GENERAL INSURANCE BLOG

In India, awareness about motor insurance has grown significantly in the last few years. The number of insurance policyholders is slowly but steadily increasing. The increasing means of living and demand for luxury goods to improve convenience are anticipated to keep driving the market for motor insurance. Comprehensive motor insurance consisting of own damages and third-party covers is expected to grow more in the coming future.

Third-party liability insurance is mandatory to protect the driver against legal and accidental liability, financial loss or property damage, and medical expenses he may face after an accident. Despite its advantages, settling claims is a lengthy and costly procedure. The knock-for-knock agreement is a recently introduced aspect of motor insurance to simplify the process and increase the policyholder base and satisfaction.

This blog discusses all you need to know about the knock-for-knock agreement.

The issue before the knock-for-knock agreement:

When an accident happens, the persons involved can contact their insurance companies to compensate the other party for damages. However, this is a lengthy procedure that may sometimes take months to settle with unfavourable conditions. It is also still being determined whether or not the insurer will accept the claim.

In the background of such uncertainties, the affected party has no choice but to file a suit in court, which takes additional time and cost. The knock-for-knock agreement aims to eliminate this waiting period by providing an alternate solution to settle the claim among the parties without the court's involvement.

An alternative approach using a knock-for-knock agreement:

The knock-for-knock agreement is signed by two or more motor insurance companies insuring two or more parties involved in a motor accident. Since these companies are aware of the tedious claim settlement process, they use this alternative agreement and promise to bear the expenses for repairs or damages to their client instead of claiming the amount from the other party. Introduced in 2001 by the General Insurance Council, a motor insurance company doesn't need to sign such an agreement to make the claim process quick.

Advantages of knock-for-knock agreement:

While the concept is simple to understand, here is the summary of the benefits of signing a knock-for-knock agreement:

● Speedy settlement of claims

● Eliminates the need for the involvement of law

● Reduces the expenses required to be borne in case of proving the liability of the third party to derive a settlement from his insurer

Conditions for knock-for-knock agreement:

Three primary conditions are applicable for claims that are admissible under a knock-for-knock agreement.

1. Accidents must occur within geographical boundaries:
The insurance company decides such boundaries before the lodging of the claim. Generally, the limit is considered to be the defined geographical boundaries of India. It is implied that any accident outside the border cannot be admitted as a claim under a knock-for-knock agreement.

2. The claim must be filed as own damages:
Under the agreement, each motor insurance company agrees to compensate its client instead of demanding compensation from the other party. This claim can no longer be filed as third-party damages and is processed as "own damage". Therefore, you must purchase your "own damages" cover, without which you cannot complete this procedure.

3. Limit on the claim amount:
The admissible claim cannot exceed the insured declared value (IDV) previously mentioned in the policy.

The knock-for-knock agreement is a lesser-known aspect of motor insurance that makes claim settlements speedy and inexpensive. It saves the resources of a motor insurance company that agrees to such a contract. Explore this aspect to know more about its seamless benefits before buying motor insurance in India.

Click HERE to buy reliable motor insurance 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.

A critical safety element that is now standard in all modern vehicles is the anti-lock braking system, or ABS. The ABS is frequently marketed as an efficient breaking mechanism that significantly reduces accident risk by facilitating a good grip over the vehicle. We go over everything you need to know about ABS, including its advantages, how it works, and the several kinds you can find in modern vehicles.

What exactly is "anti-lock braking"?

The name of the technology suggests that when you apply the brakes, ABS keeps the wheels from locking. It shortens the distance you need to stop and lets you move or "steer" the car while the brakes are still on. This way, you can avoid collisions from sudden braking and crash into fellow vehicles or objects.

What is the purpose of ABS?

Irrespective of the car's speed, when you press the brake pedal (without ABS), the wheels lock up because the brake pads make tight contact with the wheel discs and stop the wheels from turning.

The car skids because of its momentum when the wheels stop rotating. As a result, the driver has no control over the wheels. Most frequently, this can result in severe accidents.

What are the main components of ABS?

Speed sensors, valves, a pump, and an ECU comprise most ABS parts.

Speed sensors:
These sensors are important to keep track of the wheels' speed.
Valves:
In the brake line, some valves regulate the pressure on the brakes.
Pumps:
When brakes are used, hydraulic fluid-filled pumps pressure the brake callipers or drums.
Electronic Control Unit (ECU):
In response to the signals from the speed sensors, the ECU acts as the command centre of all the processing.

How is ABS used?

When you use the brakes on a car with ABS, the speed sensors track how slowly the wheels turn. Brakes deliver a signal to the electric control unit when they are about to stop rotating. Using valves and pumps, the ECU removes some of the brake pads from the wheels, allowing them to continue spinning. When you apply heavy brakes, ABS enables the wheels to continue turning, giving you control over the car.

Without ABS, when you hit the brakes, the wheels would stop or lock up immediately, causing the car to slide. In this situation, the vehicle would skid and travel a fair distance. It would be challenging to turn your vehicle because the wheels were locked. ABS helps you slow down efficiently, deploy uniform braking, and quickly control your car and avoid it from spinning.

ABS benefits:

● Uneven tyre wear is avoided because the wheels don't lock up when the automobile is stopped.

● The Traction Control System (TCS) and ABS share specific fundamental architectures, which facilitate TCS installation on vehicles in manufacturing facilities.

● You may steer the automobile around obstacles when braking hard, which can reduce brake pad and brake disc wear.

● Minimises the risk of severe accidents due to sudden braking and enhances the car's stability post-braking.

When the brakes are applied hard at high speeds, ABS keeps the wheels from locking up, which makes it much less likely that a deadly accident will happen. The effectiveness of the anti-lock braking system has been demonstrated everywhere. Anti-lock brake systems are now so critical to safety that the Indian government has made them a requirement.

Safety is paramount, and braking is a crucial part of vehicle safety. It's also a good idea to get online motor insurance to upgrade the security of the vehicle and the owner. Motor insurance covers car owners' liabilities and protects them from damage to their cars and any legal obligations they may face. Browse through different options and opt for online motor insurance with the best premium and benefits that suit your needs.

Click HERE to buy 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.

Who does not love to travel in the winter season? The chilly weather with snow-clad mountains or the cool climate on the beaches and plains can be delightful and welcoming. Taking advantage of the pleasant climate and an ideal season to travel, numerous tourists plan family holidays and group tours to explore the best winter destinations in India. But the idea of winter travel reminds us of the arduous task of carrying thick, heavy, woollen clothing.

Are you planning a family trip or a solo adventure this winter? Here are a few effective winter travel tips for enjoying a memorable trip.

1. Plan in advance:
Winter travel in December and January coincides with Christmas and New Year vacations in schools and holidays in offices. Hence, there is usually a lot of crowd at popular vacation spots and heavy bookings on flights, trains, and hotels.
Hence, you should always plan your winter trip well in advance. Book your travel tickets and accommodations as early as possible so that you don’t have to cancel your trip at the last moment due to the unavailability of travel tickets or rooms in good hotels.
Even if you can get flight tickets and good accommodation at the last moment, you will have to pay exorbitant rates. So why not plan in advance, save money and make your trip memorable?

2. Check your flight and train departure:
Always check the timings of your flight or train departure in the winter season before leaving home. They are usually delayed and are sometimes even cancelled due to heavy fog and low visibility. Keep an alternate route or service in mind in case of any cancellations. This will ensure that your travel plan gets successful.

3. Travel light:
You will wonder how we can travel light with bulky woollen clothes, especially if we are visiting some cold place or a hill station. It is possible by following some simple tips. Wear your most bulky jacket, sweater, shrug, or scarf on the day you have to travel. This will mean you will not have to pack them inside your bags. Also, wear your heavy boots and pack your lighter shoes or slip-on in your bag.
Do not pack multiple t-shirts, tops, or jeans with you. Repeat them. What you wear on the top is only visible in winter. Keep changing your jacket, shrug, or coat, and no one will know you are repeating your dresses! Also, buy woollen clothes of superior quality so that you don’t need multiple layers of clothing to keep you warm. Carry thermal innerwear of good quality as they are light and warm.

4. Rent travel gear:
You don’t need to carry your travel gear everywhere you travel in winter. For example, if you want to ski in the snow, you can rent all the essential gear, including snow boots and overcoats, from the resort you are staying in.

5. Medication:
The cold season brings many ailments, such as flu or fever, nasal congestion, cough, etc. Always carry appropriate medication, especially when travelling with kids and the elderly. Also, use small cases for carrying your cold cream and moisturiser so they only take up a little space.

Make your winter trip special and memorable by following the above travel ideas. Another important tip is to go for your true companion that will never leave your side, i.e., travel insurance. Travel insurance will protect you against trip cancellations, lost baggage, damage to your luggage, etc. You can take an annual plan to cover all your trips or insure only a particular trip.

Insurance will also offer coverage in case of any medical emergency and assistance arising during your trip. Make your life secure and tension-free by choosing a wide variety of general insurance policies. Moreover, buy online general insurance from the ease of your home with a few clicks, additional benefits, and the best premium rates. We wish you a happy winter!

Click HERE to buy online general insurance before planning your winter travel trip.

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.

Out of 195 countries, setting oneself apart from others is difficult. Most countries are either known for their rich resource endowment or their progress and economic significance. Over the years, India has continuously made optimal use of its resources to cultivate its financial position amongst other leading developing and developed countries. However, one thing that makes India genuinely unique is its rich cultural identity.

India is a land of deep-rooted culture and traditions. Ancient temples and practices are proof of the long legacy of the old civilizations that formed the fundamentals of society. There are over two million temples in India, proving the significance of heritage and spiritualism in the country. Of this enormous number, many temples have existed since the rule of the ancient kingdoms and are proof of the vibrant traditions and beliefs of Indians.

The easiest way to experience the diverse culture of the expansive land is by immersing in the historical archives engraved on the temple walls and sculptures. Before you plan your trip to explore these temples, we recommend contacting a general insurance company to purchase a comprehensive cover to compensate for any damages during travel. After checking that off, here is a list of ancient temples you must visit!

1. Mundeshwari Devi Temple:
Located in Bihar, it is said to be one of the oldest temples in the country, open to the public. The Archaeological Survey of India dates the temple back to 108 AD after consideration of its design and architecture. The temple is a shrine for Lord Shiva and Goddess Durga and is popularly known for its distinct octagonal design.

2. Somnath Temple:
Located in Gujarat, the Somnath Temple worships Lord Shiva. It is one among the 12 Jyotirlingas and holds great significance to the devotees of Shiva. The legend behind the temple also involves the Moon God. The temple initially held massive troves of treasures, which Mahmud of Ghazni raided during his attacks. Despite being destroyed, the temple has been restored and provides a peaceful environment to bask in its cultural significance.

3. Sree Padmanabhaswamy temple:
The gold-plated temple in Kerala is dedicated to Lord Padmanabha. Also known as the richest temple in India, the temple is thought to have existed for over 5000 years. The temple's wealth is estimated to be around 1 Lakh Crore Rupees, excluding a closed vault that cannot be opened until the chanting of the Garuda Mantra, an unknown chant.

4. Konark Temple:
The temple, built in the 13th century, is a UNESCO World Heritage site in Orissa. Dedicated to the Sun God, its architecture sets it apart from other temples. It is designed based on geometric ideals, making it truly unique. The main temple had a suspended sun idol built using granite and magnets.

5. Dilwara Temple:
Dilwara Temple is an important Jain pilgrimage in Mount Abu built between the 11th and 13th centuries with intricate engravings. The exterior does not give insight into the grandeur of the exquisite marble carvings inside. The hilly terrain outside makes one appreciate the entire process of building the temple in an age without the convenience of transport vehicles.

6. Amarnath Cave Temple:
Situated in Jammu and Kashmir at a height of 3900 metres, visiting this shrine is an experience like no other. It is a naturally formed cave with a lingam of ice resembling Shiva's idol. Reaching the temple is challenging and requires significant effort and dedication.

While it is recommended to visit such divine places to uncover and understand the traditions and Indian heritage, it is also essential to pay heed to one's safety during the travel. A general insurance company provides excellent travel protection that one must consider before planning a trip.

Click HERE to buy travel insurance from the best general insurance company.

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.