GENERAL INSURANCE BLOG

Bike insurance is essential for every motorcycle owner to protect themselves from financial losses because of unfortunate events such as theft, damage, or accidents. Most people purchase bike insurance online as it saves time and offers them various options to compare and choose from. However, sometimes people encounter situations where they should consider cancelling their bike insurance to save unnecessary payments.

If you are selling your bike, moving abroad with your bike, or your bike is no longer in use, you can save unnecessary premiums just by cancelling your insurance policy.

By understanding these situations, bike owners can make informed decisions about cancelling their bike insurance policy when necessary. Without further ado, let's discuss these situations in detail.

1. Selling your bike
If you have sold your bike, you do not need to keep the insurance policy active. In such a scenario, you should cancel your bike insurance policy to avoid paying unnecessary premiums. You can easily cancel your bike insurance online by contacting your insurance provider.

2. Moving abroad
You must buy bike insurance in that country when moving abroad along with the bike. In such a situation, cancelling your existing bike insurance policy is advisable to save you from paying unnecessary premiums. Contact your insurance provider to cancel your policy, and they will guide you through the process.

3. The bike is no longer in use
You do not need to pay for bike insurance if your bike is no longer used. For instance, if you have switched to public transport or a car, you should cancel your bike insurance policy to save money.

The other probable reasons when you can cancel your bike insurance are;

● Not satisfied with the policy
If you are dissatisfied with your current bike insurance policy and have found a better one with more benefits and a lower premium, you can consider cancelling your existing policy. However, before cancelling, you should read the terms and conditions of your current policy to understand if there are any cancellation charges or penalties.

● High premium
If you are finding it difficult to pay the high premium of your bike insurance policy, consider cancelling it. However, before cancelling, you should compare policies from different insurance providers to find one that suits your budget.

● Reckless driving
Your insurance provider may cancel your policy if you have a history of reckless driving and have been involved in multiple accidents. In such a scenario, it is advisable to surrender your bike insurance policy and look for a new policy that suits your needs.

Bike insurance is a crucial aspect of bike ownership as it provides financial protection against any unforeseen events. However, there are certain situations where cancelling your bike insurance policy is the right decision. It is essential to remember that before cancelling your policy, you should read the terms and conditions of your policy to understand if there are any cancellation charges or penalties. By cancelling your bike insurance policy when necessary, you can save money and ensure you buy the right bike insurance online to fully meet your needs from the comfort of your home.

Click HERE to learn more about the benefits of purchasing bike insurance online.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

COVID-19 vaccines strengthen our immune system, and help it recognize and combat the coronavirus. The type and frequency of doses vary for different vaccines, however, beneficiaries are advised to take two shots of vaccines currently available in the country. Post vaccination, it generally takes a minimum of two weeks for anyone to build immunity against the virus.

Key Information and COVID-19 Vaccine Advisory:

• From 1st April 2021, all individuals over the age of 45 (irrespective of co-morbidities or pre-medical conditions) are eligible for the COVID-19 vaccine.
• Beneficiaries are requested to complete all prescribed doses of the vaccine.
• As per medical experts, post-vaccination effects (nausea, mild fever being the most common) are normal.
• Even after vaccination, all safety measures for COVID-19 are to be strictly followed at all times, including social distancing and wearing masks.
• The duration for which the COVID-19 vaccines are effective and its efficacy against the new strains of the virus is still unknown. Hence, it is absolutely essential to not let our guards down.
• We urge you to not be misled by fake vaccine marketing / promotions, as it is not available in open markets yet.
• Do not attend a vaccination appointment if you are self-isolating, or awaiting COVID-19 test results, or are unwell.
• Research efforts are ongoing for knowing how many people should get vaccinated to attain herd immunity (which means enough people being vaccinated making it tough for coronavirus to spread from person to person). Hence, rumors about herd immunity being already attained, should strictly be ignored.
• To know more about the vaccines, please download the CoWIN App, or log on to www.cowin.gov.in. You can also visit the Ministry of Health and Family Welfare (MoHFW) website (www.mohfw.gov.in) for regular updates about COVID-19.
• For any queries, call the Government helpline number 1075 or +91 11-23978046.

Cost and Availability of COVID-19 Vaccine:

• Vaccines are available at different government hospitals for free and at private hospitals at a price of INR 250 per dose.
• The COVID-19 vaccination providers cannot deny any individual above the age of 45 to get themselves vaccinated, except for reasons best known to medical practitioners.
• The government is currently working on making the vaccines widely available for everyone at no cost in the coming months.

Your car gets you safely everywhere you want to go, but it requires that you take good care of it in order for it to keep running. Some of these simple maintenance issues can actually result in an accident or injuries. Take the time to make sure these 10 things are checked regularly and maintained as needed and avoid a potential accident or claim.

Tip 1: Change the oil. Neglecting oil level checks and fresh oil changes will not do your car any favours.

Tip 2: Change the oil filter. Check the oil level once a month and replace the oil filter regularly.

Tip 3: Check your brake fluid. Check when transmission fluid and power steering fluid need to be replaced as well.

Tip 4: Check the tyre pressure each month. You should check your tyres regularly by ensuring that they are properly inflated and that the wheels are aligned. Not only will you get better mileage, but your tyres will last longer too.

Tip 5: Check the windscreen wipers. Make sure they are not damaged and are in a good working condition, as driving without proper visibility is dangerous.

Tip 6: Change the air filter. Keep your engine clean by regularly replacing the air filter.

Tip 7: Check the windscreen. Inspect the windscreen for small chips and scratches. These are reasonably cheap to repair, while replacing an entire windscreen is expensive.

Tip 8: Check your lights. This means indicator lights, hazard lights and headlights. Replace burnt out bulbs immediately.

Tip 9: Check the dashboard. Don't ignore the dashboard if there are flashing lights or the temperature gauge is suddenly extra hot. Stop as soon as it is safe and read the manual to make sure it is safe to drive further.

Tip 10: Protect the exterior of the car. A coat of good quality wax will ensure that your vehicle paint is protected. Apply the wax every six months.

Keep your car in good running condition and it will keep you safe and in control on the road. It takes a short amount of time to check these important functions, but can save money, fuel, and even lives in the long run. Make sure the functions of your car aren’t the only thing you’re checking. Get Car Insurance at the best price and protect your prized possession!

Have you thought of your insurance claim getting rejected? Scary is’nt it?

Any individual taking an insurance policy would never think about their claim not being approved, but there have been numerous incidents of insurance claim rejection. Some of the reasons could be due to negligence on the part of the policyholder, but sometimes, it could also be because of choosing the wrong policy provider who looks for loopholes to avoid paying claims.

Claim settlement becomes especially important in the case of life insurance policy, where an entire family’s short-term sustenance may depend upon the claim amount.

What is Claim Settlement Ratio?

As the name suggests, the Claim Settlement Ratio is the number of claims the insurance provider has settled up until now. For instance, if the company has a claim settlement ratio of 80%, then that means that the particular company has settled 80 out of every 100 claims that were filed by policyholders.

Magma HDI has maintained an exceptional CSR of 94.1% in FY 17-18 compared to the industry average of 87.2%. With our convenient and efficient claim settlement process, we were able to ensure less than 30-day claim settlement for almost 87.17% of the total claims made in the year. 

Why is the claim settlement ratio important?

It is essential to consider every aspect so you can take an informed decision before picking the right insurance provider and signing the policy papers. This becomes particularly important when taking life insurance, as, in the event of your untimely device, you will leave behind a financial security cushion for your dependents to fall back on.

The Claim Settlement Ratio is an indication of the likelihood of the policy provider to pay the claim. Companies that have a higher claim settlement ratio are automatically trusted higher as compared to companies with a lower ratio.

Few reasons for claim rejection:

• Withholding critical information at the time of taking the policy can seriously impact the likelihood of your claim getting settled as it affects the risk assessment – Can be written as tell the truth always! no matter what
• Not understanding or being unaware of the company’s terms and conditions could lead to complications or incorrect/incomplete information that could then lead to rejection. Therefore, make sure you understand the clauses and use the free-look period to ensure that you’ve made the right selection
• Faltering during the claim filing process is one of the key reasons for claim rejection. Therefore, you must thoroughly follow the process before filing your claim

Now that you know all about the Claim Settlement Ratio and how it impacts your chances of claim settlement, you can make an informed decision and choose the right provider.