GENERAL INSURANCE BLOG

Owning a vehicle is a dream for many. In recent times, a vehicle has become a necessity. Be it a quick run to the nearby grocery store or taking road trips during the weekend, automobiles have become the new favourite investment for most people. Since the prices of cars and bikes are increasing daily, potential buyers are forced to have a second thought. While some people opt for loans or EMIs to pay for their motor vehicles, others prefer using second-hand cars.

In India, it is illegal to drive around without motor insurance. As a second-hand vehicle owner, transferring the insurance and understanding the nuances of the same can be challenging and intimidating. This article is here to help you understand the process better so that you can drive around worry-free.

Why is it essential to transfer the insurance policy from the previous owner to the current owner?

If the insurance ownership is not transferred to the new owner, then according to the law, the new owner can be charged legally. Not only that, if the vehicle were involved in an accident without having the name on the policy papers, the new owner would not be able to make any insurance claims. Without the insurance cover, the owner will be liable for all financial costs arising from an accident.

Let's look at the steps involved in transferring insurance ownership from one owner to another:

1. The vehicle's former owner must write an application to the RTO upon selling the bike.

2. Fill out a form at the RTO and submit RC, emission certificate, insurance papers, and fitness certificate.

3. Do not forget to carry valid IDs and passport-size photographs of the applicant.

4. The applicant must submit forms 28 (No objection certificate) and 29 (states the selling and purchasing of the vehicle between two parties) to the RTO.

If the buyer and the seller live in the same state, then report the transfer of ownership to the RTO within two weeks of buying the vehicle. The report must be made within forty-five days if both parties do not reside in the same state.

If selling an old vehicle, the seller must provide all details about the buyer and the bike to the motor insurance provider so that they can stay informed and updated.

After you visit the RTO where your bike is registered, you will need to submit a few forms along with the insurance papers and other required documents. The insurance provider might check the vehicle to ensure if it is in working condition and issue a fitness certificate. After submitting all the files, the RTO will verify and transfer the insurance to the new owner.

What are the benefits of insurance transfer?

1. If the new owner causes an accident, they cannot hold the seller accountable as the insurance papers are in the name of the new owner. This way, you can evade litigation and accountability for the damages caused.

2. NCB: If you have not claimed your vehicle's insurance before the transfer of ownership, then you are qualified for a No claim bonus. During the insurance transfer, you can collect a certificate of eligibility for NCB that can be applied to your following policy.

These were a comprehensive list of all things to remember while undertaking insurance transfers. As mentioned above, the seller and buyer can reap benefits from an insurance transfer. Do not forget to initiate the transfer as soon as possible to avoid legal hassles and financial obligations.

Remember to check out other benefits of policy transfer with your motor insurance provider and ask if there are options for add-ons to the existing policy. This will help you safeguard your vehicle as per your needs.

Click HERE to find out more about motor insurance.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

Your car's aesthetics are important to public perception of its value. The first thing that everyone notices about a vehicle is its glossy, shining exterior. For an asset that doubles as a symbol of wealth, it is essential to check car insurance price in India to protect your vehicle against accidents and ensure the upkeep of its exterior appeal.

We all wish to protect our car's fresh paint job at any cost. Most of us believe that dents are the primary cause that ruins them. However, it is not so. Let us look at the factors other than dents that can ruin your car's fresh paint job.

1. Dust:
Dust is a major enemy of your car's fresh paint job. It may contain high iron that causes rusty discolouration and corrosion to the car's paint. Do not rub the dust settled on your car body with your hands or a dry cloth. It may damage the paint and cause scratches. Always wash off the dust with water and soap, and get your car paint waxed to protect it from external damage.

2. Fuel spills:
Often, fuel spills on the car paint while refuelling the car at a petrol pump. This causes permanent damage to its paint. The damage is usually more when the painted panel is not from the factory and has been repainted. Avoid filling your car tank to the brim, so fuel does not drip out. Even if it does, immediately clean it with a soft cloth, so it does not form a permanent stain around your fuel inlet and damage your car paint.

3. Stickers:
Big attractive stickers are available in the market to make your car look fancy and trendy from the sides, front bonnet, or rear. But have you wondered how they will impact your car paint when you remove them? Do not put stickers on your car's exterior, especially if it has returned from a fresh paint job. They have strong adhesives on them and will ruin your car's paint when taken off forcefully. Worse, they may start peeling off by themselves in bits and parts and make your car exterior look ugly.

4. Car covers:
Car covers are made to protect your car's exterior and paint, right? Surprisingly, even they can damage your car's fresh paint job. Car covers made of thick fabric or non-breathable material trap moisture inside them. They can cause rust formation from oxidation in the long run and damage your car's body and paint. Also, a car cover made of thick fabric can cause scratches and ruin your car's new paint job after coming in contact with the dust on your car's exterior.

5. Excessive sun:
Exposure to too much sun also ruins your car's fresh paint job. Excess sun exposure deteriorates the paint quality and starts fading and cracking after a while.

6. Tree branches and road debris:
If you park your car under a tree regularly, broken twigs and branches might damage your paint job. They can cause unwanted scratches and cause the paint to crack too. Road debris can have a similar effect on your car's paint. If you regularly drive through broken roads full of rubble and potholes, there is a high chance that they will clash against the sides of your car and ruin the paint.

Besides protecting your car's paint from external damages, buy car insurance that will provide financial assistance in case of accidents, damages, malfunctioning, or theft. Evaluate car insurance price in India from various companies, and choose the policy that provides you with the best protection at the most reasonable prices.

Click HERE to check car insurance price in India.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

Car insurance costs can vary significantly depending on various factors. The total price you give at the beginning of policy renewal is the cost of the car insurance. In this article, we will look at a few factors responsible for the total cost of your car insurance.

1. The model of the vehicle can significantly determine the cost of your insurance. The more the market value of the car, the more will be the insurance cost. If your vehicle has good engine capacity, advanced technology, and electronic features, the overall cost of your insurance will be higher.

2. The geographical location is a lesser considered factor when it comes to car insurance. If your location is the face of extreme weather conditions such as rains and cyclones, then it is likely that the costs will increase. These are not just limited to natural calamities. Human-made disasters like riots and vandalism also fall into this category. Areas prone to riots and destruction can lead to heightened insurance costs.

3. Driving records are one of the most crucial factors that decide the cost of your premium. If you have a clean track record with no accidents or speeding tickets, then it is highly likely that your insurance costs will reduce. If it is proven that you are a responsible driver, then it automatically translates to lesser chances of accidents and danger. On the other hand, even if you have one ticket or one accident under your belt, the insurance costs can drastically change.

4. Suppose you have never raised a claim or are eligible for a no-claim bonus when you sign up for your online motor insurance renewal. In that case, insurance companies will provide you with a hefty discount on the insurance costs. If no claims have been made so far in your tenure, it proves that you are a responsible driver and a car owner. All these are extra points that the insurance companies consider while calculating the final cost.

5. If you have opted for voluntary deductibles, then the overall cost of the insurance falls automatically. However, this will not be possible if you take third-party insurance. Ensuring that you as an owner will pay a pre-determined amount in case of accidents and damages is a sign of assurance that you will not partake in malpractice to take unlawful benefits of the insurance system. Due to this, insurance companies will provide you with a low-cost insurance policy.

6. Digital insurance is the new policy in the market. With everything digitised, companies can cut costs on operations. Hence, they can offer better policies at lower price points. Consider opting for an online motor insurance renewal to understand digital insurance better. You will get a perfect walkthrough of the online procedures.

7. The type of fuel that you use in your vehicles can also determine the cost of car insurance. If your vehicle runs on CNG or diesel, then the cost of insurance will be more than that of cars running on petrol. Not only that, but the mileage also decides the overall cost of your insurance. These factors contribute to the overall IDV or the insured declared value. The higher the IDV, the more the cost of car insurance.

These are some of the factors that affect the cost of the car. Remember that proper maintenance and aftercare will help your vehicle run smoothly for an extended period. You must provide timely maintenance and servicing to keep your car working correctly and efficiently. Add more value to your vehicle by investing in good car insurance offers available in India. If your car insurance is about to expire, let this article remind you to opt for online motor insurance renewal for a contactless and hassle-free experience.

Click HERE to find out more about online motor insurance renewal.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

How often have you forgotten your spectacles at home and had difficulty recognising people's faces from a distance? These are some of the widespread yet frustrating problems people face with glasses. One of the most convenient and revolutionary technologies for solving this problem is laser eye surgery, popularly known as LASIK surgery.

With about a quarter of the world facing vision problems, it's not surprising that laser eye surgery is becoming increasingly popular. This blog aims to give you an insight into this technology and how it is revolutionising the world.

The need for LASIK:

When we look at a particular object, light from that object enters the eye and passes through the natural lens of the eye. This natural lens is responsible for correctly refracting the light to hit the retina. The eye's retina is responsible for focusing all the light and sending signals to the brain to help us interpret what we're seeing.

When light does not focus upon the retina correctly, vision can get blurry. This might be because the cornea isn't curved perfectly, or it can be because the eye lens present in our eye is slightly longer or shorter.

This refractive procedure is usually done to correct one of the following three vision problems: Myopia, Hypermetropia, and Astigmatism.

How does LASIK work?

Laser surgery is a procedure where the patient's cornea is reshaped by using an evolved cutting laser technology to help it refract the light to provide clear vision. Corneal reshaping is done by mapping the entire cornea precisely and then using this to plan the surgery accurately.

Pros:

1. Quick and safe – The most inviting aspect of this procedure is that it is a short one. LASIK takes only 10 minutes to mitigate your vision problems for each eye, so 20 minutes total to have perfect vision. It is also a very safe procedure, with 98 percent of people satisfied with the surgery's results.

2. Painless procedure – This procedure is entirely painless due to the eye drops your surgeon will apply at the beginning of the operation. Moreover, there is minimum post-operative pain, with no stitches or bandages required after LASIK.

3. Fixed cost – While the procedure is cumbersome on the wallet, it is a one-time investment. Glasses and contact lenses are cheaper than surgery, but they are building expenses with the cost of regular eye check-ups, lenses, and frames. However, there's a good chance LASIK is not covered by your insurance. Research online health insurance to find one that does.

4. Enjoy your favourite sports without fear – For many people, this surgery is not an option but a lifesaver. Whether you want to enlist in the police, army or play contact sports where wearing glasses is not an option, LASIK is the knight in shining armour if you don't want the hassle of carrying your lenses and lens cleaning solution everywhere.

Cons:

While this procedure has numerous advantages, there are some drawbacks too. You need to take several things into consideration before taking this big step. It is a huge investment and might burn a hole in your pocket if you're not ready. Like any other surgery, there are risks and side effects involved. Some side effects include dry eyes, a halo effect with bright light, and poor night vision. Consult your eye specialist before making any decision.

Although laser eye surgery is relatively quick and painless, you must take proper precautions. Avoid using any eye makeup or lotions around the eye for about three days before the surgery. Also, make sure to arrange a ride back home because you might not be able to drive right after the surgery due to blurred vision and the sedative. As most insurance plans might not cover the cost of laser eye surgery, it is best to research online health insurance to understand the terms.

Click HERE to know more about online health insurance.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.