GENERAL INSURANCE BLOG

A lot of people around the world work hard and save their income to one day purchase a car. A car provides you with much more freedom and mobility than local transport. Having your vehicle allows you to do things according to your schedule. You will not have to schedule your entire day according to local transport timings, nor will you be stuck in long lines and crowded transportation services. You can be wherever you want, whenever you want to be. It is beneficial for family trips and casual outgoings. Having your car will also provide you with much more feasibility during an emergency.

Getting your car insured is very important after purchasing it. The Government has made it mandatory for vehicles to be insured. If you are caught by an official and are not able to produce a hard copy of your car insurance, then you will be fined and may even have to serve a prison sentence. If your car is not yet insured, you can get it insured online. You can obtain car insurance quotes online from different insurance providers and choose whatever works best for you. Before finalizing the deal here are five things you must know that nobody might have told you about car insurance quotes:-

• You will get different car insurance quotes from different companies. All companies have their algorithm to reach the amount they are going to charge you. These algorithms use various factors and are developed by top actuaries.
• You can get discounts on your quotation. Before signing the contract, you must make sure you are getting all possible discounts for your car insurance. There are various discounts offered by insurance providers, and they differ from one institution to another.
• You must make sure that the current quotation will cover all third party liabilities as well as damages to your car. Some insurance companies may try to lure you by sending you low quotes while not providing complete coverage. Before signing the contract, you must always make sure that you are getting comprehensive coverage from the insurance.
• You must enquire whether the quotation amount will decrease if you pay the amount in a lump sum. Most of the companies give attractive discounts if you pay an annual or semi-annual lump sum amount. This discount adds up over a long time and will save you a considerable amount of money over time
• You will get higher quotes from branded insurance providers. You can find right insurance providers that are not branded that provide sufficient coverage and have cheaper quotes. This does not stand to mean that branded insurance providers are bad. They sometimes have needless coverage amounts to justify their quotations. Often when involved in an accident, you will not require that much coverage. Non-branded insurance providers will work well for you. Before signing a contract, make sure everything is in order and that your coverage is enough to cover for most damages.

Knowing these five facts will help you get the best insurance policy for your car. Having insurance is not a license to drive recklessly. Some people put themselves and their surroundings in danger as they know they will get coverage if they get into an accident. It is your responsibility as a good citizen to drive safely and within proper guidelines.

Thanks to the technology, computers or the smart phone in your hand filing a claim has never been easier.

For instance in case your vehicle meets with an accident and when you make a claim, Magma HDI trusts you and lets you take charge of the process . You don’t have to fill lengthy forms, attach documents of proof, or undergo a tedious process in getting your claim registered. All you need to do is attach a soft copy of your request and documentation and email us, or better yet! Fill your claim form online.

You can simply conduct a quick self-survey by clicking pictures of the damage vehicle with your smartphone, send it to Magma HDI’s online ‘Claim Updation’, and before you get home, the customer support ninjas at Magma HDI would have begun actioning your request.

The support staff operates 24x7, 365 days a year, ensuring your insurance claims are processed faster and these minor mishaps don’t create roadblocks in your life’s plans.

Apart from your faith and testimonial, we also have numbers backing us, higher percentages just don’t make for an excellent report card! They also account for credible insurance providers., Magma HDI has been able to outclass general insurance industry average in claim settlements. While the general insurance industry averages 87.2%, Magma HDI notched ahead at 91.8% in FY 18-19, with only 8.15% outstanding claims. The extremely convenient and efficient claim settlement procedure at Magma HDI has ensured less than 30-day claim settlement for almost 87.17% of the total claims made in the year.

We believe that you should be in control when it comes to making a claim or registering a service. Insurance is built on trust, if there is a one-stop general insurance partner who understands your needs and empowers you with total transparency, look no further than Magma HDI.

A personal vehicle is a huge blessing. It provides you with much more freedom and mobility that you will have otherwise. Having your vehicle means that you can go around the area without any restrictions on time. It’s also beneficial to have your vehicle in case of emergencies. If you are in an emergency that requires you to visit someplace else, you can straightaway set out for the destination. Otherwise, you would have to book and wait for the cab service, which will take precious time. A personal vehicle also enhances your freedom as you will not have to depend upon local transport for going from one place to another.

Purchasing a motor vehicle is an expensive decision. A personal vehicle can cost you many times your monthly salary. It is essential to take excellent care of it. Even though you are taking good care of your motor vehicle, accidents do happen. An accident can leave you in a precarious situation as you would have to spend a considerable amount to get your vehicle repaired. This can be a substantial financial burden. The possibility of running into such a scenario makes motor insurance extremely important. If you have motor insurance, you will not have to worry at every turn for a minuscule possibility of an accident. Before signing up for motor insurance, you should obtain motor insurance online quotes from different insurance providers to see which policy best suits you. Here are five doubts that you should clarify about motor insurance quotes: -

• You should ask your insurance provider about the coverage under the present quotation. Some insurance providers may try to lure you with cheap quotations that do not provide complete coverage for your vehicle. This insurance policy will leave you helpless in case you have an accident.
• You should clarify how often you will have to pay the premium. A cheap quote loses its meaning if the insurance provider makes you pay it more often.
• You should ask your insurance provider if he has provided you with all the discounts and savings available. There are many different discounts in an agency depending upon age, gender, insurance score, etc. Many factors are calculated while arriving at the premium amount. You must make sure your insurance provider gives you the best rate possible.
• You must ask if your premium amount will remain the same or if it will decrease over time. Many factors are used to arrive at the quotation change as time passes. Also, there is a no-claim bonus that will give you a discount on premium if you do not claim insurance in the period. You must have full disclosure on present and future premiums.
• You must enquire if paying your premiums in a lump sum may reduce the quotation. Often companies give discounts if you pay the premiums annually or semi-annually. This can save you a lot of money over time.

Obtaining motor insurance online quotes will save you a lot of time. This will give you a rough estimate of what you can expect from the insurance provider. It does not beat sitting down and clarifying everything with an insurance agent. Still, it provides you with some information so that you are not going in blindly.

Someone has rightly said that siblings are your only enemies you can’t live without.

As you know, Raksha Bandhan is round the corner! And for the brothers who can’t figure what to gift your beloved sister, we suggest you do something different, something that guarantees long term happiness. We’ve thought of the following ideas that will help her achieve financial's.

If she has a financial liability pay it off!

What better gift can you give than to pay off someone’s financial liability (that is if she has one), so reduce her financial stress she will thank you for it.

Buy her an insurance plan

Look out for your sibling by gifting them the protection of our comprehensive motor and health policies.

Buying her health insurance will make sure her hospitalization expenses are taken care of. Buy a plan with adequate coverage and secure her health. In return for inexpensive annual premiums that you can pay on her behalf every Raksha Bandhan, she will stay protected from the unexpected hospital bills and medical treatments. To get a HEALTH INSURANCE QUOTE CLICK HERE.

Start a Systematic investment plan

A systematic investment plan will inculcate the habit of saving in her for her future goals.

Apart from that, money can also be invested in fixed deposits, public provident funds, pension funds to name a few. As a financial advisor to your sister, you can guide her about the market and towards resources so that she can start taking these decisions on her own. 

Help her plan for  taxes

Guide your sister through tax planning and take advantage of the investment options that reduce tax or help her complete the IT filing formalities.

Whether you buy a four-wheeler or a two-wheeler, you can easily buy bike insurance or private car insurance in India. All such insurances come with certain add-ons offered by insurers to supplement the comprehensive insurance policy and make it more valuable for the buyer. Some of the Add-ons provided are the basic add-ons while some other add-ons can be purchased by the insured at a higher premium. Each Additional Cover will cost some extra and that cost will be adjusted in the premium. Some of the basic and most common Add-ons that are available for two-wheelers and must be taken while buying insurance are: -

• Zero Depreciation Cover - Depreciation occurs due to the reduction in the price of the vehicle over time due to natural wear and tear while using the vehicle. The rate of depreciation depends on the age of the respective parts of the bike. Generally, this depreciation is required to be paid by the customer as deductible during the claim process. However, if you buy a Zero Depreciation Cover, the insurer will not deduct this amount from the claim, and you will receive a comparatively higher percentage of the claim. You should opt for this cover if your bike is new and ideally less than 3 years old. If you have this cover, you will be able to make a maximum of two claims in a policy period but if your vehicle is damaged beyond repair, you won’t be eligible for this cover.
• Accessories Cover - If you are someone who likes to have additional accessories attached to your bike and have your bike studded with additional high-end electrical and non-electrical accessories, you should buy an Accessories cover to insure those accessories as well from damages in case of accidents. To get this cover, you need to submit the total cost of these accessories while buying an insurance policy for your bike.
• Return to Invoice - With an increased premium, this cover will protect your bike from theft or irreparable damage, and the insurer will compensate you by providing the Insured Declared Value of the vehicle to you. The Insured Declared Value or IDV is less than the invoice value of the bike because it is calculated by taking into account the depreciation rate of the bike, the road tax, registration charges, etc. The IDV of a two-wheeler can reduce to 80% of its value in a span of only 2 years and if you have this cover, you won’t have to spend too much extra money to get a new bike in case of theft or irreparable damage.
• Medical Cover - This cover will provide you coverage from medical expenses that can be very high in case your two-wheeler meets an accident because there is no protection for the driver driving the two-wheeler. Taking this Add-on will help you cover the costs related to medical treatments in case you meet an accident.
• Pillion Rider Cover - There is no protection for the pillion rider on the bike as well if the vehicle meets an accident. It can be argued that in most cases, the pillion rider is at more risk of getting hurt than the driver of the bike. In most insurance policies, the rider will be covered against death or any resultant disability in case of an accident, but there is no cover for the passenger. This Add-on will provide cover to the pillion rider in case of an accident resulting in the death or disability of the passenger.
• NCB Protect - Most of the insurance companies provide a No-claim Bonus to the insured in case they raise no claims during the policy period. But, if a claim is raised the NCB is reset to zero, and to prevent that from happening you can buy the NCB Protect Cover. This will protect the NCB from resetting to zero and your accumulated bonus won’t lapse in case you raise a claim..

These were some of the Add-ons that you must consider while buying a new insurance policy for your two-wheeler as well as private car insurance in India.

Buildings and houses are constructed very carefully; they are correctly planned and are built in a way that they can withstand any calamities or damages to the maximum extent possible. One common form of protecting houses from excessive heating or the weather is external cladding, which is the method of covering one material with another under high pressure and temperature. There are different kinds of materials that can be used for cladding, such as vinyl, aluminium, wood, etc. Still, these materials run the risk of catching fire and causing harm to people as well as the environment. Just like you would need to go with the best car insurance company in India for your car, you would need to choose the best fire insurance to protect your house.

Here are ways to control fire loss due to external cladding: -

• To Avoid Flammable Material: While almost any cladding material runs the risk of causing a fire, there are some which are more flammable than the others, such as APCs or Aluminium Composite Panels since they have a plastic-based core. When getting the house constructed, always make sure to use a material that is less likely to cause a fire or is less likely to help the fire spread; some materials are certified as being safe, and those are the ones to use.
• Check the Material Used: If you are not getting a house constructed but are buying an already built one, make sure to check the Material used for external cladding. Ask for the blueprints to the house, fire engineering reports, and also other details about the external materials, so you know how likely the cladding is to cause a fire. While it is expensive to change it, if you ever get your house renovated, do not forget to use a non-flammable material.
• An Effective Sprinkler System: Every house or building comes with a sprinkler system that automatically goes off when there is fire. You must ensure that the system works effectively and can detect fire or smoke since many sprinklers stop working after a while. Also, ensure that sprinklers are located everywhere in the house so that one outlet does not have to bear the burden of putting out the fire.
• Assess Other Connections: When constructing a house, numerous connections are going all around the house, whether they are water pipes, electrical wires, or other panels or boards. If there is a fire due to external cladding, these connections might be affected and can aid the spread of fire. You must be well aware of where all the connections are so that when needed, you would be able to determine the most dangerous spots and can try and control the fire.
• Handle Hot Objects with Care: Many residents have access to a terrace or balcony space, which they use for barbeques or even merely to smoke. If these objects are not handled carefully, then that can be disastrous. For example, a barbeque left on or is too close to the structure, chances of catching fire are very high.

There are numerous measures which are taken when there is a fire, but it is even more important to do everything you can to avoid getting such a situation in the first place. Since the whole purpose behind external cladding is to protect the house, make sure to use the right material and to assess the structure to avoid any risks.

Given the rising healthcare cost, a sudden medical emergency can put a significantly hole in your pocket. A health insurance policy, therefore, is an absolute must to get timely and expert medical help for yourself and your family. Plus, the added tax benefits help you save money.

Despite its popularity, there are certain common mistakes that people still make while taking health insurance. We list a few of those.

Depending solely on employer’s cover

Health insurance is a valuable form of compensation for companies, which is why a lot of organizations offer it to their employees. While it is convenient, it may not be enough to cover your entire family’s needs. Plus, the risk of losing insurance in case of quitting or termination is another reason why should also consider an independent medical cover.

Lowering premium by underinsuring yourself

While it’s prudent to look for practical ways to lower premium, it shouldn’t come at the cost of impacting the coverage. Decide on the right amount as insufficient coverage may force you to shell out more money in case of a medical procedure that’s not covered under your insurance policy.

Getting influenced by other’s policy choices

Different insurance providers offer different coverage, benefits, and premium amounts. While a certain plan may work well for your friends and relatives, your lifestyle, as well as your requirements, could differ from theirs. It’s, therefore, best to compare the various plans available and choose one suiting your needs.

Ignoring sub-limits

Most people don’t give sub-limits enough thought, but overlooking this could blow up your medical cost later despite having insurance. For instance, you may not be aware of the room tariff sub-limit under inpatient hospitalization coverage and may be presented with a much higher-than-anticipated bill.

Not considering the riders you can take on your plan

Opting for different riders hikes up the security coverage of your existing health insurance plan. Plus, it comes at a comparatively lower cost. Be mindful of all the riders that you can add on to the plan before signing the dotted line.

It may be tedious and boring to scan the entire insurance policy document carefully, but it's strongly recommended to read through all the details. Right from the exclusions to the terms and conditions, you should be aware of all the relevant aspects of your policy.

Not revealing correct information (Tell the Truth, always!)

Your policy premium amount heavily depends upon certain factors, such as your medical history and lifestyle choices. Smoking, for instance, can drastically affect the premium amount. Some people shy away from disclosing such information to lower the premium. Not only is it unethical, but it can also severely jeopardize your chances of claim approval. Always be honest and upfront about all the information requested for in the policy document.

Insurance is a subject matter of smart choice hence choose wisely!

When buying a car, you would take your time when it comes to choosing the right model, the right colour, the best safety features, the latest entertainment system, etc. This means that you should take the time to buy car insurance online since you would need to take proper care of your car. But what exactly is car insurance? It is a policy that covers the costs of any damages or injuries caused (to the owner or others) in the event of a car accident.

Here are some reasons why car insurance is so popular and why you need to get it: -

• It Covers the Cost of Repairing: When driving, there is a possibility that you might get into an accident or your car might break down. In such cases, you would most probably need to go to the garage to get the car fixed, and this costs a lot of money, mainly depending upon the kind of car you own. Having car insurance means that most of the costs of repairing the damages are covered by the policy; the insurance company would pay for any costs incurred, so you don’t have to spend a lot out of your own pocket.
• Could Pay for Others’ Damages: Again, when driving, you could collide with another car and not only damage yours, but also that car. If it happens to be your fault, not only would you have to pay for your own damages, you would also be required to pay for their repairs, which would cost a lot. Depending on the kind of insurance policy you have, it might also cover the costs of repairing the other person’s car as well, so you don’t have to pay for it yourself.
• Takes Care of Medical Expenses: Since car accidents occur quite frequently, car insurance policies also cover any medical expenses incurred due to any bodily damage. When you get into an accident, having to worry about paying your medical bills as well as fixing your car can be quite worrisome, which is why car insurance is necessary. Not only would you have the means to get your vehicle repaired, but a specific proportion of your medical expenses shall also be covered under the policy, as well as that of the other person involved.
• Compensation: Unfortunately, many car accidents end in death. When it is someone who was the sole earning member of the family or someone that had financial engagements, the death could have a negative impact on their family. By having car insurance, you can ensure that your family would be provided compensation if something of this sort were to happen.
• Supplements Health Insurance: Depending upon the kind of car insurance policy you have in place, you might have the means to cover medical expenses that your health insurance won’t cover. If you get into a major accident, there are chances that your health insurance might not cover all the costs, but your car insurance might help pay for those; you just need to choose the right one.

When you buy car insurance online, make sure to take the time to assess its positives and negatives. Compare it to others as well, so that you can be assured of the fact that you and your family would be financially protected in case of a car accident.