I want to cancel my motor insurance policy and buy one from another insurer. Is this allowed? Also, will I get a refund during the policy period?
Yes, cancellation with one insurer and buying a new policy from another is allowed. However, the insurer will allow the refund for a short period, starting from the time the new coverage begins. That is, you may not be refunded for the leftover policy term on a pro-rata basis on your original policy and, instead, get a slightly lower amount.
My employer has insured us under a group personal accident policy for staff deputed on field. Recently, a colleague met with an accident and died. Apart from being insured under the group cover, he also had a separate personal accident policy. Can his family make a claim under both policies?
The claim being for death due to accident, his family can make the same under both policies. The additional policy purchased would be considered as an additional cover, over and above the group personal accident policy provided by the employer. This is true whenever one has more than one insurance policy — life, health or motor. In an unfortunate event, he/she can make a claim under all of them.
If an insured vehicle is stolen and recovered, but in a damaged condition, what is the process of making a claim under motor insurance?
If an insured vehicle is stolen and recovered in a damaged condition, the damages can be claimed through the normal process. The facts about the theft, recovery and the damage post the theft should be intimated to the insurance company. The damages are surveyed and repair or replacement of the damaged parts is allowed as applicable.
What does money insurance policy cover? How beneficial is it?
A money insurance policy coversloss of money in safe and in transit. Money in safe covers loss of money belonging to the insured’s business from within his/her premises or loss or damage to any safe, strong room or cash box securing the money. Money in transit covers a loss of money belonging to the insured’s business when it is in transit between his/her premises and that of the bank or between two or more locations specified in the policy.
How can I get my car accessories insured? I want to get a CNG kit installed.
The accessories (electrical/ non-electrical) can be covered under the standard motor insurance policy on the payment of additional premium. The compressed natural gas kit, though not a car accessory, is covered separately by insurers on the payment of additional premium.
The writer is MD& CEO of Tata AIG General Insurance. The views expressed are personal. You can send your queries to yourmoney@bsmail.in
