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 […]
Tag: tata aig
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 % […]
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 […]
15. Conditions Precedent to the Contract
The problem with the Indian consumers is no one reads the policy conditions. They spend huge money in paying the compulsory Motor Insurance premium. However, once the policy is issued, they never read the policy terms and conditions. They simply keep the policy either in the glove compartment or at home and forget all about […]
