A verdict of the Supreme Court in a matter involving United India Assurance states that even if the premium cheque of the policyholder bounces, the insurance company will still compensate the third party claim. The judgment in bold letters reads - Premium cheque dishonoured – Cancellation after accident – Insurer liable

Insurance companies issue motor insurance policies instantly after collecting the payment from the policyholder. In cases where payment mode is cash or credit card, there is...  Read More »

After a ban of around two years by the insurance regulator, Maruti Suzuki India Limited is back in the distribution of car insurance policies. Maruti Suzuki has sought a broking license from IRDA and formed a company by the name Maruti Insurance Broking Private Limited.

The insurance broking company will be headed by Mayank Pareek who has over 15 years of experience in the automobile industry, as the Managing Executive Officer. Mayank who heads Marketing & Sales, joined Maruti Suzuki in...  Read More »

SBI General Insurance would price the car insurance premium depending on customer  profiles. In simple terms, the pricing would be higher for those drivers perceived to be more risky and less for those perceived otherwise. These are signs of the industry maturing and offering more refined products based on individual profiling. 

Currently car insurance premiums depend more on the attributes of the car rather than of their usage. Main factors which influence pricing are age of car, type...  Read More »

Thomas Cook signed an agreement with Bajaj Allianz General Insurance

Thomas Cook India Ltd, India’s largest integrated travel and travel related financial services company has entered into a tie-up through its subsidiary group Thomas Cook Insurance Services India Limited as a corporate agent of Bajaj Allianz General Insurance Company.

The partnership will give an edge to the leading private insurer in expanding its distribution network. Thomas cook will offer travel insurance plans and...  Read More »

Luxury or expensive car is considered a status symbol. What immediately sets these high-end cars apart from the other lower-segment cars is their well-crafted exteriors and interiors. There are an increasing number of luxury cars like BMW, Jaguar, Mercedes, Porsche etc hitting the Indian roads every day. These car owners pay high premiums on car insurance as damage or loss to a small part can also cost a small fortune.

Take for instance the cost of a car logo on a BMW or a Mercedes. The...  Read More »

Comprehensive Motor Insurance Policy provides cover for own-vehicle damage and third party liability. In addition to this, it covers damages or losses from man-made tragedies like theft, riots, malicious activities, act of terrorism etc; and natural calamities such as earthquake, floods, landslides, and storm. But most people are not aware of the fact that it also covers death or bodily injury to any person including occupants carried in a private car and pillion rider carried on the bike or...  Read More »

The Chandigarh Consumer Disputes Redressal Forum-II has ordered insurance company to compensate the policyholder for theft of his car.
 

A resident of Mohali, who failed to inform his car insurance company for about ten months after the theft of his car, has received a decision in his favour. Charan Dass claimed that he had not received any policy documents from his insurer and hence claimed that the insurance company did not make him aware of the terms and conditions.
 

The insurance...  Read More »

Car insurance companies in the UK and other places have always charged a higher premium for red colour cars. Now you may wonder why, but according to general perception among insurance companies abroad, red car owners are more aggressive drivers and hence more prone to accidents.

This concept was unheard of in India, however insurance companies here are now waking up to this idea. Hemant Kaul, CEO & Managing Director of Bajaj Allianz General Insurance Company  said, "The thinking in our...  Read More »

Future Generali India Insurance Company has launched an innovative service for its motor insurance customers. Aptly named as Future Xpress and Future Xpress+, this new service is aimed towards simplifying the exhausting, time consuming and lengthy motor claim process. The company aims to offer its customers a more personalized service and enhanced touch points for smooth and speedy motor claims settlement.

While Future Xpress+ is targeted for those who wish to get their loss assessed and...  Read More »

In what comes as a big relief to many auto insurance policyholders, the apex court passed a ruling that insurers are liable to compensate for the loss during a third party motor insurance claim even if there is a change in the ownership of the vehicle.
 
This ruling passed by the Supreme Court was directed to National Insurance Company, which is one of the four non-life public sector insurance company in India. On 13th June 1998, a mini bus hired by the UP State Road Transport Corporation...  Read More »