#IndiaInsurance

[finance-with-mukesh]

Types of Motor Insurance in India: A Comprehensive Guide

Types of Motor Insurance in India: A Comprehensive Guide

Purchasing a vehicle is a major investment, but the costs don’t stop there. Insuring your car or two-wheeler is crucial for financial protection, yet India’s myriad motor insurance options can be daunting for buyers. Given the importance of choosing adequate coverage, it’s valuable to understand the key types of policies available. 

Importance of motor insurance

Car insurance is crucial to protect yourself financially if you get into an accident or your vehicle gets damaged. Without insurance, you could pay massive amounts out of pocket for repairs, which could be financially devastating. In addition to protecting you financially, third-party motor insurance is mandatory by law in India.

So, having at least basic coverage is crucial to following the rules of the road and being a responsible driver. Moreover, insurance can give you peace of mind and save you money in unexpected situations.

Types of motor insurance

The different type of motor insurance are as follows:

Third-party liability insurance

Third-party liability insurance is the most basic type of auto insurance and is mandatory in India. You’d be covered if you caused damage to another person’s property, like their car or building, or injured them in an accident. But it doesn’t cover any damage to your vehicle.

Own damage insurance

Own-damage insurance is stand-alone coverage. Under this plan, the policyholder gets insurance coverage only for their own damages. It would cover your car if things like natural/man-made calamities, fire, explosions, theft or any other mishaps occur.

Comprehensive insurance

Comprehensive insurance is complete coverage. Comprehensive insurance would cover your car if things like fire, flooding, or theft damaged it. It also includes third-party liability. So, comprehensiveness gives both you and others on the road protection.

Add-ons and riders for motor insurance policy

Here are some common motor insurance policy add-ons:

Depreciation cover. This cover protects you from the cost of depreciation for damaged car parts. It ensures that the full cost of replacing damaged car parts is reimbursed with new ones during a claim settlement.

Engine protection cover. This cover protects you from consequential losses to engine and gear box parts because of water ingress and oil leakage due to accidental undercarriage damage. It would cover such damages and pay for the repair or replacement of the damaged engine parts of the car like nuts, bolts, screws, lubricants, etc.

Roadside assistance. With this cover, you get assistance in situations like car breakdowns, flat tyres, fuel refills, battery jump-starts, etc. where your car is immobilised on the road.

Factors influencing premium rates

Vehicle type and model. An insurer will charge more for vehicles that are more expensive to repair or replace, just like luxury cars or sports cars. They also tend to charge more for vehicles that are stolen more often.

Insured declared value (IDV). The IDV of your car influences the premium of your car insurance. Higher IDV results in higher premiums, whereas lower IDV reduces car insurance premium.

Geographical location. Premium rates can vary a lot depending on where you live. If you live in an urban area with high rates of accidents, theft, etc., you’ll pay more. Certain cities and states have higher insurance costs.

Previous insurance claim history. If you have submitted insurance claims for accidents or damages that were your fault in the past few years, your insurance company sees you as a higher risk. With fewer claims, your premiums will stay the same over time. A clean record with no at-fault accidents or claims leads to lower rates.

Takeaway

Choosing the right motor insurance policy in India can seem overwhelming, given the many options. The key is understanding what risks you want to safeguard against to select adequate coverage for your needs and budget. While third-party liability is the legal minimum, comprehensive or add-ons like zero depreciation better protect your investment. 

Evaluating all factors that influence premiums helps find the most savings, too. With this guide’s assistance, you can now shop insurance policies feeling well-informed and empowered to make the best choice.

[insurance-brokers-india]

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[bigyack-com]

Want to make a career in InsureTech industry? Here’s what you should know - education

InsureTech represents the intersection of insurance and technology in any form. It is an exciting sector to build a career and offers growth opportunities to bright and curious people. In an email interview with Hindustan Times, Sumit Bhatia, Head of Human Resources, SE2 India shares insights on the InsureTech industry, its growth and employment offerings.Q.How is insurance a preferred choice of career for young aspirants and how dynamic is insuretech from traditional insurance?Answer: Traditionally, the insurance industry has been conservative in using technology. Most of insurance organizations across the world have been in business for hundreds of years and have not been very comfortable in adopting to new ways of doing business. However, this is changing now. Technology is becoming a forefront in many ways and insurance organizations are open to reinvent themselves to be future-ready. This is where insuretech organizations come in. Insuretechs are using digital-first, customer-centric models to help reimaging how to sell and service insurance. With use of data analytics, machine learning, and artificial intelligence, insuretechs are helping insurance providers to take their business to next level.To put things in perspective, globally, the capital invested in insuretech startups, and innovation reached $3.18 bn worldwide in 2018, almost double the $1.65 bn invested in 2017. This shows that globally, the need for accelerating the business with digital via insuretechs is evolving and growing. In India, with slow initial uptake, according to a 2018 IndiaInsure report, the insuretech revenues are on the rise and expected to hit over 1.1 mn in the next year.For young aspirants, the growth projected by the industry and the prospects offered by insuretechs, the insurance sector surely becomes a great career option.Q.What kind of educational/academic background is required to pursue a career in insuretech industry?Answer: Insuretech organisations offers options in both domain and technology. For domain expertise, good understanding of insurance is essential - whether it is life, general, or other insurance. Further, within domain, one can deepen the knowledge on processing, servicing, analytics, underwriting, actuary, etc. For technology expertise, good understanding of basic software skills like .NET, C, C++, and Java is essential. Further, getting deeper knowledge on areas like robotics, artificial intelligence, machine learning, etc. is very important. Q.In terms of skills, how according to you should students prepare themselves. Are there any tests or professional degree for which they require academic guidance?Answer: For the above-mentioned knowledge areas, getting a professional degree (like in commerce, mathematics, or engineering) and certification (like in insurance, in .NET, or in actuary) further strengthens the knowledge and helps in the career. Other than the academics and education, at SE2, we are on a constant lookout for talented and motivated people to help shape up the future of insurance services- innovative Business Process as a Service (BPaaS) and comprehensive third-party administration (TPA) services for life and annuity insurance carriers. Skills like customer-centricity, effective communication and collaboration, complex problem solving, focus on quality, and innovation, one can grow their career at the top insuretech organizations.Q. What are the growth prospects both professionally and at individual level for someone who becomes a part of the insuretech industry?Answer: The insuretech industry in India is at a nascent stage. However, the uptake projected is very high. India will become one of the top market for insurance industry in the world. With the dynamics brought in by insuretechs, this growth will be faster than it may look like. Access to hi-tech solution software, helping an insurance carrier accelerate their business through technological advancements, and working with domain experts to develop something new every day are few of the key reasons that make insuretech an exciting option to build a bright career. Read the full article

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Insurance For Home

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Home Insurance

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[mediclaimpolicy]

Home Insurance

IFFCO Tokio's home insurance policy provides complete protection for your house against possible risks. Buy best house insurance policy online.

Do Visit :

Facebook - https://www.facebook.com/iffcotokio/

Instagram - https://www.instagram.com/iffcotokioofficial/

Twitter - https://twitter.com/iffco__tokio

Youtube - https://www.youtube.com/channel/UCGjMuEXJXMVpSGK-9lWdfCQ

Blog - http://getinsured24.blogspot.com/

[mediclaimpolicy]

House Insurance

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Twitter - https://twitter.com/iffco__tokio

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Blog - http://getinsured24.blogspot.com/

[mediclaimpolicy]

4 Situations Where Your House Insurance Policy Protects You

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Blog - http://getinsured24.blogspot.com/