Money Bill
Saturday, May 17, 2025
No Result
View All Result
  • Home
  • Business News
    • Money Management
    • Money Risk Management
    • Bank Savings
    • Advertisement
  • Insurance
  • Tax
  • Trading
    • Stock market
  • Pages
    • Disclaimer
    • Cookie Policy
    • Terms and Conditions
    • Privacy Policy
    • Anti Spam Policy
    • Digital Millennium Copyright Act Notice
    • About Us
  • Contact
Money Bill
No Result
View All Result
Has your motor insurance cowl lapsed?

Has your motor insurance cowl lapsed?

Antoinette Pierce by Antoinette Pierce
February 11, 2025
in Insurance
0 0
0

The specter of heavy penalties below the amended Motor Vehicles Act has led to a windfall of sorts for coverage businesses—a surge in demand for motor covers. Several insurers have pronounced an upward push in inquiries and income. “We have visible growth of over 30%in sales throughout channels— company as well as online channels— this month,” says Rajeev Chawdhary, Executive VP, IFFCO Tokio General Insurance. “Enquiries via the online channel have almost doubled in the past month,” adds Roopam Asthana, CEO and Wholetime Director, Liberty General Insurance.

This isn’t surprising given the steep penalty that awaits those driving a car without the mandatory 1/3-party liability cover. Such individuals will cough up Rs 2,000 the primary time they are stuck. Repeat offenders will pay Rs four 000. “In case of many two-wheelers, the top class is decrease than the consequences,” notes Anik Jain, Co-founder and CEO, Symbol Insurance, a web intermediary.

Has your motor insurance cowl lapsed? 1Last yr, the Supreme Court issued an order making long-time period 1/3-birthday celebration liability covers mandatory. It changed to found that over one-third of registered automobiles on the road have been not insured. A huge part of the blame lay with two-wheeler owners who fail to resume their rules after the primary year. Subsequently, the Insurance Regulatory and Development Authority of India (Irdai) directed insurers to offer a long-time period 0.33-birthday celebration legal responsibility covers for new vehicles closing yr. With the amended Motor Vehicles Act coming under pressure now, such automobile-proprietors have nowhere to cover.

If you want to renew the 0.33-birthday party liability thing, surely, you will no longer undergo any difficult technique. “In such instances, there’s no inspection, and the policy is issued straight away,” says Chawdhary. Renewing a lapsed, or smash-in, very own damage detail of a complete cowl is barely greater complex. However, it has to be far less complicated now, thanks to the usage of the era with the aid of insurers and online aggregators.

Until a few years ago, it turned into a time-eating affair because the vehicle needed to be bodily inspected with the aid of insurers’ surveyors before policy issuance. “There are 3 fashions insurers presently observe. One, in which the manner is finished with none self-inspection as insurers tend to waive this requirement in case of rules where the destroy has not passed ninety days,” says Jain of Symbol Insurance.

Renewing your policy within ninety days of the lapsation has every other benefit: you may be entitled to the amassed no claim bonus. Any put-off beyond this era will mean dropping out at the NCB, ensuing in better top rate outgo. The longer the destroy, the better the charge to pay. Some insurers no longer enlarge beneficial add-ons like zero depreciation cowl or engine guard cover to motors that have been uninsured for an extended duration.

Then, there’s the self-inspection version, where coverage-seekers add pics in their automobiles for inspection via insurers’ official apps or links. “The link is despatched to the insurance seeker’s cellular phone. They certainly must file and add the video,” says Asthana. This will function proof in destiny. “A recorded video reduces the possibilities of disputes (on own damage claims) on the time of declare settlement,” adds Sajja Praveen Chowdary, Business Head

The cause is to minimize the scope for disputes on pre-present damages at the time of claim agreement. “Disputes cannot rise in case of third party claims as it’s the motor tribunal that takes the decision,” provides Chowdary. The coverage is issued as soon as the inspection is completed and the premium paid.

Related Posts

Otto insurance quote now and make sure you never waste your money again!
Insurance

Otto insurance quote now and make sure you never waste your money again!

March 8, 2025
Car Accident Insurance – What You Need to Know About Car Accidents in the US
Insurance

Car Accident Insurance – What You Need to Know About Car Accidents in the US

February 26, 2025
Insurers settle Covid claims worth over ₹15,000 cr
Insurance

Insurers settle Covid claims worth over ₹15,000 cr

February 15, 2025
Pay health rates in instalments now
Insurance

Pay health rates in instalments now

February 11, 2025
IRDAI cracks down on misselling of tour insurance thru online price ticket booking portals
Insurance

IRDAI cracks down on misselling of tour insurance thru online price ticket booking portals

February 11, 2025
IRDAI cuts down exclusions in medical insurance
Insurance

IRDAI cuts down exclusions in medical insurance

February 11, 2025
Next Post
IRDAI cracks down on misselling of tour insurance thru online price ticket booking portals

IRDAI cracks down on misselling of tour insurance thru online price ticket booking portals

  • Home
  • Disclaimer
  • Cookie Policy
  • Privacy Policy
  • DMCA
  • Anti Spam Policy
  • Contact
  • About Us
  • Terms and Conditions

© 2025 moneybill - All Rights Reservedmoneybill.

No Result
View All Result
  • Home
  • Business News
    • Money Management
    • Money Risk Management
    • Bank Savings
    • Advertisement
  • Insurance
  • Tax
  • Trading
    • Stock market
  • Pages
    • Disclaimer
    • Cookie Policy
    • Terms and Conditions
    • Privacy Policy
    • Anti Spam Policy
    • Digital Millennium Copyright Act Notice
    • About Us
  • Contact

© 2025 moneybill - All Rights Reservedmoneybill.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In