Sir, my question is regarding auto insurance. What is the difference between comprehensive cover and non comprehensive cover in auto insurance? Which insurance should I buy? Which insurance will take better care of my vehicle insurance needs?

Ans: Hi Prasanna, Long Term insurance is only mandated for new vehicle as per IRDAI.
In Long Term policy (3+3), a standard agreement is signed due to which the policy's premium will remain unchanged whether you claim in the policy or not.
However in single year motor policy, you will lose your NCB (no claim bonus) after claim which will increase the premium at the time of renewal.
If a person claims in a five year tenure policy, the process of claim will be standard. Post claim, the coverages & premium will remain unchanged.

Ans: A comprehensive auto insurance policy in India offers the most extensive coverage for your car and any third-parties involved in an accident. It's like a two-wheeler for your car's security, providing protection for both your vehicle and your wallet.

Benefits of a Comprehensive Policy:

1. Peace of mind: Covers a wide range of situations, so you'll be financially protected in case of many unforeseen events.

2. Own Damage Cover: Pays for repairs or replacement of your car if it's damaged in an accident, by fire, theft, natural calamities, riots, or even falls victim to vandalism.

3. Third-Party Liability Cover: Takes care of any legal or financial liabilities you incur if your car causes injury, disability or death to a third party, or damages their property.

4. Personal Accident Cover (Optional): Provides financial assistance to you or your family in case of injury or death due to a car accident (depending on the policy terms).

What to Consider Before Buying:

Inclusions:

a. Most accidents (collision, hit and run)

b. Theft (partial or complete)

c. Fire damage

d. Natural disasters (floods, earthquakes, etc.)

e. Riots, strikes, and other man-made calamities

g. Third-party property damage and bodily injury

h. Personal accident cover (if opted for)

Non-inclusions:

a. Damages due to wear and tear

b. Driving under the influence of alcohol or drugs

c. Mechanical or electrical breakdown

d. Depreciation on parts replaced during repairs

e. Using the car for illegal purposes

Additional Tips:

1. Add-on Covers: Enhance your policy with optional extras like engine protection or zero depreciation cover for a more comprehensive safety net.

2. Compare Quotes: Get quotes from different insurance companies to find the best coverage and price for your needs.

Remember, a comprehensive policy offers superior protection compared to third-party only insurance, which is mandatory by law but only covers your liability towards third parties. For a secure ride on Indian roads, a comprehensive policy is the way to go.

Ans: key things to consider before choosing a family health insurance plan with cashless coverage:

Family Coverage:

Member inclusions: Ensure the plan covers all your immediate family members (spouse, dependent children, and potentially parents depending on the plan).
Sum Insured: Choose a sufficient sum insured per person considering potential medical inflation and future healthcare costs. Opt for a joint sum insured or individual sum insured per family member based on your needs.
Cashless Network Hospitals:

Network breadth: Research the insurance company's network hospitals in your area. Accessibility and quality of hospitals within the network are crucial factors.
Cashless claim settlement ratio: Check the company's cashless claim settlement ratio, indicating the percentage of cashless claims approved. A higher ratio indicates smoother claim processing.
Policy Coverage:

Hospitalization expenses: Ensure the plan covers hospitalization bills, including room rent, surgeon fees, medications, and other related costs.
Pre-existing conditions: Look for a plan that covers pre-existing conditions if any family member has one. However, there might be waiting periods for coverage.
Daycare expenses: Some plans offer coverage for daycare expenses incurred during hospitalization.
Co-pay/Deductible: Some plans involve co-pays (fixed amount paid for specific services) or deductibles (amount you pay before insurance kicks in). Understand these clauses and choose a plan with terms that suit you.
Claim Settlement Process:

Claim settlement turnaround time: Research the average time the insurance company takes to settle claims.
Claim intimation process: Understand the claim intimation procedure and required documentation to ensure a smooth process.
Company Reputation:

Financial stability: Choose a health insurance company with a strong financial track record for claim settlements.
Customer service: Look for a company known for good customer service, especially regarding claim processing assistance.
Ways to Research Plans & Claim Coverage:

Company Websites: Most insurance companies have detailed information about their health insurance plans on their websites.
Insurance Comparison Websites: Websites like Policybazaar (https://www.policybazaar.com/), CompareRaja (https://health-plan-compare.com/), or Fincare (https://www.insurancedekho.com/health-insurance/news/religare-health-insurance-partners-with-fincare-small-finance-bank-7) allow plan comparisons and provide valuable insights.
Insurance Agents: A licensed insurance agent can help you compare plans, understand exclusions, and choose the one that best suits your family's needs.
Understanding Exclusions:

Most health insurance plans have exclusions, which are medical expenses the plan doesn't cover. Here's how to learn about them:

Policy Wording: Read the policy wording carefully, focusing on the exclusions section. This will clearly outline what isn't covered by the plan.
Speak to the Insurance Provider: Contact the insurance company directly and ask about any exclusions related to specific procedures or pre-existing conditions.
Choosing the Right Plan:

Don't just focus on premiums: While cost is important, prioritize comprehensive coverage over just the lowest premium.
Get quotes from multiple companies: Compare quotes from different providers to find a plan that offers the best value for your needs.
Ask questions: Don't hesitate to ask questions and clarify any doubts you have about the plan details or claim settlement process.
By considering these factors and thoroughly researching your options, you can choose a family health insurance plan with cashless coverage that provides peace of mind and financial protection for your loved ones.

Ans: In the unfortunate event of an accident with your Maruti Ertiga, a comprehensive car insurance policy will best serve your interests. Here's why:

Comprehensive Coverage:

• Third-party Liability: This is mandatory by law and covers any injuries or property damage caused to a third party due to an accident involving your car.
• Own Damage Cover: This protects your Maruti Ertiga from damages caused by accidents, theft, fire, natural calamities, etc.

Additional Coverage for Permanent Disability and Hospitalisation:

• Personal Accident (PA) Cover for Owner-Driver and Passengers: This add-on provides a lump sum payout in case of death or permanent disability due to an accident. You can extend this cover to include your passengers as well.
• Medical Expenses Cover: This add-on reimburses hospitalisation expenses incurred due to injuries sustained in an accident.

Here's what to consider when choosing an insurance provider:

• Claim Settlement Ratio (CSR): Look for insurers with a high CSR, which indicates a good record of settling claims promptly.
• Network Garages: Opt for an insurer with a wide network of cashless garages for repairs to ensure a hassle-free experience.
• Customer Service: Choose a company known for providing prompt and helpful customer service.

Popular Car Insurance Providers in India:

• Acko General Insurance
• HDFC Ergo
• The Oriental Insurance Company
• National Insurance Company
• Bajaj Allianz General Insurance

Researching and Comparing Policies

• Use online insurance aggregator websites to compare quotes from different providers. These websites allow you to input details about your Maruti Ertiga, your driving history, and desired coverage options. They will then provide you with quotes from various insurers, allowing you to compare prices and features.

Consulting a Financial Advisor

• Consider consulting a financial advisor who can help you assess your specific needs and recommend the most suitable car insurance policy for your Maruti Ertiga.