Keep this in mind before you buy online vehicle insurance Policy, otherwise the policy will not get paid - RDRATHOD

5 Nov 2019

Keep this in mind before you buy online vehicle insurance Policy, otherwise the policy will not get paid

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Things to keep in mind before buying online vehicle insurance Policy, otherwise the policy will not get paid

Heavy penalties have been implemented in the Motor Vehicle Act recently. Because of this, the income of insurance companies has also increased manifold. Given the large amount of penalties, the rush for insurance is not surprising. The inquiries and sales of many insurance companies have increased as people go for vehicle insurance. In terms of Ifco Tokyo General Insurance, sales of both the agency and the online channel have increased by 7 percent this month. Likewise every other company has increased sales.

The main reason is that for the first time without third-party insurance, the driver will have to pay a fine of Rs 2000 and if the same person is caught again in the same offense, he will have to pay a penalty of Rs 4000. The Supreme Court last year also ordered to make third-party liability insurance compulsory.

online vehicle insurance Policy
online vehicle insurance Policy

Every insurance company currently follows three models

Currently, about 8% of current vehicles are not found to be insured. Including the largest two-wheeler. Now that the new Revised Motor Vehicles Act has come into effect, carriers will have to take third-party insurance.

However, now third-party insurance is available immediately and the policy is issued. Whereas a few years ago it was a waste of time to get auto insurance. Because then the insurance company's surveyor was only insured after the physical examination of the vehicle.

 "Insurance companies are currently following three models," said Jain of Symbo Insurance.

(1). According to the first model, the insurance is processed without any scrutiny.

Because the policy is renewed within 3 days, insurance companies can exempt from this requirement. There is an additional benefit of renewing within 5 days of the policy lapsing. The person gets a no-claim bonus.

(2) A link is sent to the mobile phone of the person wishing to get insurance

 No more claim bonus is given if the policy is renewed after more than 3 days. So the policy borrower has to pay a higher premium. While the longer the renewal time after the policy lapses, the higher the policy premium. Most insurance companies do not even offer such policies as zero depreciation or engine protection.

 There is also another method of taking out insurance. It uploads required photographs for vehicle inspection through official apps or links to insurers seeking self-inspection model. Asthana says a link is sent to the mobile phone of the person wishing to get insurance. He also has to record and upload the video. If needed in the future, it can be used as evidence.

(3) No insurance cover for damage already done

"The video recorded during the claim settlement is useful as evidence and also reduces the likelihood of a dispute," says Pravin Chowdhury, Business Head of Business at Policybazaar.com (Motor Insurance). While the third-party claim case cannot be disputed. Because it is decided by the Motor Tribunal. ”After the completion of the inspection, the policy is issued and the premium is paid.

  Insurance companies do not take into account the usual small loss of a vehicle when evaluating personal loss insurance. The ultimate decision lies with the insurance company. It only determines the payment amount based on the underwriting policy. According to Jainan, "There is no insurance cover for damage already done when inspection and policy issue." That way a big gobo or a crack on the windshield is unlikely to be insured.


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