy and buy it in just a few clicks. So, check Bajaj Finance Insurance Mall before renewing your bike insurance policy. <cmsannotation type="cmsannotation" annotationid="Renew on time" comment="subhead" text="Renew on time">Renew on time</cmsannotation> It is important to renew your bike insurance policy on or before the due date. If you fail to renew on time, you will have to pay a penalty for a delayed renewal. Additionally, if there is a gap between your policy's expiry date and the renewal date, you will not be covered in case of any mishaps. You can renew your policy online through your insurer's website or mobile application. It's a quick and convenient way to renew your policy from the comfort of your home. <cmsannotation type="cmsannotation" annotationid="Opt for long-term policies" comment="subhead" text="Opt for long-term policies">Opt for long-term policies</cmsannotation> Instead of renewing your policy annually, you have the option to opt for long-term policies. Long-term policies offer coverage for up to three years, reducing the hassle of renewing the policy every year. It also locks in the premium and NCB for the duration of the policy. <cmsannotation type="cmsannotation" annotationid="Final thoughts" comment="subhead" text="Final thoughts">Final thoughts</cmsannotation> Renewing your bike insurance policy on time is crucial to ensure financial protection in case of an accident, theft, or any other unforeseen circumstances. Carefully evaluate your current policy and compare policy quotes from different insurers. Review the IDV of your bike and ensure that the premium is calculated based on it. Check if you are eligible for a No Claims Bonus and if it is correctly reflected in the premium amount. Opt for a long-term policy if it suits your needs. Remember to renew your policy on time to avoid any penalties for delayed renewal and gaps in coverage. By following these tips, you can effortlessly renew your bike insurance policy in April 2024. (ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. will not be responsible in any way for the content of the same)

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