GENERAL INSURANCE BLOG

With gated communities and technologically superior security systems, theft has significantly reduced in our country; however, as with any other type of risk – it can only be minimised, not eliminated. Its consequences also are not limited to your financial losses but also includes trips to the police station, affidavits, reams of paperwork, fear and trauma, leaving you depleted in all senses of the word.

This is where theft insurance comes in. Getting financial protection for your loss sure does take a load off your mind if an unfortunate incident does take place. Read on to find out more about theft insurance and how it works.

Theft insurance is essentially a plan that will cover you for any losses arising from burglary, robbery, etc. Not only does the policy cover you for the loss of valuables but also for any damage to premises, furniture, fixtures and physical assault during the attempt. Insurance providers such as Magma HDI also cover temporary security expenses so that you and your loved ones can feel safe again. Thus, you can rest assured that your insurance plan will take care of all your needs.

Important points to remember

• It is imperative to carefully go through your policy documents to understand the coverage, terms and conditions, exclusions etc. provided to you. For example, when looking to travel extensively, some insurance companies will ask you to intimate them if the premises will remain unattended for an extended period of time.
• The claims process for any insurance policy holds immense significance for all of us. Under a theft insurance policy though, theft and burglary are two separate events while filing your claim. While theft is a non-violent and unforceful entry into your premises, a burglary involves a forceful or violent attempt by breaking in/ tampering in order to rob you. Usually, you would need a separate cover for either peril, but nowadays insurance companies in India provide coverage for both through a single policy. 

Ideal coverage 

A common dilemma while opting for a Theft Insurance Policy is determining how much coverage you need. An important point to remember while making this decision is that your coverage will be limited to the sum assured by you. So, if you have assets worth 20 lakh in your home and have a coverage of 5 lakh, the insurance will only cover the loss till the extent of the sum assured. To avoid getting inadequate coverage, it is important to assess the worth of all your insurable assets and look for an insurance plan that gives you coverage based on your needs.

Exclusions

There will inevitably be a few exclusions to your cover. For example, some theft insurance policies do not cover cash or cash equivalents, stocks and share certificates, agreements and title deeds. Similarly, you may need to purchase a rider to cover for precious metals such as gold, silver, etc., precious stones such as diamonds, and other art and antiquities. Thefts committed by family members, house help or employees, loss arising due to riots, terrorism and war are excluded as well.

A final tip for you is staying on top of your policy. Reassessing your coverage needs periodically, especially when adding new inventory, expensive machinery or valuables will ensure that your financial risk is minimised in case of any unforeseen incidents.

Medical facilities in India have now achieved the status of being “world-class,” allowing the people of country with access to best treatment within the country. This improvement in facilities has come along with a substantial increase in medical expenses. As a result, purchasing health insurance in India has become a necessity because covering medical expenses from your own pocket has become virtually impossible. In fact, if your parents are in their older years, you must opt for health insurance in india for parents  to allow them access to best-in-class treatment for their ailments, without jeopardising their financial future. Due to the efforts of the Government and leading insurance companies, awareness regarding health insurance has improved significantly in India.

With multiple insurance companies operating in India and offering various health insurance plans, it is certainly possible that you are confused regarding the best option. If you are unsure regarding the best policy for you, then read on to know about the easy ways to choose affordable health insurance:

• Understand your requirement: Firstly, understand the extent of coverage you require. This will depend on numerous factors like your age, family size, premium affordability, and future health requirements. Moreover, if your parents do not have a health cover, then you must get health insurance in India for parents. Also, there are various additional covers available, which can come handy in case of certain conditions.
• Coverage for ailments: Nowadays, there are several health insurance policies that offer coverage for specific critical illnesses. You need to ascertain the type of diseases you wish to cover under your health insurance policy before opting for an option.
• Coverage for pre-existing ailments: Different health insurance policies offer different waiting period for pre-existing illnesses. You need to identify a plan that has a minimum waiting period. This will save you from unexpected hospitalisation expenses in case you need treatment for the ailment before the completion of the waiting period.
• Claim-settlement ratio: This ratio signifies the percentage of claims that the insurer settles out of every 100 claims received. You need to opt for an insurer with the highest claim settlement ratio so that your claim would not be rejected for any frivolous reason.
• Cashless hospitalisation: Different insurance companies have agreements with different TPAs (Third Party Administrators). These different TPAs have different hospitals on their panel. You should opt for an insurer who offers maximum hospitals for cashless treatment. Moreover, the hospitals near your home should be covered under the panel of the TPA, as it would convenient for you in the need of emergency.
• Compare the premiums: Last but not the least, make it a point to compare the premiums of different insurance companies. For the same extent of coverage, different insurance companies charge different premiums. Nevertheless, there are various plans that offer cheaper premium but also have reduced coverage. There are various online platforms where you can easily compare various health insurance plans, their coverage, and other essential parameters.

The importance of choosing the right health insurance plan cannot be neglected as it is directly associated with your health. So, never rush but always make an informed decision after carefully comparing various crucial factors affecting your health plan.

Routine oil change ensures that your vehicle’s engine is in good shape. Moreover, it guarantees that the machine operates on high-quality motor oil thus improving its performance and the engine’s life. But which oil is suitable for vehicles - regular or synthetic?

Most people believe that oil does not make a significant difference in the performance of your car, but that isn’t the case. The type of oil used for your motor impacts its well-being and durability. So, to secure your car’s engine, be attentive to the requirements regarding its oil.

Let's quickly look at the aspects that differentiate these two types of oils before you pick a side.

What exactly is Regular oil?
Regular oil or conventional oil is a blend of crude oils and additives that meets the minimum requirements for engines and is commonly used in older or low-mileage vehicles. Depending on the manufacturer and pricing, these oils can range from mediocre to excellent grade.

What is Synthetic oil?
Synthetic motor oil combines high-quality additives that provide the finest engine protection. It can help with engine cleanliness, heat prevention, and engine endurance. It is usually suggested for all current and new-age automobiles due to its benefits of providing the highest engine protection.

How to determine which oil is better for your vehicle?
The ultimate way to choose which oil to go for is by reading your vehicle’s user manual, which states the correct oil for your motor. However, other minor factors contribute to decision-making, such as the age of the vehicle, usage, way of driving, and so on.

Advantages of Regular vs. Synthetic oil

1. Regular (Conventional) oil:
• The most obvious advantage of choosing conventional oil is that it won’t burn a hole in your pocket.
• It is readily available and a good choice for drivers and mechanics to get their hands on.
• Well suited for older motors.
• Many motor companies and mechanics advise using traditional oil for older vehicles and low-mileage vehicles.

2. Synthetic oil:
• Synthetic oil is composed of homogeneous molecules that reduce friction in the engine.
• Synthetic oil is also more refined, resulting in fewer deposits in the engine. It is purer and has fewer contaminants.
• It is improbable to break down and hence has higher durability.
• It lasts longer; thus, your motor won’t need frequent trips to the mechanic for an oil change.

The decision between conventional and synthetic motor oil depends on where and how your vehicle is used. Consult the owner’s handbook to ensure you’re using the recommended oil for your car. It will also inform you of the proper distance periods between oil changes.

You should timely replace your motor oil, whether you use regular or synthetic motor oil. Like the oil for your engine, investing in good motor insurance is always the right thing for your vehicle. Using motor insurance with limited features will not provide you complete protection to your car against financial emergencies during any breakdown. Therefore, make sure to browse through the options before purchasing the best one for your vehicle.

Are you looking for a suitable motor insurance? Click HERE .

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.

Bike riding by teens is becoming one of the most common sights nowadays. Many teenagers feel independence and pride as they no longer depend on their guardians to drive them to places. As a result, adolescents have the irresistible urge to flaunt their expensive bikes and lethal driving skills in front of their peers.

You will come across many road accidents reported on the news channels every day. According to research, a person travelling in a commercial plane is less likely to die than riding a motorcycle on Indian roads.

Unfortunately, minors don't take into consideration the consequences of mindless driving. Even some parents allow their kids to drive because they think the worst that could happen is receiving fines from traffic police. However, outcomes can be much severe. Also, your bike insurance won't help you in case of death due to underage driving.

In this article, we share five reasons why parents should not give in to children's demand for bikes.

1. Legal consequences:

The Motor Vehicles (Amendment) Act of 2019 states that the guardian or the vehicle owner shall be held liable for the infringement and shall be punished accordingly. Imposition of a fine of Rs. 25000 with three years of imprisonment will be made if your ward drives in an illegal driving age. The minor may have to go to court as well and face trials under the Juvenile Justice (Care and Protection of Children) Act resulting in the cancellation of the vehicle's registration.

2. They are not yet matured:

An individual needs to be cognitively mature to drive fast cars and bikes. For example, adolescents may feel the thrill of getting an adrenaline rush when riding a motorcycle at high speed. But, what they don't understand is that their brains are not yet mature enough to handle it.

3. Road accidents:

According to International research, the possibility of underage drivers being involved in a road accident is four times more than adult drivers. Road accidents are among the top causes of death and injury for people between the age of 16 to 20. Reasons are inexperience, distraction, poor driving judgment and decision making, alcohol consumption, and lack of adequate driving skills.

4. Financial drain:

Financial drain is not seen as a problem by many. But believe it, accidents can take a toll on your life savings. In some cases, insurance does not cover the cost of the damage or third party insurance. Plus, if the crash leads to any chronic health problems, then you will keep drowning in the hospitalization bills for the rest of your life.

5. Physiological trauma:

We often overlook the matters of mental health. But unfortunate events like this can be very traumatic. If you or your dear ones have been in an accident, you will likely have anxiety and panic attacks in the future. The memories of tragic accidents can cause mental health problems to the young, and the memories are enough to last you a lifetime.

Prepare yourself for your teen to take the wheel:

If you have a teenager in your family who will be of legal age to drive soon, distance your kids from any such bad experience. Being a good driver and role model, you can instil safe driving habits in your teen. For example, you can re-familiarize yourself with your vehicle's safety features and discourage phone use while driving.

Safe driving has an immediate payoff to you and your teenager by keeping accidents and violations off a teen's driving record.

TO KNOW MORE ABOUT THE DIFFERENT BIKE INSURANCE, CLICK HERE…