Tag: Motor Insurance

ICICI Lombard to renew motor insurance policies using artificial intelligence

If your motor insurance policy has lapsed, you need not wait for the insurer to verify your documents. ICICI Lombard General Insurance has launched an artificial intelligence-based solution to enable instant renewals for such policies. The tech-based feature will allow the user to capture images of his/her car (the insurance for which has expired) and upload it […]

Plain vanilla insurance products easier to sell online compared to savings plans

Digital is emerging as the next growth engine for the insurance industry, but it needs to adapt itself to the changing expectations of customers. Premanshu Singh, chief executive officer of Coverfox, an online insurance brokerage, talks about why digital is no longer a choice, but a necessity for the industry to upgrade How has the insurance […]

50,000 left without insurance cover as Qudos goes into liquidation

Danish insurer Qudos, which has around 50,000 Irish-based customers, has said it will not be paying out on any claims at present as the company has gone into liquidation. Qudos, which filed for liquidation in Denmark on 27 November, would mostly have sold motor insurance policies to customers here via agents and brokers. Although the […]

12 smart tips to lower insurance premiums of your new car and two-wheeler

The festive season has begun which has given impetus to the shopping spree. The offline and online media is filled with ads about the big festival season and the offers. Each year the shopping festival gets bigger and bigger and at times you are spoilt for choices. This is a peak period for vehicles, consumer […]

Mandatory Third Party Insurance for Vehicles to Benefit Consumers, Insurers: Experts

Even as customers buying cars and two-wheelers post-September 1 need to shell out more as premium with IRDAI making long-term third party insurance mandatory, industry and experts feel it will ultimately benefit consumers besides the insurers. It addresses the issue of under-insurance and inculcate a sense of compliance among those who otherwise evade the law […]

What does my Bajaj Allianz motor insurance policy cover?

Bajaj Allianz offers a comprehensive cover that is designed to offer protection to you and your vehicle. The comprehensive cover comprises of:- a) Damage to your vehicle– The policy covers you against any loss or damage caused to your vehicle or its accessories due to natural and man made calamities as defined in the scope […]

Components of Motor Insurance

IDV means Insured’s Declared Value. It is the current market value of your vehicle. IDV is arrived at by adjusting the current Manufacturer’s Listed Selling Price(*see below) of the vehicle with depreciation percentage listed in the table below: VEHICLE % OF DEPRECIATION Not exceeding 6 months 5% Exceeding 6 months but not exceeding 1 year 15% […]

Your Safeguards to Check Fake Motor Insurance Policies

Insurance frauds have been prevalent over the years, and fact is that it cannot be completely eliminated. Various estimates claim that the Indian general insurance industry would be losing between Rs. 2,500-3,500 crore in a year due to such frauds. Evidently, it would be disappointing for a customer to discover that the motor insurance policy […]

Opt for Add-on Covers for Comprehensive Motor Insurance Benefits

Abhishek has bought a new car, and paid a basic policy premium of Rs. 15,000. Due to the rainy weather, he had a mishap where he ran into a tree. Due to this accident, there has been extensive frontal damage to the vehicle. In such a situation, while a large part of repair costs would […]

Customer Checklist – Motor Insurance Renewal Process

Your motor insurance policy should be renewed before the expiry date and time. Failure to do so can lead loss of the motor insurance renewal benefits. We take every effort to send reminders to all our policy holders to remind them about expiry of their motor policy. Company executives or agents will contact you in […]