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Electric vehicles (EVs) are all the rage these days. With their promise of lower emissions and smooth, quiet rides, it’s no wonder that the global demand for EVs has been soaring. However, if you live near the coast — or anywhere prone to flooding — there’s a less-talked-about risk that could make you rethink that shiny new electric car parked in your driveway: saltwater-induced fires from flooded EV batteries. <h2>Saltwater and EV batteries</h2>When it comes to EVs, the heart of the vehicle’s power lies in its battery, usually a lithium-ion (Li-ion) pack. These batteries are highly efficient, but they’re also sensitive to water, especially the salty kind. In September and October 2024, the Southeast U.S. was hit by hurricanes Helene and Milton, which caused catastrophic flooding. Thousands of homes were damaged, and in a particularly frightening twist, 11 electric cars and 48 lithium-ion batteries caught fire after being exposed to salty floodwaters. Saltwater is a conductor of electricity, which means it can get into the EV battery packs, triggering a dangerous reaction. When water seeps into the battery, it can cause a short-circuit between the battery's terminals, which may lead to overheating, violent fires, and even explosions. In many cases, the fire doesn’t start right away — it can take hours or even days after the exposure before a thermal runaway event occurs, causing a dangerous blaze. Once the fire starts, it’s nearly impossible to put out with regular fire-fighting methods. Firefighters often have no choice but to let the battery burn itself out. <div type="Article" hostid="261" msid="113906136" title="Planning to purchase an EV? Here&amp;#39;s how to ensure it never catches on fire" mstype="2" mssubtype="0"></div>In 2022, during Hurricane Ian in Florida, 36 EVs that had been flooded reportedly caught fire, even some that were being towed on flatbed trucks. The problem lies in how lithium-ion batteries react to saltwater. The metal terminals in these batteries, when exposed to salty water, can corrode and build short-circuiting paths that lead to fires days later. The fire hazard remains even in fully discharged batteries, meaning even seemingly "safe" vehicles after flooding could still pose a serious threat. <h2>The risk to coastal cities</h2>This issue is especially concerning for coastal cities where rising sea levels and hurricanes are becoming more frequent. According to a 2023 report by the International Energy Agency (IEA), <keyword id="381751" type="General" weightage="20" keywordseo="electric-vehicle" source="Orion">electric vehicle</keyword> adoption is growing rapidly in many parts of the world, including India, where EV sales increased by around 50% in the first quarter of 2024 alone. Cities like Mumbai, Chennai, and Kochi are embracing EVs due to their environmental benefits and growing infrastructure support. However, these coastal cities are also at higher risk for flooding, making the combination of increased EV adoption and rising sea levels a perfect storm for potential disaster. In fact, areas prone to heavy rains and floods, like India’s coastal cities, are facing unique challenges. The combination of frequent monsoon floods and rising sea levels presents a scenario where more and more EVs could end up submerged in salty floodwaters, increasing the risk of battery fires in the region. <h2>What does this mean for you?</h2>While electric cars are generally safe under normal conditions, the growing risk of battery fires due to flooding is an important factor to consider if you live in flood-prone areas, especially near the sea. The key takeaway here is that EV owners should take extra precautions when natural disasters loom, particularly hurricanes and floods. Here's what you can do to protect your EV: <ul><li>Move your EV to higher ground: If you're in a flood zone, take your EV to higher ground or evacuate it if possible. This will help prevent it from being submerged in salty water.</li><li>Evacuate early: Be proactive and evacuate before the floodwaters hit. Don't wait for the last minute to move your vehicle to safety.</li><li>After the flood, treat submerged EVs with caution: If your EV has been submerged in water, especially saltwater, it’s essential to avoid using it, charging it, or even moving it until it’s been inspected by professionals. Contact the manufacturer for a thorough inspection of the battery.</li><li>Do not attempt DIY fixes: If your vehicle has been exposed to saltwater, do not try to start it, charge it, or fix the battery yourself. The risks of fire are too high, and professionals are trained to handle such situations safely.</li></ul>

Buying an EV may be a somewhat dangerous move if you live near the sea

Over the next week, super heavy showers are set to hit the Indian subcontinent, especially in the states of Tamil Nadu, Kerala, South Interior Karnataka, Konkan and Goa, Madhya Pradesh, Maharashtra, Arunachal Pradesh, and Gujarat, the IMD (<keyword id="19963725" type="General" weightage="20" keywordseo="Indian-Meteorological-Department" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Meteorological Department" meta.hostid="261" meta.entityid="Indian Meteorological Department">Indian Meteorological Department</keyword>) has predicted. Yesterday, India's financial capital, Mumbai was hit by a surprise, albeit hefty deluge of rain. Consequently, a yellow alert was issued for Thane, Pune, Palghar and other areas near to Mumbai. Between October 13-16, very heavy rainfalls are also expected in Kerala, Tamil Nadu, Andaman and Nicobar Islands, Gujarat and Andhra Pradesh. It's no secret that incessant rains also bring about significant economic damages. As seen very often in the past, a constant barrage of torrential rains can also quickly create a flood-like situation, which can wipe away houses, vehicles and everything that comes in its way. Per media reports, the average economic impact on India due to <keyword id="19912527" type="General" weightage="20" keywordseo="floods" source="keywords">floods</keyword> between 2011 and 2021 has been a staggering Rs 25,805 crore. Imagine this-your entire se is flooded. Water has seeped into everything—your walls, furniture, and even the plumbing. Without a <keyword id="22058670" type="General" weightage="100" keywordseo="home-insurance" source="keywords">home insurance</keyword>, you'll have to spend a hefty amount towards repairs and to get your life and home back on track. <h2>Getting your home insured</h2>So, if you are wondering how to protect your hard earned material but immovable assets like house, the answer is right in front of you- Home Insurance. Says Dilip Baba, Head of Commercial and Speciality Underwriting, Go Digit General Insurance, "People usually spend their entire life savings on purchasing a home. However, people rarely think about how to protect their investment. By investing in the safety of home insurance, you can enjoy peace of mind knowing that your property is covered in case of unforeseen events. With home insurance, you can opt for three types of coverage-structure, content and comprehensive. While structure simply insures the physical, immovable formation of your house (walls, roofs), content coverage goes a step ahead and takes care of damage caused to your movable items like furniture, electronics and other items due to natural calamities, theft and more, up to a certain limit. This can also include any valuable artwork or antiques, or additional installation like solar panels you might have at your home. A comprehensive home insurance brings together both structure and contents in its insurance ambit. Having a home insurance can not just protect you from natural calamities like floods, but also from unforeseen events like theft, fire and more. The annual premium of a home insurance policy can range between Rs 2,000 to Rs 10,000 depending on the type and extent of coverage taken. Before buying a policy, be sure to clarify whether it offers actual cash value, which considers depreciation, or replacement/reinstatement cost, which covers the full replacement without depreciation deductions. To be on the safe side, you can also choose additional covers like accidental death insurance, or rent coverage, if you lose out on rental income due to damage caused to your property. You can use the carpet area of your house to get a sense of your home insurance requirements. Other covers you can opt for include valuable contents (on agreed value basis under home contents cover), additional living expense cover, tenant liability insurance, among others. Says Amit Bhandari, Chief Technical Officer at Magma HDI General Insurance, "When selecting a policy, it’s crucial to assess the unique risks that your home may face, particularly if you live in an area susceptible to <keyword id="19922196" type="General" weightage="20" keywordseo="natural-disasters" source="keywords">natural disasters</keyword>. You should tailor your coverage to address these risks while considering premium reduction strategies, such as excluding unnecessary coverages".

Heavy rains to lash across the country between Oct 12-16, here's how you can insure your home from rain's fury

<ul class="summary-list"><li>An orange alert for heavy rainfall has been issued in Mumbai for the coming days.</li><li>The weather warning coincides with the Ambani wedding, featuring a star-studded guest list.</li></ul>Heavy rain could put a dampener on the celebrations of Anant Ambani and his wife-to-be, Radhika Merchant at their lavish wedding in Mumbai this weekend.<a target="_blank" class="" href="https://mausam.imd.gov.in/imd_latest/contents/subdivisionwise-warning.php">The India Meteorological Department has issued an orange alert</a> for the Maharashtra region, where Mumbai is situated, due to the possibility of heavy to very heavy rainfall over the next five days.Anant Ambani, the son of India's richest person, <a target="_blank" class="" href="https://www.businessinsider.com/ambani-richest-family-in-asia-india-lifestyle-home-wedding-photos-2018-12">Mukesh Ambani</a>, is celebrating his ceremony across an opulent <a target="_blank" class="" href="https://www.businessinsider.com/what-goes-into-planning-celebrity-wedding-ambani-india-millionaires-ceremony-2024-7">three days of festivities</a>, with a star-studded guest list including <a target="_blank" class="" href="https://www.businessinsider.com/kim-kardashian-single-mom-overwhelming-therapist-2024-6">Kim Kardashian</a> and <a target="_blank" class="" href="https://www.businessinsider.com/john-kerry-steps-down-from-biden-administration-special-presidential-envoy-2024-1">John Kerry</a>, the former US secretary of state, according to CNBC TV-18, which obtained the guest list from event organizers.After <a target="_blank" class="" href="https://www.businessinsider.com/anant-ambani-katy-perry-backstreet-boys-pre-wedding-party-2024-6">a string of extravagant celebrations</a> beginning in March, billionaire Ambani's youngest child <a target="_blank" class="" href="https://www.businessinsider.com/ambani-pre-wedding-celebration-with-justin-bieber-performance-2024-7">will marry</a> Radhika Merchant, the daughter of Viren and Shaila Merchant, both pharmaceutical tycoons, in Mumbai.The weather warning is attributed to a monsoon trough and cyclonic circulation over the state of Maharashtra. Heavy rain is common during India's monsoon season, which runs from June to September.Mumbai recorded almost 30 centimeters of rain in a single day earlier in the week, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-07-08/heavy-rains-paralyze-mumbai-city-flights-and-trains-disrupted?embedded-checkout=true">Bloomberg reported.</a><div type="image" title="Children play near a rickshaw in a flooded street in Mumbai, India on July 8, 2024" height="3697" width="5500" msid="111696647" hostid="261"></div>An orange warning is an "alert" under the IMD's system, and <a target="_blank" class="" href="https://timesofindia.indiatimes.com/life-style/health-fitness/health-news/imd-issues-orange-alert-for-delhi-know-what-this-means-and-how-to-stay-safe/articleshow/111396506.cms">according to the Times of India,</a> it can include weather that disrupts transport and travel, lowered visibility, and, in some areas, can cause landslips.Heavy rain on Friday caused some roads in the city to flood, <a target="_blank" class="" href="https://timesofindia.indiatimes.com/city/mumbai/mumbai-rains-live-updates-maharashtra-traffic-local-trains-orange-alert-heavy-rainfall-waterlogging-mumbai-airport/liveblog/111676623.cms">the Times of India reported.</a>Due to the heavy rains, Air India issued an important update in a post on X on Friday, encouraging passengers to depart early to the airport to avoid delays."Flights to and from Mumbai are getting affected due to heavy rains," <a target="_blank" href="https://x.com/airindia/status/1811615422070063507">the post said</a>."Guests are advised to start early for the airport, as slow traffic and waterlogging may delay movement."The Press Trust of India <a target="_blank" href="https://x.com/PTI_News/status/1811619558261698570?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1811619558261698570%7Ctwgr%5Ea32aeac87471733a135c2d495ecbdb620f875154%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.cnbctv18.com%2Findia%2Fwatch-mumbai-rains-terminal-2-of-chhatrapati-shivaji-maharaj-international-airport-flooded-19442334.htm">uploaded a video</a> to X showing waterlogging following heavy rainfall at terminal two of Mumbai's Chhatrapati Shivaji Maharaj International Airport, the airport's terminal for international flights.<a target="_blank" class="" href="https://www.flightradar24.com/airport/bom/departures">According to data from FlightRadar24,</a> as of 12 p.m. ET Friday, around 57% of flights arriving in Mumbai had been delayed, while around 79% of departures were late.

Heavy rain could put a dampener on the lavish Ambani wedding, with flight delays and flooded roads in Mumbai

<ul><li><keyword id="482957" type="General" weightage="20" keywordseo="home-insurance" source="Orion">Home Insurance</keyword> protects one’s home from any unforeseen circumstances such as fire, theft, and natural calamities like earthquakes, floods, and storms. </li><li>For individual homeowners, it is recommended to choose comprehensive coverage. </li><li>Homeowners can boost their standard home insurance policies with add-on options.</li></ul>Scary as it may sound, with climate change now a reality, all our cities are likely to experience devastating floods. We have seen it in Mumbai, in Chennai, in Bangalore, and very recently in Himachal and Uttarakhand. Let us take the case of Mumbai. Studies suggest that high rainfall, rising sea levels and sinking land expose more people to the risk of floods. Moreover, there are other natural calamities that may occur too and add to that the risk of theft and burglary. This makes home insurance very essential for anyone who owns a property, or even those who stay in rented accommodation where one can insure the contents of the house against various risks. “Home insurance is a type of property insurance that protects one’s home from any unforeseen circumstances such as fire, theft, and natural calamities like earthquakes, floods, and storms. It also covers the damage caused due to water-logging due to floods,” says Vivek Chaturvedi, CMO and head of direct sales, Digit Insurance. <cmsannotation type="cmsannotation" annotationid="Home insurance in India is abysmally low" comment="subhead" text="Home insurance in India is abysmally low">Home insurance in India is abysmally low</cmsannotation> Home insurance penetration in India is very very low. Data from The Asia Insurance Review revealed that home insurance in India stood at only 1% five years back. In contrast, countries like the US, UK, France and Australia have home insurance rates ranging from 90% to 97%. There are a couple of reasons for it. “One is the perception that nothing will happen to me and I do not need home insurance. The second is related to the lack of knowledge of new products, that one can insure both the building and the content,” says Gurdeep Singh Batra, national head, retail non-motor underwriting and coinsurance, Bajaj Allianz <keyword id="6366282" type="General" weightage="20" keywordseo="general-insurance" source="Orion">General Insurance</keyword>. Also, home insurance in India is not mandatory. While it is also not legally mandatory in the United States, the United Kingdom, or Canada, many mortgage lenders in these countries often require borrowers to have home insurance as a condition of the mortgage loan. This requirement is to protect the lender's financial interest in the property. While it's not a legal obligation for homeowners, it is a practical necessity to secure coverage to safeguard their homes, personal belongings, and liability in unforeseen circumstances while satisfying lender requirements. We look at why home insurance is important and what it covers. <cmsannotation type="cmsannotation" annotationid="What is covered under home insurance" comment="Subhead" text="What is covered under home insurance">What is covered under home insurance</cmsannotation> Under home insurance, there are three kinds of cover available. <cmsannotation type="cmsannotation" annotationid="Building-Only Cover" comment="subhead" text="Building-Only Cover">Building-Only Cover</cmsannotation>: This type protects the physical structure of the building, including the net usable area (carpet area). It excludes external walls, service shafts, balconies, verandahs, and open terrace areas but includes internal partition walls within the residential unit. <cmsannotation type="cmsannotation" annotationid="Content-Only Cover" comment="subhead" text="Content-Only Cover">Content-Only Cover</cmsannotation>: This option covers personal belongings inside the house that aren't permanently attached to the structure, such as furniture, electronics, and kitchen equipment. <cmsannotation type="cmsannotation" annotationid="Comprehensive Cover" comment="Subhead" text="Comprehensive Cover">Comprehensive Cover</cmsannotation>: This provides complete protection for both the building and its contents. It often includes additional options like coverage for equipment breakdown and burglary. Individuals can choose the option that suits their specific needs and circumstances. <cmsannotation type="cmsannotation" annotationid="Insure your home according to your needs" comment="Subhead" text="Insure your home according to your needs">Insure your home according to your needs</cmsannotation> For individual homeowners, it is recommended to choose comprehensive coverage because it provides protection for both the building and the contents of the house. If you own a flat within an apartment complex, it is typically the responsibility of the housing society to insure the structure itself. In this case, the flat owner would only need to insure the personal contents within their home. “In case the building isn’t insured, then one can buy a cover individually as well to protect the structures of their flat,” says Chaturvedi. If you're a tenant residing in an apartment or a standalone house, you might want to focus solely on obtaining 'content-only' insurance coverage.This type of insurance safeguards all your possessions within the dwelling. “It could be a wise idea for landlords who have let-out properties to consider landlords' insurance, which covers damage to the building as well as loss of rent,” says Mathur. <cmsannotation type="cmsannotation" annotationid="Subhead" text="Add-ons to boost your home insurance">Add-ons to boost your home insurance</cmsannotation> “Protecting your home with a comprehensive home insurance policy coupled with tailored add-ons is the most sensible and prudent thing to do,” says Tarun Mathur, CBO - General Insurance, Policybazaar.com. "Theft and Burglary Cover" protects against losses not typically covered by standard policies, such as theft of valuable items like gold and electronics. "Gold and Jewelry Add-On" extends coverage to include precious metals and offers significant protection. "Portable Electronic Items Add-On" is essential, covering devices like laptops and phones that may not be included in standard policies. In the event of home damage, "Alternate Accommodation Add-On" eases the burden by covering the cost of temporary housing during repairs. For added security, "New-for-Old Cover" ensures valuable items are replaced with new ones, rather than reimbursed at their depreciated value. <cmsannotation type="cmsannotation" annotationid="Low premiums" comment="Subhead" text="Low premiums">Low premiums</cmsannotation> Interestingly home insurance premiums are low and are very manageable. Home insurance premiums vary based on factors like property value and coverage. “ The premium for home insurance lies between 0.10 per thousand to 0.25 per thousand sum insured,” says Batra. You can get a ₹ 1 crore sum assured for as low as ₹2,500 per year and ₹25,000 for a 10-year period. Comprehensive plans with added features will cost you more. It's essential to obtain quotes from different insurers to find the best policy that suits your specific needs and budget.

From fire to floods – Why home insurance is something you should not  ignore

As floods become a recurring threat, here’s how to insure your home from natural calamities

<ul><li>The engine and gearbox protection add-on offers coverage for damages to the vehicle’s engine, or gearbox due to waterlogging or hydrostatic lock during the monsoon. </li><li>With a zero-depreciation cover in place, the entire cost of vehicle repair or replacement of damaged auto parts is compensated by the insurance company. </li><li>Securing an add-on to a <keyword id="35490" type="General" weightage="20" keywordseo="car-insurance" source="Orion">car insurance</keyword> policy is possible only during the renewal period. </li></ul>For any car owner, <keyword id="6439882" type="General" weightage="20" keywordseo="monsoons" source="Orion">monsoons</keyword> can be a nightmare, especially if they live in areas prone to heavy rains, floods and water-logging. Most of our cities are susceptible to flooding during the monsoons, and recent instances of flooding in Mumbai, Chennai, Hyderabad and Bangalore are fresh in our minds. In the Bangalore 2022 floods alone, thousands of cars were damaged during the monsoons. In these times, plain vanilla insurance may not suffice. Here are five <keyword id="744230" type="General" weightage="20" keywordseo="add-ons" source="Orion">add-ons</keyword> to your insurance cover that will protect your car during the monsoons. <cmsannotation type="cmsannotation" annotationid="subhead" text="Engine and gearbox protection add-on">Engine and gearbox protection add-on</cmsannotation> During the monsoons, if your car is forced to ply on a flooded road and water damages the engine, you can run up thousands in repair costs. “This add-on offers coverage for damages to the vehicle’s engine or gearbox due to waterlogging or hydrostatic lock (occurs when a car is driven after the engine is filled with water) during the monsoon. It includes the cost of repairing, or replacing the engine parts, which can be quite expensive. This feature is strongly recommended for areas which are prone to flood and waterlogging,” says Parthanil Ghosh, president of retail business at HDFC ERGO General Insurance Company. <cmsannotation type="cmsannotation" annotationid="subhead" text="Zero-depreciation add-on">Zero-depreciation add-on</cmsannotation> Monsoons bring a fair share of challenges with a high risk of accidents and collisions due to slippery roads and hazy visibility. “With zero-depreciation cover in place, the entire cost of vehicle repair or replacement of damaged auto parts is compensated by the insurance company. However, there is 50% coverage for tyres, tubes, and batteries,” says Nitin Kumar, head of motor insurance at Policybazaar.com. <cmsannotation type="cmsannotation" annotationid="subhead" text="24x7 roadside assistance add-on">24x7 roadside assistance add-on</cmsannotation> During the monsoon season, unpredictable weather conditions can frequently lead to vehicle breakdowns, battery failures or flat tires. To avoid being stranded without assistance for extended periods, it is beneficial to consider adding roadside assistance coverage. This additional coverage provides services such as immediate repairs, towing, and arranging for alternative transportation. “This cover offers services like on-the-spot repairs, towing, and arranging for alternative transportation to save the vehicle owner from the inconvenience and heavy financial expenses while being stuck on the road during heavy rainfall,” says Kumar. Cost of add-ons <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td colspan="2" style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">For cars priced ₹14 lakh and above (eg. Hyundai Creta) </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Add-ons </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cost (₹) </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zero Depreciation </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9,000-12,000 </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Engine Protection Cover </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">500-1,200 </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Roadside Assistance </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">100-200 </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Daily Allowance </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,000-2,000 </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Consumables </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">500-2,000 </td></tr></tbody></table> Source: Policybazaar.com <cmsannotation type="cmsannotation" annotationid="subhead" text="Consumables add-on">Consumables add-on</cmsannotation> Expenses like brakes, engine oil, nuts and bolts, etc, are typically excluded from a standard comprehensive plan. However, they may drive up the cost of repairs in case of damage due to flood waters. “This add-on is recommended for all geographies as it covers for the cost of consumables like engine oil, nuts, bolts and other similar items that need to be replaced during repairs and are excluded being wear and tear items,” says Ghosh. “For eg., any engine, or gearbox damage on account of impact, or water-related repairs would require oil replacement, which can be paid for under this add-on cover,” says Animesh Das, chief underwriting officer, ACKO. <cmsannotation type="cmsannotation" annotationid="subhead" text="Daily allowance add-on">Daily allowance add-on</cmsannotation> In situations where the car is completely immobilised, or undergoing repairs, this add-on feature provides compensation to cover the expenses of renting an alternative vehicle for a specified number of days, up to a predetermined daily limit. The exact daily limit for reimbursement may differ depending on the insurance company. “However, adding an add-on to a car insurance policy is (only) possible during the renewal period. Insurance providers typically allow policyholders to evaluate and modify their policy coverage during the renewal process,” says Das. During this period, the customer can assess their insurance needs and make any necessary changes or enhancements to their coverage for the next policy term.

Getting monsoon ready – Five add-ons to consider for your car insurance

<keyword id="19895282" type="General" weightage="20" keywordseo="mumbai" source="keywords">Mumbai</keyword>, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> can sustain 8 per cent annual GDP growth and the conducive macroeconomic configuration may become a launching pad for a step-up in the country's growth trajectory, said an article on the 'State of Economy' in the central bank's March <keyword id="21015227" type="General" weightage="20" keywordseo="bulletin" source="keywords">Bulletin</keyword> published on Tuesday. Over the period 2021-24, gross domestic product (GDP) growth has averaged above 8 per cent. The global economy is losing steam, with growth slowing in some of the most resilient economies and high frequency indicators, pointing to further levelling in the period ahead, said the article authored by a team led by <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> Deputy Governor <keyword id="20244361" type="General" weightage="20" keywordseo="michael-debabrata-patra" source="keywords">Michael Debabrata Patra</keyword>. In India, real GDP growth was at a six-quarter high in the October-December period of 2023-24, powered by strong momentum, robust indirect taxes, and lower subsidies. The high visibility of structural demand and healthier corporate and bank balance sheets will likely be the galvanising forces for growth going forward. "The world is confronted with large shifts in structure and sentiments, which are either underway or impending," it said. The article noted that the outlook is shrouded with layers of uncertainty, exacerbated by geopolitical and extreme weather risks as well as fragmenting forces. By contrast, it said the Indian economy is experiencing a conducive macroeconomic configuration that can be its launching pad for a step-up in its growth trajectory. "Over the period 2021-24, growth has averaged above 8 per cent; and the underlying fundamentals indicate that this can be sustained and even built upon," the authors said. The current account deficit is modest, external buffers are resilient and fiscal consolidation is into its third consecutive year even as corporations are deleveraging and improving their debt servicing capacity. According to the article, balance sheets in the financial sector are sound and healthy, providing the wherewithal for intermediating the productive credit needs of a resurgent economy. "Financial markets are reflecting these favourable formations. Capital inflows have resumed strongly as investor interest floods back into India," it said. The authors further said technology is offering new growth opportunities to seize by becoming more competitive and efficient. "The time has come to build world class infrastructure, strong manufacturing bases, a high-quality labour force and global leadership in services to convert these favourable factors into opportunities and strengths over the next few decades," they added. The article further said the aggregate demand in the third quarter of 2023-24 was investment-driven, with some indications of a revival of the private capex cycle. Capacity utilisation in several sectors has reached a point where there has to be new investments. "The current financial year will likely see the highest ever length of four-lane roads being constructed, along with the highest ever length of speed or access-controlled highways -- on course to create a world-class road network by 2037," it said. It also noted that the demand outlook for premium consumer businesses is robust and the growth rhythm is expected to persist into the medium-term. This suggests that there are significant per capita income shifts underway, it said, adding that small town opportunities are leading to growth of business across lifestyle segments, with companies that entered these markets enjoying the fruits of being first movers.

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