Do you think you are a good driver? If yes, you may get some discount while paying for your motor insurance policy. Read on to find out how. Though most people tend to think they are good drivers, there are hardly any reliable tools or benchmarks to judge how good they are. A new initiative…
The insured party owns the No Claim Bonus (NCB), not the vehicle. Therefore, if you’re buying a new car, you can transfer your current NCB to the new car, according to the Insurance Regulatory Development Authority of India (IRDAI) website. When a policyholder purchases an insurance policy, he receives an NCB certificate, and it is…
While most people insure their cars, insuring the keys is not a common practice because of the belief that replacing lost car keys is not expensive. However, this is where most people err. While cost of replacing keys of manual locking cars is comparatively reasonable, the cost of a new set of keys for remote…
The Insurance Regulatory and Development Authority of India (IRDAI), on Monday, proposed changes to the structure of motor insurance (own damage segment) policies that can make it simpler and better. In a draft proposal released on Monday, the insurance regulator stated, “Considering the various developments in technology relating to motor vehicles as well as the…
Your motor insurance policy – particularly the own damage component – could soon look very different. The Insurance Regulatory and Development Authority of India (Irdai) has released an exposure draft to revisit the current motor own damage product structure. Several recommendations of the working group, comprising industry executives, to reexamine the product have been accepted….
The insurance regulator has been busy at work in 2019 laying the groundwork to make motor insurance a simpler product. The Insurance Regulatory and Development Authority of India (IRDAI) has proposed various measures throughout the year, which if becomes law, will benefit policyholders. Here is a look at 10 such IRDAI recommendations and how it…
You can use the no claim bonus (NCB) earned on the comprehensive insurance policy of your existing or old car to reduce the premium payable when you buy comprehensive insurance for a new car. All it requires is some planning and it’s worth it because if you have a 50 percent NCB you can get…
(This story originally appeared in on Jan 11, 2020) MUMBAI: The dynamics of motor insurance in India are set to change with the insurance regulator taking a tough stance on auto companies controlling insurance distribution through broking firms. In December 2019 and January 2020, the Insurance Regulatory and Development Authority of India (IRDAI) penalised a…
(This story originally appeared in on Mar 05, 2020) NEW DELHI: The Supreme Court on Wednesday ruled that an insurance company cannot deny claim to the owner of a vehicle involved in a road accident if his driver had falsely claimed to be holding a valid driving licence by producing a fake document. A bench…
NEW DELHI: Acko General Insurance on Tuesday said it will offer one month’s vehicle insurance free of charge to its customers in the wake of the coronavirus pandemic. As people are not using their vehicles at this time, their insurance for the month remains unutilised, Acko General Insurance said in a release. “To support customers…
Bharti AXA General Insurance will now offer usage-based motor insurance policies for private car owners under IRDAI’s Sandbox project. For this the general insurer has tied up with insurance aggregator, PolicyBazaar.com. The usage-based motor insurance, also known as ‘pay as you drive’, allows policyholders to pay the premium depending on kilometers driven. How insurance premium…
Flipkart customers, using the app, can now buy Bajaj Allianz motor insurance policies offered for privately owned 4-wheelers and 2-wheelers. According to a press release, benefits of buying a motor insurance policy via the Flipkart app include easy online purchase and quick claim support, 24×7 roadside assistance, self- survey for claim settlement, transfer of No…