GENERAL INSURANCE BLOG

With technological advancement moving at an incredible pace, it becomes challenging to see the downside of such progress. All this growth and expansion in every industry has made it difficult for consumers to keep track of legitimate companies with genuine offers, deals, memberships, discounts, and much more.

And with the spread of misinformation across multiple social media channels and a lack of helpful and authentic information, it has become easier for scammers to cheat innocent consumers by misusing their identities and personal information.

Have these scammers spared the insurance sector? Unfortunately, not. These scams are framed so perfectly that it becomes tough for the customer to identify whether the call, message, or email is warrantable and authorised. While the insurance industry is tightening its security measures to avoid all kinds of data breaches and ensure that the consumer's privacy is not invaded, there are a few ways in which you, as a customer, can protect your personal information.

This blog will discuss the safe practices that customers must follow to prevent falling prey to frauds. So, without ado, let's get started.

1. Proper policy authentication is a must:

There are three steps involved in determining the legitimacy of a policy.

● Step 1: The first step consists in scanning the QR code printed on the policy copy provided to you.

● Step 2: This step entails contacting the call centre using the designated toll-free number.

● Step 3: The final step is to visit the nearest branch office with a copy of the policy you possess.

These steps ensure that the policy you decide to purchase is legal and in compliance with the rules and regulations, and there are zero risks of any scam or dubious activities.

2. Be careful while making payments:

When it comes to paying the premiums of your vehicle insurance, or any insurance for that matter, say no to cash payments. Please ensure that you use digital modes or platforms of payment.
Now, what constitutes digital payments? You can use your debit or credit cards, contactless payments (e.g., NFC), QR codes (UPI), digital devices, net banking, mobile money/e-wallets, etc. These digital payment methods make it easier for the sender and the receiver to track the payment and fetch the payment details in case of a mishap.
The records for cash payments can easily be created or destroyed and might not be considered legal and legitimate proof when required to be tracked during financial blunders. Plus, large amounts of cash are dangerous to carry/maintain. Also, digital payments come with additional layers of security like SSL, OTP verification, 2-step authentication, and more, making it challenging for fraudsters to hack into your personal information.

3. Stay away from policy mis-selling:

There have been several cases where potential customers have been convincingly promised benefits that are too good to be true. As a consumer, you need to refrain from mis-selling the policies. How can you detect if the policy being sold to you is a scam? You need to be very careful about the kind of offer the seller is trying to convince you of. If the policy offers and features seem exaggerated, avoid entertaining them from that point onwards. It would be best if you also were cautious of any combo offers the seller is trying to sell-bundling up insurance with mutual funds, fixed deposits, lockers, or other financial instruments. And read the policy document carefully before signing up for it or making any purchase.

4. Protect your identity proofs:

Several documents are considered legitimate identity proofs by the government of India. These documents are prioritised differently during different procedures. Despite that, you must ensure that you safeguard these identity proofs as such documents can easily be stolen and used for criminal for other illegal activities, creating a huge legal issue.
If your health insurance membership card is misplaced, lost, or stolen, you must report it immediately to the designated insurance provider. If you encounter any fraud or fraudulent person, you should instantly register a complaint with your insurance company. The Insurance Regulatory and Development Authority (IRDA) or your insurance provider will never call or approach you for any offers against the insurance policies.

5. Necessary checks on claim process:

Addressing all safety checkpoints is a half-done job. It is crucial to authenticate and ensure a fair claim procedure to be applicable for enjoying all the benefits enlisted in your insurance. The essential tips for validating necessary checks on the claim process include the following:

● Reading the estimate copy carefully and clarifying any doubts with your insurance agent/provider.

● Going through all the messages and emails received from your insurance company.

● Self-attesting all the claim documents before submitting them for further processing.

● Don’t sign any blank claim form, and always keep a copy of the documents you provide to your insurance provider.

This is all about the prevention tips for a legitimate insurance policy that you must know. In light of such scams and frauds being a nuisance for the companies and the consumers, both parties must be aware of their rights and any potential indications of fraud that need to be kept an eye on.

For further information on various types of insurance you might need, the benefits, how to purchase, and much more, do visit our website https://www.magmahdi.com

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.

Whether a two-wheeler or a four-wheeler, owning a vehicle is a matter of pride and sheer joy. When choosing your vehicle, the engine capacity, mileage, pickup, and colour are some of the few factors you consider. One lesser talked about or thought about aspect is your motor insurance. Choosing the best motor insurance company in India should be your next priority after finalising the car because your dearest asset needs a reliable safety shield.

There are various hidden conditions and additional costs associated with insurance. It may be in the form of add-ons or premiums, but more often than not, we are confused about the final payments and all the benefits of getting motor insurance.

In today's article, we will talk about deductibles in car insurance and all you need to know about it.

What are deductibles?

An amount you are liable to pay from the total claim amount is known as deductibles in car insurance. Typically, if the repair costs you twenty thousand and the deductible is two thousand, you will have to pay two thousand, and the insurer pays the remaining eighteen thousand.

The higher the deductible amount, the lower your overall premium amount will be. Although promising a higher deductible would mean you will have to spend money from your pocket. Hence, analysing your monetary situation and the ability to pay the deductible is crucial to understanding the amount you might have to pay in case of accidents or damages.

Types of deductibles.

There are two types of deductibles from which you can opt from:
1. Voluntary deductible set by yourself
2. Compulsory deductible levied by the insurer

What is a voluntary deductible?

The amount you decide to pay from your pockets, depending upon the total insurance amount, is a voluntary deductible. As the risk that the insurer will take is lower, voluntary deductibles are a great way to get your premium lowered. Opting for a higher deductible will bring down the value of your insurance premium amount.

Before finalising your policy paper, deciding on a deductible amount you will pay yourself in case of any damages is imperative. This deductible is applied to every claim made after activation of the insurance.

What are compulsory deductibles?

The policyholder is not the one making decisions on these deductibles. The insurance board of India has set a value based on the engine's power or CC in these vehicles. It can vary from anywhere between one thousand to two thousand rupees. The premium amount stays unaffected irrespective of the compulsory deductibles.

When buying car insurance, two costs primarily add up. The first is the premium amount you have to pay at the beginning of the policy renewal, and the second is the compulsory deductibles you pay for every claim as a deductible.

Why is it essential to levy deductibles?

Many people partake in fraudulent activities to skip maintenance costs and reap maximum benefits from insurance companies. Manipulating evidence or staging accidents are part of moral hazards. Such situations can be avoided if a deductible is charged per claim.

Another reason insurance companies practice using deductibles is to provide a buffer between actual accidents and minor damages. Insurance providers offer financial support to people when they claim an accident or theft. However, the compulsory deductibles provide a cushion against unnecessary claims and financial stress for an insurer. Deductibles are used to protect them from such overwhelming situations.

These points are sure to help you understand deductibles and insurance policies better. Do thorough research before you buy your insurance policy. Choose the best motor insurance company in India and add value to your prized possession. Time invested in buying reliable insurance will bring you the best returns during tough times.

Click HERE to know more about the best motor insurance company 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.

Taking a shower is quite refreshing, especially after retiring from a hectic day or a high-voltage workout regime. The shower makes you feel better whether you prefer long, steamy stints or quick, frosty ones. While both hot and cold showers have their benefits, the optimal option is somewhere in the middle.

Let's discuss them one by one. First, let's talk about the merits and demerits of cold showers.

Merits:

1. Recover after a workout:
Ice baths and cold showers have gained popularity in the fitness regime for post-workout recovery. Cold water possesses regenerative properties that help your muscles to repair after an intense workout.

2. Reduce itching:
Due to the cooling and anti-inflammatory properties of cold water, a cold shower can help lessen itching if you have sensitive skin.

3. Enhance your body's resistance:
The immune system experiences a mild stress response when exposed to cold water, which helps increase resilience. Therefore, your body may react better when attacked by an infection.

4. Protects your skin and hair:
Your skin and hair do not lose their natural oils when you take a cold-water shower. Pores are sealed shut by cold water, which tightens the skin. Additionally, it inhibits hair fall and is kinder to your hair.

5. It makes you more alert and energetic:
You are startled awake in the morning by the shower's cold-water spray hitting your body. This shock will make you more alert and energised by raising your heart rate and oxygen intake.

Demerits:

Taking a cold shower can make you feel worse when you're sick. You will feel colder and take longer to warm up if you already have a cold, cough, or fever. People with joint pain can face problems like cramps after having a cold shower.

Let's talk about the advantages and disadvantages of a hot shower.

Merits:

1. Relax muscles:
After a workout, a hot shower might assist in relaxing the muscles and speed up healing.

2. Relieve respiratory symptoms:
A hot shower might be a helpful approach to relieve stuffy nose symptoms. This is due to the steam produced by hot showers loosening the mucus in your throat, nose, and chest.

3. Improve sleep:
According to research, a hot bath or shower before bed can help you sleep better quickly.

Demerits:

1. Taking hot baths might make your skin dry. When your skin comes into touch with extremely hot water, the keratin cells that make up its top layer are destroyed. Your skin becomes dry because moisture cannot be trapped.

2. Additionally, taking hot showers can make skin disorders like eczema worse. This is because hot water causes the skin to dry out excessively. Even if you don't have a skin issue, it might still make your skin itchy.

3. You should avoid hot showers if you have cardiovascular disease or high blood pressure. These issues might worsen if the water is excessively hot.

Which is best for your health – a hot or cold shower?

Showers, whether hot or cold, offer advantages of their own. If possible, take a warm shower before applying a moisturiser to your body while it's still damp. Cold showers can soothe irritated skin, while hot showers help relax the muscles and clear the nasal channel.

Sometimes, hot showers can cause skin problems as well. You can choose between the two depending on the weather and any health issues you may have. In the winter and when you are sick with a cold or fever, you should avoid taking a cold shower. If you don't enjoy chilly showers, ensure the water is lukewarm.

Keeping everything in mind, a person should prioritise his health, whether by having the right shower, doing daily exercise, eating a healthy diet, or purchasing the best health insurance plans in India for additional safety and medical emergencies. Health insurance will make you feel more prepared financially to deal with such circumstances and manage medical expenditures since treatment costs are rising daily.

Click HERE to buy the best health insurance plans in India and safeguard your finances.

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.

Accidents never come with a warning. And in such cases, having car insurance is a considerable relief. Otherwise, you will have to bear all the financial costs and suffer through the stress, which will never help the problem.

It is always advisable that before buying an insurance policy, you should know all the details and information. And to get the complete information, you need to ask all the right questions to your designated insurance provider. This helps you to know about the benefits you can avail and the steps to take in case you get into trouble.

Listing down all these things has us sweating. All these unforeseeable circumstances sound so taxing, don’t they? This blog has all the information you need regarding these crucial questions.

1. The number of insurance claims you can make:

It’s a mix and match. The higher the number of insurance claims you make in a year, your insurance premiums will increase. Most of the time, the number of insurance claims is not limited and mentioned in your car insurance policy. Your “no claim bonus” provided by your designated insurance provider reduces if you file a claim during a year. It is optional, so you are allowed to forfeit it. It would be best if you were mindful of your zero depreciation cover and other add-on benefits, as some insurance provider companies have a limitation on the number of claims in such covers.

2. Is there any particular number:

There is no particular answer to the question, “how many car insurance claims can be made every year.” It ultimately depends on the type of damage, the grade of damage, the type of policy cover you have under the insurance, and your insurance provider’s norms and regulations.
Although, it is advisable to save your insurance claims for damages that would cause you some financial stress. Do not file insurance claims in case of minor damages that bear low costs, and you can easily afford to get it sorted.

3. What happens if you file several claims:

Suppose you end up filing multiple claims. Are you worried about the consequences and what sort of situations might arise regarding your car insurance? We have discussed the no-claim bonus. Your rates will lower if you do not file any claims in a particular insurance period or year. You will have to bid farewell to your no-claim bonus if you file too many claims.
So, it is advised to only file claims if they are way beyond your affordability or more than your no-claim bonus. Filing too many claims will not only make you devoid of no claim bonus but also affect your premium rates which will skyrocket in case of multiple claims. This happens as these claims make you appear on a riskier end for your designated insurers.

Other consequences include the depreciation rate not being taken into account by the insurance company in case of zero percent depreciation coverage. Don’t file a claim if your repair charges are lesser than the deductibles.

That was all about how insurance claims you can make in a year. We hope this blog has provided the best insights. We suggest an essential tip for buying online motor insurance for first-time buyers. As there are plenty of options to explore, you can conveniently purchase a plan that best suits your requirements and budget.

Click HERE to know more about online 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.