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Demystify Motor Insurance Google+ Hangout – Queries and Answers (III)


Our Google+ Hangout on Demystify motor insurance aimed to clear every doubt that viewers had about motor insurance, regardless of the company offering it. However, due to time constraints, not every query could be answered live. That’s why we decided to compile a list of every query that was submitted to us during and before the Hangout, along with the answer to each.

This is part 3 of the list.

Part 1 can be found here.

And part 2 is here.

Q. If there is an accident between two cars of different insurance companies, can each one of them claim from their respective insurance company?

-          Joseph Dias

A. Yes, under Knock-for-Knock arrangement between the insurance companies, both the companies can pay the damages under Own Damage section of their respective policies.

 

Q. If car is owner-driven (e.g. by a Parsi who is known to look after his cars with care) and is used in the city, why does he need a comprehensive motor insurance policy?

-          Joseph Dias

A. As per Motor Vehicle Act, all vehicles plying in a public place have to be compulsorily insured against third party injury and property damage. Taking a comprehensive car insurance policy is a customer’s choice.

 

Q. Why is a separate car insurance needed for a new car from the showroom, when a warranty is available from the car manufacturer for a period of 2 to 4 years?

-          Joseph Dias

A. Warranty will not cover accidental damages, total loss, theft of vehicle and third party personal and property damage. A car insurance policy offers a comprehensive coverage which gives cover to your vehicle for all aforesaid sections.

 

Q. Why I am not able to renew the motor insurance after expiry of previous one?

-          Rakesh Kumar

In case there is a break in insurance, these policies can not be renewed online. Vehicle inspection needs to be conducted before the motor insurance policy is renewed.

 

Q. Should we get one policy for all vehicles our family owns or make renewals on one date for all vehicles?

-          CRK Rao

As per Indian Motor Tariff regulations, each vehicle has to be insured under a separate policy. However, the insured can opt for risk inception and risk expiry date of the policies to keep renewals of all vehicles on one date. In case you are holding multiple policies with Bajaj Allianz GIC, kindly provide the details, and we will help you align the renewal dates.

 

Q. What are the ways to reduce premium?

-          Meera Siva

A. Voluntary excess is a strong toll to reduce premium. Higher the amount of voluntary excess, lower will be the policy premium.

 

Q. Is it compulsory to take own damage insurance while opting for motor vehicle insurance?

-          Jitendra

As per Motor Vehicle Act, all vehicles plying in a public place have to be compulsorily insured against third party injury and property damage. Taking a comprehensive policy (including own damage cover) is a customer’s choice.

 

Q.     Can you tell me about a product where no depreciation is charged on painting component? A product where there is zero depreciation and zero excess.

-  Kamal Saraogi

A. We have Depreciation Shield Cover to cover depreciation charges on painting components and other parts as per applicability. However, excess needs to be borne by the customer as per regulations.

 

Q. Is No Claim Bonus calculated differently by each company or is there a standard formula?

-          Brijesh Pandey

It’s a standard percentage defined in Indian Motor Tariff. These slabs are – 20%, 25%, 35%, 45% and 50% for each claim-free year.

 

Q. As per the motor act, an insurance company can deny claims based on three reasons, one of them being a lack of vehicle fitness certificate. How long is the fitness certificate of a vehicle valid, and what is the process to renew it?

-          Zephyr Jerome Nazerth

A. Validity of fitness certificate differs from one state to another. However, commonly this certificate is issued for a duration of 2 years and consecutive renewals are done for one year.

And of course, remember to always have your car insurance policy with you, in case you face trouble and need to call for help! For more information on how our motor insurance policy can serve you on the road, click here.

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Published on:23 Jun, 2014

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