GENERAL INSURANCE BLOG

Your car gets you safely everywhere you want to go, but it requires that you take good care of it in order for it to keep running. Some of these simple maintenance issues can actually result in an accident or injuries. Take the time to make sure these 10 things are checked regularly and maintained as needed and avoid a potential accident or claim.

Tip 1: Change the oil. Neglecting oil level checks and fresh oil changes will not do your car any favours.

Tip 2: Change the oil filter. Check the oil level once a month and replace the oil filter regularly.

Tip 3: Check your brake fluid. Check when transmission fluid and power steering fluid need to be replaced as well.

Tip 4: Check the tyre pressure each month. You should check your tyres regularly by ensuring that they are properly inflated and that the wheels are aligned. Not only will you get better mileage, but your tyres will last longer too.

Tip 5: Check the windscreen wipers. Make sure they are not damaged and are in a good working condition, as driving without proper visibility is dangerous.

Tip 6: Change the air filter. Keep your engine clean by regularly replacing the air filter.

Tip 7: Check the windscreen. Inspect the windscreen for small chips and scratches. These are reasonably cheap to repair, while replacing an entire windscreen is expensive.

Tip 8: Check your lights. This means indicator lights, hazard lights and headlights. Replace burnt out bulbs immediately.

Tip 9: Check the dashboard. Don't ignore the dashboard if there are flashing lights or the temperature gauge is suddenly extra hot. Stop as soon as it is safe and read the manual to make sure it is safe to drive further.

Tip 10: Protect the exterior of the car. A coat of good quality wax will ensure that your vehicle paint is protected. Apply the wax every six months.

Keep your car in good running condition and it will keep you safe and in control on the road. It takes a short amount of time to check these important functions, but can save money, fuel, and even lives in the long run. Make sure the functions of your car aren’t the only thing you’re checking. Get Car Insurance at the best price and protect your prized possession!

We all know that setting up a business and buying an asset takes a lot of time and toiling, it may be a car, your dream house or simply a household item.

For many, work and business is a doppelganger of their personal identity. Your office could have cash, valuables, goods and raw material, critical documents or intellectual property that in an event of a theft or burglary can leave you financially crippled. 

Here’s what we have figured out through our truth lens!

Even though the crime rate in India is on the decline, it is still quite high at 379 crimes per lakh of the population as per data from NCRB (2016). Most urban business complexes now have better security systems and more personnel on board; however, most perpetrators in cases of thefts are known to be familiar faces. This makes it imperative for businesses to add a layer of security with a comprehensive burglary and theft insurance plan.

For the sake of insurance, theft and burglary are two separate categories, where burglary, unlike a theft, also accounts for forcible/ violent entry and/or armed robbery that puts the people, place and other valuables at risk. 

Why is securing yourself against theft and burglary important?

A comprehensive protection plan can be purchased for your home, office, factory, warehouse, etc. The compensation from the insurer covers for any item that is stolen from the insured premises and also makes good any loss or damage caused to the premises on account of the said theft or burglary.

Any stock of goods, furniture, computers and electronics and other assets within the business premises are covered too. In fact Magma HDI’s Burglary Insurance Policy goes a step further and provides for reasonable coverage to clean up the premises and move any debris from the premises to the closest disposal site. It also reimburses for making good critical documents such as agreements and confidential business documents, on which sometimes the registration and stamp duty itself can run in to lakhs of rupees.

If you fear a repeated attempt at the theft or burglary, Magma HDI burglary policy also covers for the cost of temporary protection incurred for the safety of your employees and assets.

The first thing you need to do is to ensure that there are reasonable safety and security systems in place so as to minimize the risk. This will also have a direct impact on the insurance premium you will incur. The better your preparation, the lower the premium. The insurance will not cover for any loss arising out of an ‘inside job’ unless through forceful means.

Review your insurance requirements periodically, especially if you have different value of cash, goods/ raw material moving in and out of your office, new equipment/ machinery, critical R&D technology, etc. The value of your stocks and assets have a direct correlation to your premium.

The cost of insurance is a small price to pay for ensured business continuity, protecting your family and employees and securing your peace of mind.

Have you thought of your insurance claim getting rejected? Scary is’nt it?

Any individual taking an insurance policy would never think about their claim not being approved, but there have been numerous incidents of insurance claim rejection. Some of the reasons could be due to negligence on the part of the policyholder, but sometimes, it could also be because of choosing the wrong policy provider who looks for loopholes to avoid paying claims.

Claim settlement becomes especially important in the case of life insurance policy, where an entire family’s short-term sustenance may depend upon the claim amount.

What is Claim Settlement Ratio?

As the name suggests, the Claim Settlement Ratio is the number of claims the insurance provider has settled up until now. For instance, if the company has a claim settlement ratio of 80%, then that means that the particular company has settled 80 out of every 100 claims that were filed by policyholders.

Magma HDI has maintained an exceptional CSR of 94.1% in FY 17-18 compared to the industry average of 87.2%. With our convenient and efficient claim settlement process, we were able to ensure less than 30-day claim settlement for almost 87.17% of the total claims made in the year. 

Why is the claim settlement ratio important?

It is essential to consider every aspect so you can take an informed decision before picking the right insurance provider and signing the policy papers. This becomes particularly important when taking life insurance, as, in the event of your untimely device, you will leave behind a financial security cushion for your dependents to fall back on.

The Claim Settlement Ratio is an indication of the likelihood of the policy provider to pay the claim. Companies that have a higher claim settlement ratio are automatically trusted higher as compared to companies with a lower ratio.

Few reasons for claim rejection:

• Withholding critical information at the time of taking the policy can seriously impact the likelihood of your claim getting settled as it affects the risk assessment – Can be written as tell the truth always! no matter what
• Not understanding or being unaware of the company’s terms and conditions could lead to complications or incorrect/incomplete information that could then lead to rejection. Therefore, make sure you understand the clauses and use the free-look period to ensure that you’ve made the right selection
• Faltering during the claim filing process is one of the key reasons for claim rejection. Therefore, you must thoroughly follow the process before filing your claim

Now that you know all about the Claim Settlement Ratio and how it impacts your chances of claim settlement, you can make an informed decision and choose the right provider. 

It is hard to name a single businessman who hasn’t taken risks, but you will know many brave ones who trusted luck and risked everything. Truth be told, as a responsible business owner and citizen, one needs to be prepared with and Magma HDI Genaral Insurance Company offers a wide range of liability insurance policies that give you

1. Compensation for damage/loss of property or human injury

2. Covers your legal liabilities towards damage to any third party, along with the legal costs and expenses incurred by the insured.

3. It applies to both industrial and non-industrial establishments.

4. Compensation for damage/loss of property or a human injury caused due to defects in product manufacturing

5. Even after ensuring the highest quality standards and assessment parameters, a manufacturing defect in products is still possible and can cause mishaps.In such instances, Magma HDI Liability Insurance covers the liability to a third party.

6. Compensation for damage caused due to human negligence

Be it any professional– doctor, engineer or lawyer – involuntary errors and omissions could seriously impact their customers’ health, well-being, or financial stature. Liability insurance will take care of any liabilities that may arise due to negligence while executing your responsibilities.

Smart and trusted businesses quickly compensates loss or damage that might occur during the regular course of business as they are backed by their Liability Insurance policies and so can you CLICK HERE for buying Magma HDI’s liability insurance Policy.