2) ‘Motor Insurance Rights cannot be denied due to the desire for documents
No motor insurance claim can be denied due to the unavailability of documents, the regulator said. Iradai says, “No claim will be rejected according to the desire of the documents. All the required documents will be called at the underwriting of the proposal.” If necessary, the insured claim form, driving license, permit, etc. Similar claims can ask for additional documents directly related to the settlement.
2) Vehicle Insurance Rights Settleline: Iradai asks insured to remove claims within days of survey reports
To facilitate this for vehicle insurance policy holders, Irrdai mentions the detailed process and timeline that requires removal of motor insurance rights. Read here:
A) Once the policyholder launches the claim, the insured should inform him of the changing time to resolve the claim. The regulator has asked the insured to mention the turnaround time of the settlement on the website and on the customer information sheet (CIS).
B) within 24 hours of claim report, the general insulation must be allocated to the surveyors through a tech-based solution.
C) Surveyor will submit a survey report to the insured within 9 15 days of allocation. It will be the duty of the insurer to survey at the specified time limit. D) The insured should decide on the claim within seven days after receiving the survey report. The insured is responsible for the penalty for such a delay.
F) the insured cannot refute the claim in the entire or part: i) where the violation of a guarantee or condition is not related to the nature of the loss or the situation. ii) for any delay of the policyholder, where such a delay did not increase the amount of damage evaluated.
Narendra Bharindwal – Vice President of the Insurance Broker Association of India (IBAI) says, “The regulator has proposed a strict timeline implementation for claims. This is an important step in improving the efficiency and customer satisfaction. It will be ensured by delaying these measures.
) When buying policies you pay as an alternative as one of the first options
IRDAI has asked insurance companies to give two options as the first choice when purchasing motor insurance policies – i) you pay while running an insurance cover, ii) a comprehensive cover that includes depreciation coverage. The salary option was not compulsory for motor insurance customers while you were driving before.
While you are running an insurance product, the salary is a widespread loss (OD) Plus Third Party (TP) policy where the third party premium decision is made in accordance with the rules, then the unanimous self -damage premium will be calculated based on how many kilometers you are planning to operate in the timeframe you offer.
Drive covers are based on a simple principle that if you drive less, you should give less premium for insurance. If you are convinced to use low vehicle use a year, you can pay insurance premiums according to your actual use instead of flat. There are two basic types as you drive policy – one kilometer driven and the other is how long the insurance policy is going on. To measure uses, insurance companies usually install a tracking device in your car or use mobile applications. Another difference between a salary as a drive policy is that ‘switch current/closed’ motor insurance where you can turn your own loss cover while you are driving and you can close it when you don’t use your car.
The popularity of such a tailor -made motor insurance policy has increased significantly in the last few years, especially after Covid -1.
) Changed the rules of cancellation of motor insurance: you need to know everything
The regulator has also made significant changes to the cancellation of the policy. Iradai says, “With a minimum of 7 days notice to the retail policyholder, the insured can only cancel the policy for the reasons of established fraud.”
Explaining the changes in the rules regarding the cancellation of the retail insurance policy, the Sebi-regulated investment adviser Abhishek Kumar, the founder of Sahjomani.com says, “According to the IRDA documents, the previous retail policy is not violated, but it has been changed only by cooperation.
Further, the regulator continued, “In any case, the insured statutory motor cannot cancel any compulsory insurance compulsory by the law excluding double insurance or overall loss by law.”
If anyone is buying a two-third-party insurance policy for the same vehicle, the insured can cancel it if they know about the double insurance policy. The total disadvantage is a reference to the situation in which the car’s IDV has more than 75% of the car to repair the vehicle.
Kumar explains, “In the case of a motor insurance policy, it may be canceled only if there is double insurance. It has now been modified to include total loss and double insurance.”
The premium return will be as follows: i) The policy will be up to one year and no claim is made during the policy period, the refund ratio for the unexpected policy period.
II) In the context of a policy of more than one year, the return coverage for the unexpected policy period and the risk coverage for such policies years has not started.
)) IDV mentioned must be on insured websites and CI
Your car or two -wheeler’s insured declared (IDV) is usually fixed at the beginning of each policy period. Now the insured should formulate the production committee (PMC) that should approve the criteria to determine the depreciation of IDV and any related value. In addition, the insured should mention how the vehicle ID on their website. IDV calculations should also be mentioned in the customer information sheet.
)) Customer Information Sheet is mandatory for motor insurance policies
To make the customer more aware of the rights and conditions and conditions of the insurance product, the insured is asked to provide the customer information sheet (CIS) for vehicle insurance and other general insurance policies in the form of upgrade to the general insured. The basic characteristics of the CIS policy will explain in simple terms. CIS will include coverage, -s -on, berries insurance base, berries insured, excluding, deductive, special terms and guarantees, approval, etc. Some important details about your insurance and insurer – the rights process, rights information and procedure, the principle of claiming claim, the pattern rights calculation process for the retail products, the complaint redressal of the insurance leopard in the proper work area will also be available in your insurance policy CIS.
If a policyholder wants, they can also get CIS in local language.
The insured must receive CIS acknowledgment from the vehicle insurance policy holders in physical or digital form.
Bharindwal says, “The identity of the consumer information sheet is to ignore transparency. By giving clear, brief information about strategic coverage, exemption and claiming process, CIS will enable CIS customers to decide on information. This solution will significantly reduce misunderstandings and conflict, increase trust in the insurance sector.”
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