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Older E10 cars most at risk as insurers warn claims could be rejected over E20-related damage, industry executive says most existing fleet is E10-compliant
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When purchasing car insurance, look beyond the premium. Choose between third-party and comprehensive coverage based on your needs, and consider add-ons like zero depreciation or roadside assistance.
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Punitive action by IRDAI can force motor insurance service providers linked to some auto manufacturers to reduce exorbitant commissions of up to 53 per cent, which translate into expensive premiums for policyholders. Regulatory action can also curb their practice of restricting new car buyers’ choice of insurers at the time of vehicle purchase, according to insurance officials.
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Though the government encourages electric vehicles with various incentives, insurance premiums for some electric cars could be relatively higher due to the expensive technology used in these vehicles.
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Here are five tips that will help you avoid car insurance claim rejections.
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Chennai's share in overall vehicle thefts doubled from 5 percent to 10.5 percent, while Bengaluru was at 10.2 percent. Hyderabad, Mumbai and Kolkata continued to see the least number of thefts.
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Cars can't roll out of a showroom without third-party insurance. But before grabbing a deal on soon-to-be-old 2023 car, assess if these additional covers offer better protection for your beauty on wheels.
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Unless you have opted for engine protection add-on cover along with your insurance policy, any damage to your car engine will not be covered by the insurer. Such damage can happen if you attempt to start the engine while the car is submerged in water
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The IRDAI, in response to directives by the Madras High Court, has introduced changes to the Indian Motor Tariff 2002, making it compulsory for General Insurers to include coverage for employees under IMT-29 (Indian Motor Tariff) as an inbuilt feature within private car insurance policies.
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In the case of cars being swept away due to torrential rains, you will have to file an FIR for loss of vehicle. Typically, the vehicles will be located after a few days. If not, this will be treated as a total loss and insurers will pay out the insured declared value (IDV) of the car. If it is located and the cost of repairs is more than 75 percent of the IDV, again, amount equal to the IDV will be paid out.
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The rider benefit offers up to a 40 percent renewal discount or cash-back to policyholders with limited car usage. This is applicable to the own damage component, and not the mandatory third-party insurance element
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Many motor insurance policies now reward good driving behaviour by reducing premiums on cars that are not used too frequently
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Motor insurance claim intimations for damage to engine, parts and even total loss expected to rise in the days to come.
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From higher third-party motor insurance premiums to safeguarding investor money and the introduction of mobile wallet interoperability, April has several regulatory and operational changes to watch out for.
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Here is how the insurance premiums should be invested as per the directions of Insurance Regulatory and Development Authority of India.
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The Competition Commission of India (CCI) in June last year received an anonymous complaint alleging insurance plans recommended by Maruti while selling cars resulted in customers paying more compared with other options in the market.
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Motor Insurance Calculator is used to get the best quote for your vehicle. Check out the benefits of motor insurance premium calculator & how to use at Moneycontrol.
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New Car or Four Wheeler Insurance: Get a complete overview of the Importance of Car Insurance, Benefits & how to buy a Car Insurance policy online in India at Moneycontrol.
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Along with the comprehensive car insurance, one should also buy add-on covers like engine protection cover, roadside assistance covers and consumable cover.
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Car insurance is a must in India. However, there are multiple factors that influence the car insurance. Here is a guide to arriving at your car insurance premium.
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Buying a car insurance is a must and protects your economic interest in your car. However in certain conditions there can be rejection of claims.
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Most individuals take utmost care when they buy car. But they do not take adequate efforts while purchasing car insurance.
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Car insurance esnures that the newest member of your family is well protected without you having to worry about massive bills
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When you file a claim, your car insurer will employ a rather complex formula to ascertain the amount payable. This formula factors in depreciation, leaving you to pay a hefty fraction of the overall costs.
