25. Motor Insurance – 24 Articles Later and in Conclusion

As I write this piece, Motor Insurance claimfiles sprint across my mind. The angry exchanges customers had with the motor insurance officials in an insurance office come in like the waves of the sea in my mind. Millions of unsettled motor insurance claims, lakhs of customers who have gone to the court crying foul and […]

Read More

24. WHY MOTOR INSURANCE POLICY WORDING IS DIFFERENT IN EACH COMPANY IN INDIA?

It was a sudden impulse…a strange one though. Lockdown and at home. Lots of time. Being an insurance lover, I decided to read the motor insurance policy wording. I realized, very soon, that all insurers do not have the same policy wording. At random I choose the following companies to compare the policywording: 1. TATA […]

Read More

Motor Insurance policy does not have same policy wording in india.

23. Why Motor Insurance Policies do not have Same Policy Wording in India?

It always bothered me as to why the motor insurance policies do not have the same wording in India. Motor Insurance is a compulsory insurance. None has thought about the wordings earlier i.e., to know whether all the insurance companies are having same policy wording. Everywhere in the world, it is a universal global standard […]

Read More

cheapest Quotes

18. Web Aggregators – Find the Cheapest Quote

In India, we have licensed web aggregators – those who are licensed by the insurance regulator. We have 22 web aggregators as on today. To give an example of a web aggregator – we do have some organizations like Policy Bazaar, PolicyX, Instabima, PolicyPlanner etc. Of these 22 web aggregators, 11 i.e., 50% of them […]

Read More

Policy wording of some companies do not mention NCB at all.

17. A Game Called No Claim Bonus (NCB)

What I am seeing in NCB is crazy…it is absolutely crazy. Look at the following: If there is no claim during the first year i.e., zero number of claims then HDFC Ergo General Insurance will give 45% on Own Damage (OD) premium as No Claim Bonus (NCB). NUMBER OF CLAIMS IN THREE YEARS NCB % […]

Read More

If you want India to lower tariffs and facilitate more free trade, than I think Indian producers also have a right to enter the european market.

16. India Motor Tariff

Please check your Motor Insurance policy wording…where 80% of the policy wording and / or the 80% of the policy wording pages consist of India Motor Tariff (IMT). In a sexy way, they call it as IMT 1, IMT 2… so on., and I guess the IMT series ends at IMT 65. Let us come […]

Read More

Group Personal Accidental Insurances

14. Personal Accident Cover for Owner – Driver

Personal Accident cover for owner-driver is dealt in Section 3 of the Motor Insurance policy. This section talks about bodily injury or death of the owner-driver while driving the car. It says that the said bodily injury or death of the owner driver must happen in direct connection with the vehicle insured: while driving while […]

Read More

What is renewal?

13. Conditions for Renewal of the Contract

Under the Conditions for the Renewal of Contract, it is mentioned whether the Motor Insurance policy will be renewed or not and if yes, what is renewal procedure. Generally, Motor Insurance policies are issued for one-year duration, though we do have policies for 3 years. In either case the policy renewal conditions will apply. What […]

Read More

While the compulsory deductible does not affect car premium, voluntary deductible has a direct impact on the same.

12. Compulsory and Voluntary Deductible

These deductibles i.e., Compulsory Deductible and Voluntary Deductible are stated in IMT 22 and IMT 22A. You may be wondering what is this IMT. It stands for India Motor Tariff. I will discuss about IMT later. The word deductible as described in the policy conditions in this manner: The Company shall not be liable for […]

Read More

Motor Insurance policy does not have same policy wording in india.

Why Motor Insurance Policies do not have Same Policy Wording in India?

Why Motor Insurance Policies do not have Same Policy Wording in India? It always bothered me as to why the motor insurance policies do not have the same wording in India. Motor Insurance is a compulsory insurance. None has thought about the wordings earlier i.e., to know whether all the insurance companies are having same […]

Read More