close

Insurance

Insurance

American National Insurance Merger Catalyzes Brookfield Reinsurance’s Ambitious Growth Trajectory

In 2022, Brookfield Reinsurance acquired American National Insurance in a $5.1 billion all-cash agreement. This deal acted as a springboard that enabled Brookfield Reinsurance to expand its assets under management and diversify its offerings over a short period.

Initially focused strictly on reinsurance when founded in 2020, Brookfield Reinsurance has rapidly evolved its business model through critical acquisitions. The American National Insurance deal, in particular, allowed the company to instantly broaden its portfolio across life insurance, annuities, property and casualty insurance, and more.

The newly merged entity maintained American National Insurance’s firm footing across all 50 states while leveraging Brookfield Reinsurance’s financial backing and investment connections. Brookfield Reinsurance is strategically integrated with Brookfield Asset Management, granting it access to asset management expertise and resources.

Post-acquisition, American National Insurance was recognized by Forbes in 2024 as one of America’s Best Insurance Companies based on exceptional service, customer satisfaction, and value. This exemplified the retained strengths of American National Insurance paired with the fresh backing of its new parent company.

This deal started an ambitious growth strategy centered around acquiring and operating leading insurance companies. Brookfield Reinsurance followed its landmark American National Insurance acquisition with two additional purchases – P&C insurer Argo Group International in late 2023 and annuities provider American Equity Investment Life Holding Company, set to finalize in 2024.

Between direct acquisitions and the umbrella growth achieved across merged entities, Brookfield Reinsurance is on pace to surpass $100 billion in managed assets imminently.

The successful integration of various strategic buys has compacted years of organic growth into months. While preserving and fostering the unique attributes and leadership of acquired firms, Brookfield Reinsurance has quickly transformed into a dynamic, multiline insurance holdings company.

Its focus has shifted from reinsurance to now prioritizing annuities, life insurance, P&C, and pension risk transfer. This ever-broadening diversity makes the organization more stable, efficient, and competitive.

The vision is to continue pursuing accretive acquisitions when strategically aligned while concentrating resources around the established brands and offerings now under its umbrella. These efforts center on scaling operations, managing risks, and producing solid returns for policyholders and shareholders.

Despite exponential near-term growth, Brookfield Reinsurance emphasizes a long-term philosophy based on the steady cultivation of individual insurance companies versus rapid overexpansion. This disciplined strategy has paved the way for assets under management to eclipse the $100 billion milestone imminently.

Brookfield Reinsurance traces much of this accelerated trajectory back to its transformative American National Insurance acquisition in 2022, making it the crown jewel thus far in an increasingly dense portfolio of insurance brands.

read more
Insurance

New Insurance Rules: KYC Mandatory For Health, Auto, And Other Insurance; Check Details

The Insurance Regulatory and Development Authority of India (IRDAI), the insurance regulator, recently announced that from 1 January 2023, all new health, auto, travel, and home insurance policies will require Know Your Customer (KYC) documents. The regulation applies to all types of insurance, including bike insurance, life, health, property, and casualty, regardless of premium.*  #

KYC was a mandatory requirement for purchasing life insurance but not for general insurance such as medical, travel, auto, and home insurance. Until 31 December 2022, if the health insurance claim exceeds INR 100,000, the presentation of KYC documents, such as a PAN or Aadhar card, will be required during the health and new bike insurance claim.

For existing customers, regulators require insurers to collect KYC documents within a certain period. The term is two years for ‘low-risk’ policyholders and one year for other customers, including ‘high-risk’ customers.

During the first and second waves of COVID-19, some hospitals demanded deposits for COVID-19 treatment even though patients had cashless policies. The IRDAI has asked insurance companies not to collect such deposits for hospital admissions due to COVID-19. Insurers are encouraged to reduce paperwork and report data consistently to avoid discrepancies. #

Being KYC Compliant

Existing customers who need to submit KYC documents to their insurance company can contact their bike insurance company to complete the KYC. New or existing customers who fail to complete the KYC check may be unable to purchase or renew insurance policies.

KYC documents include photo identification such as a PAN card, Aadhar card, driver’s license, passport, and proof of address such as a utility bill, Aadhar card, driver’s license, passport, and voter ID.

KYC methods Accepted By IRDAI

  • Aadhar-based KYC (can be done both online and offline)
  • Individual submission of KYC documents
  • Digital KYC
  • Video-based KYC
  • KYC Identifier (Central KYC Record Registry) #

What Are The Benefits Of This New Policy?

Insurance companies must ensure that policyholders are KYC compliant when purchasing policies, so they do not need to require KYC documentation when they claim claims.

  • Helps expedite the claim resolution process while performing an online bike insurance check.
  • Allows insurance companies to identify the individual better and curb fraudulent activities such as money laundering.
  • With accurate KYC for bike insurance details, insurers can better assess risk and set an appropriate premium.
  • Efficient processes help attract new customers and retain customers. Centralised data ensures policyholders receive appropriate insurance coverage.
  • All insurers can look at insurance-related data such as policies, claims made, and claims settled. This reduces fraudulent claims and provides better service for policy underwriting and renewals. *

Conclusion:

This IRDAI framework aims to prevent money laundering and terrorist financing in the insurance sector. New rules apply to both. Life insurance and non-life insurance apply regardless of premium. This ensures a smooth and efficient insurance process that benefits both parties. Customers and insurers. #

Subscribe to Bajaj Allianz General Insurance YouTube Channel here!

* Standard T&C Apply

# Visit the official website of IRDAI for further details.

‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.’

read more
Insurance

Useful Add-On Covers To Enhance Your Car Insurance

1) No Claim Bonus (NCB) Retention Add-On Cover

A No Claim Bonus (NCB) is a concession a motor insurance company gives to its policyholder for making no claims during the insurance policy tenure. NCB can be collected over the years, and the benefit ranges from 20% to 50% on the damage premium. This is simply the motor insurance company’s way of rewarding a responsible policyholder’s good driving behaviour.

If no own damage claims are made in 12 months, the insurer, Bajaj Allianz Motor Insurance, offers NCB-based premium benefits.*

A concession is earned by the policyholder for a claim-free completed year. In the case of an own damage claim, the No Claim Bonus gets back to 0%. NCB can be transferred to the same class of vehicle. NCB reserving letter is issued for three years, beginning when the policyholder originally purchased the vehicle. The NCB retention add-on cover protects the NCB of the policyholder even if the policyholder claims own damage during the policy period. * ^

Benefits of NCB:

  • The NCB, as per the insurance policy, is allowed, provided that the Bajaj Allianz motor insurance renewal is done within 90 days of the expiry of the policy.*
  • NCB is protected in the event of a single own damage claim during the policy period. The claim amount should be at most 25% of the Insured Declared Value. *

The above aspects apply to annual policies only.

2) Zero Depreciation

This cover reimburses the policyholder for the amount of depreciation subtracted from the value of parts replaced as a result of the policyholder’s damage claim. During the course of the policy’s duration, the protection can be utilised for a maximum of two claims. A claim that does not involve the replacement of any part and has no depreciation deducted under its own damage claim will not be considered. You can make a claim for unique conditions under this cover or have your vehicle serviced and repaired at our authorised location.. *

Note: Voluntary and Compulsory Excess shall be as per standard  . *

3) Total Cover  

This coverage reimburses the policyholder for the amount spent on the vehicle’s registration fee, octroi, and/or any other fees or charges levied against the insured vehicle by a governmental authority. The required payment for the Bajaj motor insurance premium must also be made. This protection will become active in theft or total loss/Constructive Total Loss (CTL). Both road tax and insurance premiums must be paid off pro-rata for the policy duration that has yet to be  . * ** ^

Exploring and considering add-on covers is a smart strategy for enhancing your car insurance policy to better suit your specific needs. These additional coverages can provide added protection and peace of mind in various situations, such as roadside assistance, zero depreciation, engine protection, and more. However, it’s essential to assess your requirements, budget, and the value each add-on brings to your coverage. By customising your car insurance with the right add-on covers, you can ensure comprehensive protection tailored to your driving habits and circumstances.

Subscribe to Bajaj Allianz General Insurance Youtube Channel here!

* Standard T&C Apply

** Tax benefits are subject to change in prevalent tax laws.

^Claims are subject to terms and conditions set forth under a comprehensive car insurance policy.

‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.’

read more
Insurance

Can You Get Car Insurance To Start Immediately

Many people ask when does a car insurance start? They want to know if their car is protected immediately. When you buy car insurance online, the policy’s effective date will begin to be calculated from the moment the premium is paid, assuming that an insurance provider is willing to cover the risk that you present to them.

The bajaj allianz car insurance app can help you do this. This is the case regardless of whether or not you choose to buy third-party or comprehensive coverage. Even in the event that a provider makes the decision that they do not intend to be responsible for the risk, the policy’s effective date will not be moved up as a result. It is usual practice for insurance companies to give customers of vehicle insurance plans a temporary cover letter before issuing the official policy copy. This is done in preparation for the official policy copy. This takes place before the copy of the policy is sent out. As a part of the preparation for the release of the official copy of the policy, this step is taken. This is done in advance of the release of the policy paper in preparation for the upcoming release in anticipation of the release of the policy document.

If you buy a new car, the dealership is required to give you a cover letter either immediately or before the vehicle is delivered to you, depending on which comes first. This is an advantage when you buy car insurance online. If you buy a used car, the dealership is not required to give you a cover letter. When you buy a used car from a dealership, the salesperson there is not required to give you a cover letter when you make the transaction. Your insurance policy will be considered active and you will be able to file a claim as long as you are in possession of the policy’s cover letter, which is something one should always make sure they do. If you lose the cover letter, your policy will be considered inactive.

Following the occurrence of the event in question, it is incumbent upon you to get in touch with the insurance provider at the earliest opportunity in order to report the loss and begin the process of submitting a claim for financial compensation. After the surveyor’s work is finished, the insurance company will provide direction for the following actions to do with the claim after they have reviewed the findings based on the examination and the report.

When you renew your insurance online or offline, the new or renewed insurance policy will start from the date after your existing one expires. This is helpful as it allows you to be insured continuously without having any lapse period between two policies. However, if you let your existing policy lapse and do not renew it on time, there may be a period of time where you cannot have your vehicle on the roads. You can always check your coverage and renewal dates online via your insurance app or website. You can also use the bajaj allianz car insurance premium calculator to find the right premium and get the right insurance coverage for your car.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

Source: https://www.livemint.com/Money/0MlUYiiWs9yO55A8YaHSRN/Car-insurance-becomes-effective-from-the-date-of-premium-pay.html

 

read more
Insurance

10 Reasons To Buy A Car Insurance

Most people think of car insurance as a necessary evil. It’s something you have to have, but no one really wants to deal with it. And yet, there are a lot of good reasons to buy car insurance – reasons that go beyond just the fact that it’s required by law.

Here are ten reasons why car insurance is important:

  • In the event of an accident, the best car insurance can help cover the costs of repairs or even replacement. If you’re in a serious accident and your car is totaled, having good insurance can mean the difference between being left stranded and getting back on the road quickly.
  • Car insurance can also help cover the costs of medical care if you or your passengers are injured in an accident. Even if you have health insurance, there’s a good chance that it won’t cover all of the costs associated with an injury, so car insurance can help fill in the gaps.
  • If your car is stolen, vandalized, or damaged by a natural disaster, https://www.miway.co.za/car insurance can help cover the costs of repairs or replacement. This can be a huge relief if you’re faced with a large repair bill or the cost of replacing your car.
  • If you cause an accident that injures someone else, car insurance can help cover the costs of their medical care and any legal fees that may result. This protection is important even if you have plenty of money to pay for damages yourself – no one wants to be sued.
  • Many lenders require that you have car insurance before they give you a loan to buy a car. And even if they don’t require it, having insurance can help you get a lower interest rate on your loan.
  • If you lease a car, your leasing company will almost certainly require that you have car insurance.
  • If you drive for a ride-sharing service, you’ll need to have commercial car insurance. This type of insurance is typically more expensive than personal car insurance, but it’s essential if you want to drive for one of these companies.
  • Car insurance can sometimes cover the costs of renting a car if your own car is out of commission due to an accident or other issue. This can be a lifesaver if you rely on your car for transportation and can’t afford to be without it for an extended period of time.
  • Many employers require that their employees have car insurance, especially if they use their own car for work-related purposes.
  • If you have a good driving record, you may be eligible for discounts on your car insurance. This can help offset the cost of your premiums and make your insurance more affordable.

The Bottom Line

As you can see, there are a lot of good reasons to buy car insurance. It’s not just something that’s required by law – it can also provide peace of mind and financial protection in the event of an accident or other issue. So if you don’t have car insurance, now is the time to get it. It could save you a lot of money and hassle down the road.

read more
Insurance

Do These Investigations Before Meeting with a Truck Accident Lawyer!

Getting into an accident with a commercial vehicle might be fatal. High-speed accidents involving large trucks, such as 18-wheelers or “big rigs,” are common. When a car collides with a commercial truck, the injuries and property damage that occur can be severe. As a result, if you were wounded in a truck accident, an experienced truck accident lawyer will be extremely beneficial to you. If you were the driver of the truck though, you might need the help of a workers compensation lawyer.

In order to adequately defend you, your lawyer will need to know a lot about you, the trucking company, your vehicle, the accident, and your injuries. It’s a good idea to do some homework before your initial visit with an attorney. It is critical to acquire the five types of evidence listed below before consulting with a truck accident lawyer. Make the most of your visit with a truck accident lawyer by following these suggestions. Consult with your lawyer equipped with this list and any relevant papers, documents, or images.

Information on the trucking company and the driver

  1. It is critical to know the name of the transportation company.
  2. Do you know what the trucker’s name is?
  3. What is the license plate number on the truck?
  4. Is there any more license plates or identifying information included with the truck?
  5. Do you have the truck driver’s CDL number?
  6. Please let me know if this truck or its driver is associated with any other businesses.
  7. Has the driver or the trucking firm been thoroughly investigated?

Detailed Report on the Truck Crash

  • What was the underlying cause of the mishap?
  • Is a police report available?
  • What types of traffic offenses were charged against the drivers?
  • Did anyone take any photos or videos at the scene?
  • Is there any media coverage on the scene?
  • Do you have the names and contact information for any witnesses or others involved in the incident?
  • When and where was the truck accident?
  • Was the road how you expected it to be (wet, dry, smooth, potholed, etc.)?
  • Is this incident involving any additional vehicles or people?
  • Do you know if an ambulance has arrived on the scene?

Obtaining Medical Records Following a Truck Accident

  • What are some of your typical pastimes that are now out of limits due to your injuries?
  • What was your initial diagnosis following the truck collision?
  • Is there a hospital where you’ve been taken? How much time did you spend in the hospital?
  • How did your early treatments go?
  • Was an x-ray or other type of imaging method used?
  • Please let me know if there is anything else I can do for you.
  • Is there anything bothering you at the moment?
  • Have you ever been injured in a similar way before?

The Vehicle You’re Driving and a Truck Accident

  • How old is your vehicle? What year, make, and model do you have?
  • Is the car owned by a bank or a lien holder?
  • How long have you owned the car?
  • Are you pleased with the vehicle’s performance?
  • How much damage did the crash do to your vehicle?
  • Do you have a rough estimate of the damage?
  • Were there any dings, dents, or scrapes on your vehicle prior to the accident?
  • Have before-and-after photos of your vehicle.

Information about your personal and financial situation

  • What is your present position, if you have one?
  • What is your annual salary?
  • Is there any time you’ve lost at work as a result of the accident?
  • Is your driver’s license out of date? Please let me know if you have auto insurance.
  • Who is your insurance company?
  • Have you ever been involved in a car accident?
  • What type of criminal history do you have?

Hire a Lawyer to Assist You With Your Truck Accident Case

An expert truck accident lawyer can answer any concerns you have about filing a claim against a commercial trucking company, dealing with insurance providers, or just deciding what to do next.

read more
Insurance

Factors Affecting Term Insurance Premiums

Term insurance plans have come out as an alternative to life insurance plans that many people are investing in. If you have often wondered, “what is a term insurance plan? then we have all the answers to your questions.  A term insurance plan works just like a life insurance plan. Its main purpose is to financially provide for the policyholder’s family in case of their untimely demise.

Through the policy, you can assure an amount that will be given to your family to protect them from liabilities and more. These plans are usually affordable, but the premium you pay for them depends on several factors. Below we have made a list of all these factors, so you can estimate the cost.

Age

Age is a significant factor that affects the premium you pay for a term insurance plan. This is because health concerns increase with age. Therefore, young individuals are offered a  lower premium rate in contrast to older people. The rate of the premium goes on increasing as you age which is why it is recommended that you invest as early as possible.

Starting from 18 years of age, anyone can invest in a term insurance policy. Going for a term insurance plan as early as possible will allow you to get affordable term insurance and save a considerable amount in the future as well.

Medical history

The medical history of family members comes into play to examine any diseases which are hereditary in the family or to know about any disease that the policyholder is at risk of. If your family has a long history of diseases, then there is a big possibility that you will have to pay a higher premium.

This is because when the insured is prone to several diseases or medical conditions, there are more chances or risks to their life. As a result, a higher premium is charged by such people.

Health conditions and lifestyle habits

Aside from your family’s health history, your medical history also plays a significant role in determining the rates of premium you will be charged. If you are struggling with any illness or disease, you will be charged a comparatively higher premium rate. This is because the risk to your life would be greater in such a case as compared to an individual who is physically fit with no pre-existing illness.

Along with health conditions, many plans also consider your lifestyle habits. So, if your lifestyle includes habits that can negatively impact your life, such as smoking, drinking, drugs, etc., you will have to pay a higher premium. This is because these habits increase the chances of you developing an illness.

Professions

Professions are also considered while developing the premium rate as some professions are riskier than others. Jobs such as pilots, sailors, soldiers, etc., are more demanding and include several circumstances where your life is at risk. Since, while performing these jobs, you are more susceptible to danger, you will have to pay a higher insurance premium.

This also includes individuals who are frequently exposed to chemicals, environmental hazards, and other such components that are risky.

Duration

You can always go for a long-term insurance plan as well as a short-term insurance plan. Depending on the duration of your insurance plan, your premium will be calculated. It goes without saying that choosing a long-term insurance plan will cost you more than choosing a short-term insurance plan. The same goes for coverage.

Interests and Gender

Surprisingly, your interests, as well as your gender, also play a role in determining the rate of your premium. According to popular belief and scientific study, it is considered that women live longer than men, which is why women are often charged a lower premium rate as compared to men.

When it comes to your interests, individuals showing interests or frequently performing activities that pose a risk to their health or life are charged much higher premiums than those who do not have any such inclinations.

Conclusion

From all the points mentioned above, you can estimate what aspect of your life will add to the premium cost of your insurance plan and what will not. Knowing about the insurance plan you are looking to buy is always beneficial, whether you are looking for a term insurance plan or the best long-term saving plans.

So, make sure you do your research, and you will be good to go!

read more
Insurance

Understanding Restoration Benefits That You Can Avail When Buying Health Insurance

The need for health insurance in 2021 is more than ever before. Businessline reports that there was over an 8% increase in the rate of medical inflation as of May 2021 owing to second wave of the pandemic. Thus, it may be possible that your health insurance coverage falls short. At such times, you might feel that buying a fresh health insurance policy is the only alternative, but no. There is something called as the restoration benefit that health insurance companies offers. This article talks about these benefits that can be checked when buying a health insurance policy.

What is restoration benefit in health insurance?

Restoration benefit is the one wherein your health insurance policy is recharged to its original sum assured so that you need not purchase new health insurance plans to cover the increased cost of treatments. This feature is commonly available as an add-on or even bundled with some policies by health insurance companies. In case of repeated hospitalisations, this feature comes handy as owing to soaring medical inflation rates, more than one or two treatments in a single policy year exhaust the coverage in its entirety. * Standard T&C Apply

Is restoration benefit advisable for you?

If you are someone with either an individual health insurance policy or a family floater plan and look forward to enhancing the policy’s sum assured, you can make the most of this restoration benefit. Since a family floater plan is shared among the different beneficiaries, multiple hospitalisations may consume the sum assured. Thus, restoration benefits of health insurance come handy.

What are the types of restoration benefits that can be bought?

Restoration benefits are available in two types based on the level of exhaustion of the coverage—complete and partial exhaustion.

For plans with complete exhaustion restoration feature, the entire amount of sum assured must be exhausted.  Only when all such amount is used, that is when the restoration feature kicks in. On the other hand, partial exhaustion restoration benefit is where even a part of the coverage is used up, the insurance policy is restored to the original policy sum assured. Thus, all future claims can be settled without having to worry about policy coverage falling short for medical treatments. * Standard T&C Apply

How to effectively select a policy with restoration benefit?

Restoration benefit is an additional feature that can be opted at the time of policy purchase at nominal cost. To assess its impact, you can make use of health insurance premium calculator that helps determine the impact on your policy and aid the comparison process. When selecting a policy with restoration benefit, the following are some pointer that can help you:

  • The restoration benefits cannot be carried forward to the subsequent policy period even if not used during the current period.
  • For complete exhaustion plans, the sum assured is reinstated only when exhausted in a single claim. For partial exhaustion, the reinstatement happens as you use up the coverage.
  • Such policy feature is available for policies with all sum assured and not only for higher sum assured plans.
  • Only subsequent claims are considered under the restoration benefit and not the first policy claim.
  • Restoration feature is useful especially in family floater plans where the coverage ‘floats’ among multiple beneficiaries.
  • The benefit of restoration feature can be availed only by one beneficiary at once.

* Standard T&C Apply

These are some points about restoration befit can help you understand it thoroughly and get one based on your requirements. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

 

read more
Insurance

The Correct Way to Optimize Your Car Insurance with Add-Ons

Motor insurance is mandatory by law. The Motor Vehicles Act of 1988 lays down this requirement and thus, no bike or car owner can skip buying one. When selecting an insurance cover for your car, it is best if you select a policy that offers comprehensive and adequate coverage. Since legal compliance is essential, it is advisable to look beyond that to ensure coverage for damages too.

Thus, when selecting a car insurance plan, you can pick among the two alternatives of insurance covers. One being a third-party policy whereas the other a comprehensive plan. A third-party policy, also known as liability-only cover, safeguards against the legal liabilities that may arise due to accidents and damages. While a third-party cover has limited scope, comprehensive plans provide for the damages to your car along with customisable coverage. Such customisation is possible using the add-on feature in a comprehensive cover. This article mentions how you can optimise the coverage of your comprehensive car insurance policy to avail maximum coverage. But before that, let’s look at what are add-ons.

Add-ons in your comprehensive car insurance policy is an optional feature that helps enhance the policy scope. These insurance covers help cover those events that are excluded from a standard comprehensive plan. With such add-ons in your insurance coverage, the policy strengthens thereby covering different events, otherwise which shall be required to be paid from your pocket. However, you must keep in mind since they are optional features, they come at an additional cost, which in comparison to the coverage it offers is minimal. Here are five crucial add-ons to consider:

  • Zero-depreciation cover

The most useful add-on cover that helps take maximum advantage of your car insurance policy is the zero-depreciation cover. All vehicles are subject to depreciation that lowers its value with each passing year. This, in turn, impacts the insurance pay-out as it accounts for such depreciation when honouring a claim. With a zero-depreciation cover, the vehicle insurance company compensates for the damages without considering the effect of depreciation, in effect, increasing the compensation provided.*

  • Engine protection cover

Engine protection cover is another essential add-on that can help to protect against damages to the engine and it hefty repair costs. A comprehensive policy otherwise excludes the repairs to the engine as part of its coverage and such add-on can help include it in your policy. Moreover, this add-on is useful for those people who reside in flood-prone areas where water ingression is a common occurrence damaging the heart of your vehicle, i.e. the engine.*

  • Consumables cover

For someone seeking an all-round coverage for their vehicle, consumables cover is nifty way to ensure complete insurance coverage. As the name suggests, the add-on provides for coverage of consumable spares that are commonly required in repairs and replacement. This way, you can expect minimal out-of-pocket expense as most of the cost, either by way of standard policy coverage and by way of consumables cover is covered by the insurance plan.*

* Standard T&C Apply

With these add-ons, you can maximise the insurance coverage provide for your car. Thus, it is essential to consider review the add-ons at policy purchase and at the time of car insurance renewal online. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

read more
Insurance

Best 4 Wheeler Insurance in India

Unlike a few decades ago, the Indian insurance market today offers a wide range of car insurance policy options to its customers. Insurers compete with each other on policy features, benefits, discounts, add-on options and more. You may buy the car insurance online or offline—based on your convenience.

However, policyholders frequently get confused while choosing a suitable plan for their car. Most of them end up picking the cheapest plan without really understanding the nitty-gritty of it. After all, you are paying for security from a mishap that may or may not occur in future. So, many people feel that there is no point in wasting their hard-earned money on insurance covers.

But choosing the plan with the lowest premium is a decision that may backfire at any time, and you may end up paying for a big chunk of the repair expenses from your own pocket in case of an unfortunate incident. Here are some things to keep in mind while choosing a four-wheeler insurance policy to ensure you make the right decision:

  • Get a policy that provides extensive coverage

With the facility of purchasing car insurance online, you can go through the websites of several insurers and see the plans on offer without stepping out of your house. So, you save on your time and travelling costs.

If you compare the plans carefully, you will find that the policies with low premiums may have some limitations. Initially, you may save on your premium, but in case of damage, you will have to pay the major part of the expenses out of your own pocket while the insurer pays the balance amount. Before buying a policy, you should go through the exclusions and terms and conditions carefully to know what the insurer will cover. This would help you select a four-wheeler insurance that would provide maximum coverage even if the premium is high.

  • A third-party car insurance policy provides limited coverage

A third-party liability policy is mandatory for a four-wheeler, and many car owners feel that it is sufficient. However, you must reconsider your decision if your car is less than 5 years old, no matter the model. The third-party policy premium fixed by the IRDAI (Insurance Regulatory and Development Authority of India) is intentionally made affordable as it is mandatory. The logic is that you are paying for something to avoid a liability towards a third party in the future. The liability itself can be unlimited in nature as it completely depends on the value of the third party’s property. This is fine as long as your car is not damaged in an accident. If your car is badly hit, you will not get any cover under this policy. The entire repairing or replacement cost has to be borne by you. A third-party policy is limited to cover all losses related to only the third-party property. So, it is better to get own damage four wheeler insurance or a comprehensive policy to protect your car.

  • A basic own damage car insurance policy may not be adequate

Suppose you buy an own-damage policy by paying an extra premium to cover your car. You may think that it is sufficient as it covers both accidental and non-accidental damages. There would still be certain exclusions that you will find on the policy document. The exclusions include depreciation, regular wear and tear, certain non-accidental damages, etc.

You can solve the problem by buying various add-on covers that are customised according to your needs along with your own damage policy. You cannot purchase add-on covers with standalone third-party four-wheeler insurance. So, a comprehensive policy may be the best option available.

Comprehensive car insurance is the best.

A comprehensive policy has features of both third-party car insurance and own damage cover. You can also buy suitable add-on covers along with this policy. For imported or expensive cars belonging to the category of sedan or SUV, the cost of replacement or repair is usually very high. Most of the time, the car parts have to be imported. So, invest in a comprehensive policy with suitable add-ons to avoid future expenses. In case of damage beyond repair or car theft, this policy would help you get the entire sum insured which is equal to the IDV (Insured Declared Value) or market value of the car.

After going through the above parameters, you can decide which would be the best car insurance policy for you. Even if you have to pay a higher premium, it is better to go for a plan that offers maximum coverage.

read more
1 2
Page 1 of 2