Maximizing your Vehicle Insurance Claims

Investing in insurance is definitely one of the most lucrative ventures to partake in. From obtaining damage compensation costs to gaining a slew of benefits and features (as prescribed by policy guidelines), vehicle insurance allows a multitude of advantages. But when making an insurance claim, the full settlement is not always provided. Here are some of the underlying causes of this – 

1. Improper documentation

2. Extent of vehicle damage does not exactly fit policy terms and conditions

3. Obscure reports and evidence related to the source of the damage

Maximizing your vehicle insurance claims

It is always a dreadful feeling to not be able to receive the appropriate claim payment even after the full insurance investment has been made by you – the policy holder. Thus to subvert this, here is a list of guidelines to follow in order to maximize the insurance claims. 

· Take note of every single detail pertaining to the vehicle damage along with appropriate evidence

In order to maximize the insurance claim, it is always necessary to know the exact extent of the damage sustained. This will also help ascertain if the damage is covered. 

· Check to see if any bodily harm was caused

Vehicle insurance policies are known to provide health coverage as well if any bodily damage was sustained to a third party personnel in the accident. Therefore, the claimant should check to see the full extent of the bodily damage.

· Secure the aid of the police and/or witnesses ( if possible)

After the vehicle damage/loss incident, it is recommended for the claimant to contact the police, in order to secure full proof of the source of the damage. Additionally, the aid of eye-witnesses during vehicle damage/loss is also helpful in this case. 

· Keep a tab on all vehicle repair charges and expenses

In the aftermath of a vehicle damage or loss, the buyer should note down the costs incurred, in order to let the insurance provider know the cost to cover. 

Whether the vehicle insurance policy is purchased online or from a local insurance office, these pointers will definitely help the vehicle insurance claimant get the maximum amount from his claim.

Cashless Mediclaim Policy - All That you Need to Know About it

We often worry about ill health conditions, not so much due to the effect but rather due to the fact that the treatment costs which will probably blow a hole in our wallet. Yes, it is true that medical treatment expenses pertaining to hospitalization costs, medical profession fees, and treatment expenses are expensive. But is that a justifiable reason to forgo medical care? Absolutely not.

To ensure that smooth and proper medical treatment is rendered without any hassles or hurdles, a health insurance policy is there. But first, let us take a brief glimpse at the details and specifications of a health insurance policy. 

Health insurance policy

A health insurance policy essentially covers any medical treatment costs and expenses. It can be due to a detrimental genetic disorder, a disease related condition, or an accidental injury, but the policy-holder can be assured that the costs will all be covered by a health insurance policy. 

The Mediclaim health insurance policy

A mediclaim health insurance policy is a variant of the conventional health insurance which comes with a number of possibilities and advantages. Some of the main benefits of the mediclaim policy are –

l Cashless hospitalization

l Family-wide coverage option

l Quick and easy claims

l Lump sum amount provision irrespective of hospitalization charges

Hold on a second, cashless hospitalization?

That is correct; the cashless mediclaim benefit is a unique feature of this policy. Essentially, the mediclaim policy-holders are able to have the insurance company handle the medical expenses automatically (provided the amount does not exceed the prescribed insurance value).

Here is how it all works –

1. The policy-holder gets admitted to the desired hospital

2. A form is given to him or her which is filled and submitted

3. The insurance provider authenticates the form and processes the same, providing the claim benefits

There is no doubt that the cashless mediclaim policy is able to provide a number of intuitive benefits to the insurer. But is it a viable alternative to regular health insurance? That in the end is for the policy holder/buyer to decide.

Understanding Motor Insurance Better

When it comes to choosing a motor insurance policy your requirements are what makes the buying process easy or turn it into a cumbersome process. Going by the law, for getting the mandatory Third Party Liability (TPL), you can simply pick any specific TPL policy. But on the other hand, if you are looking out for a policy which covers most of the financial losses, then you must indulge into substantial amount of research before finalizing one. 

And for that, knowing and understanding the motor insurance policy in a better way is a pre-requisite.

Car insurance and two wheeler insurance are two classifications of Motor insurance. Be it a personal vehicle, commercial or even a vehicle used for recreational purpose, according to the law it must be insured.

Third Party Liability (TPL) is compulsory and those who do not have this are liable for penalties. On the other hand, comprehensive motor insurance covers TPL along with other financial losses which might be caused due to accidents etc.

Types of Motor Insurance

Third Party Liability (TPL)

As per Section 146 of Motor Vehicles Act 1988, third party insurance is a mandatory policy which is compulsory to have for any individual owning a vehicle. It covers the loss pertaining to the third party and not to you or for your own vehicle. In this policy the person who buys the policy who is insured, is the first party; the insurance company is the second party whereas the person who is affected during an accident by your car is the third party.

Own Damage Cover

It protects the insured against any financial losses pertaining to his/her vehicle. It can be claimed against the accidents as well as theft. Other damages which are covered under this policy include damages caused due to vandalism, burglary, terrorist attack, riots, and many more.

Personal Accident Cover

This simply safeguards the insured against the financial security when an accident is caused unfortunately which leads to permanent disability. And in the worst case if the policy holder dies the family of the person receives the monetary compensation.

Add-Ons

There are some other specified additional features which can also be added to the policies which include Zero Depreciation Cover, Garage Cash, Roadside Assistance and many others.

Calculating the Value of Your Car: How to Minimize the Insurance Cost

A car insurance coverage is absolutely vital for any car owner. From compensating damage and/or loss to the insured car, to protecting the owner from legal ramifications, it serves a variety of helpful purposes. In accordance with a law passed by the government of India, Third Party Insurance (TPI) is mandatory for all vehicle owners.

The cost of car insurance policies 
As with any insurance policy, an amount in form of insurance premium is required to be paid by the policy-holder to the insurance company at regular intervals in accordance with the policy terms and conditions. In case of car insurance, the amount is dependent on several factors dependent on the car –
1. The age of the car – How old is the car? When was it was registered?

2. Car usage - How much distance has the car travelled?

3. State of car registration – In which state was the car registered?

4. Extents of the insurance policy – What kind of damage will the insurance cover?

5. Driving history – Was the car involved in any instances of rash driving? Has the car suffered any accidental damage?

6. The Type of car – Is it a branded luxury car (the insurance is based on the value of the car)?
Minimizing the insurance policy cost
There a number of different ways through which one can acquire a more budget-friendly insurance cost benefit. Here are some of those options –

A. Compare different insurance policy quotes 
The insurance buy can get detailed information related to the insurance pricing quotes, the benefits, and the extent of the coverage. Whether it is buying a car insurance online or offline buyers are recommended to go through them and compare them before making the purchase.

B. Having a reduced frequency of insurance policy claims
Provided that the insurance buyer has a lesser occurrence of making claims of the insurance policy, he or she will receive a pricing discount in accordance with the history of claims. This applies to all types of insurance policies, from motor insurance to health insurance, regardless of whether it was procured online or offline.

C. Buying multiple insurance policies from the same company
When opting for multiple insurance policies from the same insurance company, a discount is given to the buyer. From instance, the buyer may opt for car insurance and a health coverage insurance policy at the same time. This will ensure that he or she receives an insurance discount from the company. 

Benefits of Having a Travel Insurance Policy

Travelling is an activity loved by all. But it is also loaded with potential risks and hazards that may have a detrimental impact on our livelihood.
These include – 
a. Physical and internal injury
b. Loss/damage of personal belongings
c. Grounded at a unreachable location
d. Inconveniences caused due to third party action

Whether journeying abroad or going on a domestic trip, a travel insurance policy ensures that all costs incurred due to unforeseen mishaps and accidents are mitigated.

Why you should opt for as travel insurance policy? 

From being an infrequent journeyman to being a seasoned traveler, travel insurance is absolutely vital to avoid extra expenditure. Here are some of the many benefits of opting for a travel insurance policy –
1. Coverage of additional health expenses 
When travelling, a person might incur physical body damage due to unforeseen circumstances and may require hospital care. He or she may also fall victim to certain diseases, and be bed-ridden during the travel. Travel insurance covers all the costs and expenses incurred due to these.

2. Re-compensation for loss/damage of personal belongings
During travelling, personal items might get stolen or lost. In certain cases, the traveler’s baggage may also be lost during the airport baggage check-in process. Travel insurance recompenses all the loss by providing the cost incurred by the traveler.

3. Receiving insurance benefits due to personal damage by third party
The cost of damage to health and/or property incurred by the traveler during his or her travels due to the involvement of a third-party entity is covered by travel insurance, in accordance with the terms and conditions of the travel insurance policy.

4. Repatriation cost benefits
Travel insurance covers the cost incurred by a person, in cases where he or she is unable to return from the travels due to legal reasons. For instance, the traveler may have lost his passport and plane ticket, due to which he is unable to return. In such a scenario, the travel insurance covers any extra expenditure incurred by the policy-holder.

Opting for travel insurance
Prospective policy buyers can now buy a travel insurance policy online at their ease and convenience. The pricing quotations and details of the travel insurance related to the coverage extent, duration, etc. are listed alongside the policy, making it a simpler way of buying travel insurance. 

All You Need to Know About Family Healthcare Plans

The hospitalization charges and expenses incurred on undergoing complex medical examinations have increased manifold in the past few years. Paying for hospitalization expenses, domiciliary hospitalization expenses, and for medical examinations for a family member can create quite a strain on your finances. Thus, to safeguard your savings and to protect yourself from incurring extensive healthcare related expenses, you should purchase a suitable family healthcare plan.

Who needs to Purchase a Family Health Insurance Policy?

Family healthcare plans are health insurance policies, in which all members of your family will be insured for fixed sums of money. The sum insured will cover all healthcare related expenses of your family members. Since it is a single health insurance policy, you will not have to worry about paying separate premiums in lieu of individual health insurance policies for each and every member of your family. Additionally, a family healthcare plan is an ideal health insurance policy, especially if you have elderly parents who are financially dependent on you. The same is applicable if you have small children in your family. Other than being an umbrella health insurance policy, family healthcare plans have numerous other benefits and also provide a lot of coverage, some of which has been discussed below.

Why should you Purchase a Family Health Insurance Policy?

If you purchase a family health insurance policy, you will be able to save a lot of money. Family health care plans are cost effective solutions, because instead of paying different premiums for individual health insurance policies, you will have to pay only a single premium. A single premium will definitely be lesser than the sum total of premiums payable for individual health insurance policies. Thus, family healthcare plans are always considered to be cost effective solutions.

What Is the Coverage Provided by a Family Healthcare Plan?

A family healthcare plan will provide numerous additional covers as well, such as reimbursement of the expenses incurred on hiring an ambulance. The same plan should also cover pre and post hospitalization expenses. Say for instance, after the patient has been released from the hospital, he or she has to undergo extensive medical treatment before they can resume their normal life. The expenses incurred on undergoing medical treatments post hospitalization can be quite high, but a family healthcare plan will cover these expenses as well. Another important coverage provided by a family healthcare plan is the reimbursement of the expenses incurred on undergoing day care surgeries. Say for instance, a member of your family has to be hospitalized to undergo a surgical procedure, but he or she does not have to stay in the hospital for more than twenty four hours. In such a situation, the insurance company from which you have procured the family healthcare plan is liable to cover the expenses incurred due to hospitalization, even if it is less than for twenty four hours.

Do Family Healthcare Plans Cover Health Check Ups?

If you have not claimed health insurance for a certain time period, then the insurance company will reimburse the expenses incurred on undergoing a complete health check up. However, the time period and the amount reimbursed vary with different insurance companies.

What are Some of the Coverage’s Provided Under Value Auto Coverage Insurance?

Car owners often mention that the additional coverage provided by ‘Value Auto Coverage Insurance’ policies proves to be beneficial, especially in case of long distance travel.Similarly the Value Auto Coverage Insurance can also help reduce your third party liabilities as the coverage provided by such policies will be more extensive, in comparison to the basic motor insurance policy. Usually there are twelve different types of benefits that you can opt for under the Value Auto Coverage Insurance.

Coverages Provided by Value Auto Coverage Insurance
If you want to purchase vehicle insurance online then it is important that you check out the coverage and additional benefits provided under Value Auto Coverage Insurance.

Listed below are some of the benefits and coverage offered by Value Auto Coverage Insurance: 

1. Under this insurance, coverage of expenses incurred in case of damage done to public or private properties by your car will be increased.  In other words the particular insurance policy will provide increased liabilities for third party property damage
2. The insurance policy will provide coverage of medical expenses incurred by the driver of your car, in lieu of the treatment of injuries sustained by him while resisting burglary or theft of your car.
3. The expenses incurred while towing and storing of the car, in case the vehicle cannot be repaired on spot will also be covered under the Value Auto Coverage Insurance. This proves to be beneficial during long distance travel.
4. The insurance company will also reimburse the expenses incurred for staying in a hotel, in case the vehicle breaks down or gets damage during an ‘insured peril’.

Thus, with the help of Value Auto Coverage Insurance you can further reduce the expenses incurred while driving your car and safeguard your savings. Without additional coverage you will have to pay for the extra amount from your savings.