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  To understand this latest announcement from the IRDAI, we will have to first go back to September, 2018. This is when the IRDAI issued an announcement in line with a Supreme Court mandate, stating that all general insurance companies would have to offer potential customers with 2 coverage options; long-term comprehensive cover for 3/5 years (for cars/bikes) or long-term (3/5 years) third party insurance with one-year own damage cover. However, on Tuesday (10 th of June, 2020) the Insurance Regulatory and Development Authority of India (IRDAI) went back on this decision and asked all insurance companies to withdraw long-term comprehensive plans. What this means for you? This means that, from the 1 st of August, 2020 you can no longer purchase long-term comprehensive bike or   Online Motor Insurance . You can only purchase long-term third party insurance and one year of own-damage cover. So while your third party ...

  The FASTag is a rechargeable tag attached to the windscreen of a vehicle. It facilitates an automatic deduction of charges when the vehicle passes a toll plaza. Thanks to the convenience of the FASTag, you no longer need to worry about long queues and traffic jams on the highway. The FASTag works by functioning on radio-frequency identification. At present, FASTags are mandatory for all personal and commercial vehicles plying Indian roads. Any motorist who does not have this tag in place will find themselves paying up to double the usual fee for crossing a particular toll plaza. Do remember that it is also mandatory to have a basic  motor insurance  policy in place to ply your vehicle legally. Purchase and activation of FASTag A motorist can buy their FASTag from one of the 22 banks that have been sanctioned to sell them. These tags can be purchased at the bank branch or even at the toll plaza. One you have purchased your FASTag, you must download the ‘My FASTag’ applic...

  A self-driving car might sound like a gadget straight out of a sci-fi novel. Yet, with leading automobile manufacturers like BMW investing in self-driving technology and research, these futuristic cars could soon be a reality. In fact, industry experts predict that these smart vehicles could very well be up and running by 2040. Self-driving cars will no doubt revolutionize the automobile industry. But, what about their effects on     vehicle insurance ? Will there be any impact?To find out, let’s look at how self-driving cars will affect the automobile insurance industry in the near future. A change in liability A self-driven vehicle is one that can get from point A to point B without a human driver. In such a scenario, if an accident occurs, who really assumes liability? According to industry experts, the liability might switch over to the manufacturer. This might be hard for some to believe. However, auto industry giants like Volvo already accept liability...

  Car insurance& relocating – from the surface, these two things can seem completely unrelated. Most would assume that one does not have anything to do with the other. However, a change in residence could have quite the impact on your car insurance policy.   Keeping this in mind, the following article will go over some insurance-related pointers that one should bear in mind when relocating within the country.                                               1. Consider getting better cover.   You should consider upgrading your policy if you are relocating - especially if you live in a Tier-II or Tier-III town, currently have   car insurance renewal online    and you are relocating to a metro city! You’ll need to think about getting a comprehensive plan simply because urban cities present a higher risk of accidents. Vehicular traffic will be s...

  Car insurance is a necessity for all automobile owners in India. The Motor Vehicles Act, 1988 has made it mandatory for vehicle owners to have at least a basic third-party insurance plan. Apart from this mandate,   Car Insurance In India helps protect you financially in the event of a road mishap. When it comes to understanding insurance, it is important that one knows the exact meaning of the terms ‘first’, ‘second’, and ‘third’ with regards to the parties involved in a claim. Knowing what these terms entail will help you better grasp how your insurance policy works for you. Let’s take a look. ·          First party The term ‘first party’ is used to refer to the person who has purchased automobile insurance. In order words, the policyholder is the first party. ·          Second party The term ‘second party’ is used to refer to the car insurance provider or company that offers fin...

  The theft of your car can truly leave you shocked and worried. Fortunately, a comprehensive car insurance policy will serve you well in such a situation by reimbursing you with the IDV (insured declared value) of your vehicle. This compensation can help ease out your stress; however, there still may be one question that looms over your mind: ‘What about my personal belongings left behind in the car? Does insurance cover those too?’ Let’s find out. Personal belongings add-on A  Motor Insurance Policy  will only offer coverage for the vehicle in question. This means that the payout will not compensate you for any things you might have left inside the car – such as items in the glove compartment or trunk. The good news is that you can take the right steps to ensure you do receive the value of these belongings in the unfortunate event that your car is stolen. You simply need to opt in for the personal belongings cover add-on in your car insurance policy. A personal belongin...

   Buying your first car surely is one of the most exciting moments of your life. As a wise customer, you are aware of car insurance plans and you agree to buy one to secure your car forever. Initially, you pay only for the fuel after purchasing your car. After months of driving, your air condition gas dries up or you may notice a bolt missing in some inconspicuous part of your car. You decide to pay for them too. That is where you wonder if your insurance policy includes them too. Sadly, you realize that they don’t. You need a consumable cover and are wrong to think that your  motor car insurance  will cover these expenses too. What are consumables? They are the perishable items such as nuts, bolts, grease, brake oil, engine oil, air condition gas, washers, ball bearings and others that are continually used up while you drive your vehicle. They are additional expenses which are compulsory for your vehicle to function. They are available as individual products on sal...

  Many people opt to buy secondhand cars as doing so can save you a lot of money. Used cars are often well-maintained and thus see you get a great deal at half the cost you would have incurredon abrand-new model. Now, while you may spend a good amount of time ensuring you get a great deal on your vehicle, it is also imperative that you invest an equal amount of effort in getting the right online car insurance    plan. To that effect, here is an overview of some things to know when getting insurance for a secondhand car. .The need to comprehensively insure your vehicle Having a minimum third-party car insurance is mandatory by law in India. Yet, it is always advisable to go beyond this basic plan by opting for comprehensive insurance with add-ons. It is a misconception that since a used car is worth less than a new one, it deserves lower coverage. When you buy car insurance, opting for a comprehensive policy with suitable add-ons will see you protected completely in case...

  Electric vehicles are here to stay. With technological advancement, environmental factors and rising popularity, many global automobile manufacturers are tapping into the demand to create vehicles that have either completely or partially removed the need for petrol and diesel to drive. With the Insurance Regulatory and Development Authority of India (IRDAI) benefiting this range of cars by a whopping 15% discount on   car insurance     and  bike insurance premiums for electric vehicles, it is time to take note of this trendy and futuristic kind of cars. Let’s discuss electric vehicles in more detail. . What are electric vehicles? These are vehicles that run on electricity generated from batteries or fuel cells. These cars either run completely on electricity or partially as hybrid vehicles. Hybrid vehicles keep running even when its battery is exhausted of electricity as its fuel engine is then activated. Electric vehicles take an average of 5-10 hours...

  5 Things To Know About IDV in Car Insurance When signing up for your car insurance, you will come across the term IDV. For anyone new to this abbreviation, IDV stands for insured declared value. The IDV is an important aspect of your car’s insurance policy and as a car owner, you need a basic overview of IDV in order to make the right decisions on your  Car Insurance In India   plan.   So, to help you out, here are five things to know about IDV in car insurance. IDV determines maximum insurance coverage The IDV is the present value of your vehicle in the market. It is the amount that your Motor Insurance Policy provider will pay you if your vehicle is stolen or has undergone total loss through damage. The damage might either refer to a situation where the car can no longer run or when the vehicle’s total repair costs exceed 75% of the IDV. So, simply put, if the IDV of your vehicle is Rs 4 lakh, the...

  Car insurance is a must-have financial product for any vehicle owner. Apart from being mandated by law, it most-definitely has your back in situations that see your vehicle involved in a mishap. Paying for automobile damages can truly burn a hole in the bank – this is definitely not a situation you want to be in. Now, while it is important to have your car insured, it is just as important to get the right car insurance.   We spend months and weeks deciding on which car or SUV we want to buy – the same amount of effort is required when selecting a  third-party car insurance   . A hasty, last-minute coverage selection can see you underinsured when it comes to making a claim. So, to help you out, here are 5 common mistakes to avoid when you buy car insurance. 1.     Choosing the cheapest premium While there’s no harm in looking for discounts, a cheap deal should not be the reason you opt for a particular plan. Remember that low premium policies m...