My car met with an accident when my driver was driving it. The cost of repairs is about Rs 15,000. Will it make a difference that my driver was driving and not me? Can my claim be rejected on this ground?
It does not make a difference, as long as the driver has a valid licence to drive the class of vehicle as on the date of accident. Your claim would not be rejected on this ground.
I purchased a family floater health insurance policy for Rs 10 lakh last year and had no claims in the last year. But when I renewed the policy the premium had increased by Rs 2,000. When I asked the company why the sum assured increased, I did not get a satisfactory answer. Since I did not want the policy to lapse, I renewed it. What could be the reasons for the increase in premium despite no claims?
Generally, the premium of health insurance changes with change in age bracket. One of the probable reasons could be that the person based on whose age the premium was calculated has moved into the next age bracket, which commands a higher premium. Otherwise, It may also have happened that the company went in for an overall premium increase based on product experience, which would have impacted all policyholders. The company would, however, be required to take a prior approval of the regulator before affecting a general price increase.
My car met with an accident and while getting it repaired I want to get it painted in a new colour. But will my insurance pay for that too or will it pay only for repairs?
Insurance shall pay only for the repairs and painting of the damaged area. Any additional cost would have to be borne by the customer. It is pertinent to note that if a vehicle is painted a new colour, it would require an endorsement on the registration certificate as vehicle colour is noted in the RTO records as well.
I am going abroad to visit my children and plan to stay for a year. Can I get a travel insurance policy for a year? I have been told that most policies cover foreign trips only up to a few months.
Since the intention of travel insurance is to cover the short duration risk and are not supposed to be used as an alternative to a standard health policy, they generally come for a period up to six months. However, some insurance companies might offer an extension beyond this period based on their product features.
It does not make a difference, as long as the driver has a valid licence to drive the class of vehicle as on the date of accident. Your claim would not be rejected on this ground.
I purchased a family floater health insurance policy for Rs 10 lakh last year and had no claims in the last year. But when I renewed the policy the premium had increased by Rs 2,000. When I asked the company why the sum assured increased, I did not get a satisfactory answer. Since I did not want the policy to lapse, I renewed it. What could be the reasons for the increase in premium despite no claims?
Generally, the premium of health insurance changes with change in age bracket. One of the probable reasons could be that the person based on whose age the premium was calculated has moved into the next age bracket, which commands a higher premium. Otherwise, It may also have happened that the company went in for an overall premium increase based on product experience, which would have impacted all policyholders. The company would, however, be required to take a prior approval of the regulator before affecting a general price increase.
My car met with an accident and while getting it repaired I want to get it painted in a new colour. But will my insurance pay for that too or will it pay only for repairs?
Insurance shall pay only for the repairs and painting of the damaged area. Any additional cost would have to be borne by the customer. It is pertinent to note that if a vehicle is painted a new colour, it would require an endorsement on the registration certificate as vehicle colour is noted in the RTO records as well.
I am going abroad to visit my children and plan to stay for a year. Can I get a travel insurance policy for a year? I have been told that most policies cover foreign trips only up to a few months.
Since the intention of travel insurance is to cover the short duration risk and are not supposed to be used as an alternative to a standard health policy, they generally come for a period up to six months. However, some insurance companies might offer an extension beyond this period based on their product features.
The views expressed are expert's own. Send your queries to yourmoney@bsmail.in
Rakesh Jain, Chief Executive Officer of Reliance General Insurance, answers your queries
Rakesh Jain, Chief Executive Officer of Reliance General Insurance, answers your queries