admin_ASIn a significant move to cater to the evolving needs of retail customers, insurers are now offering additional options for motor and homeowner (fire) insurance.
These new provisions aim to provide policyholders with greater flexibility, enhanced coverage, and more transparent terms. Let’s explore these options in detail.
“InsuranceClaimMadad assists customers in selecting the most suitable insurance policies by conducting personalized risk assessments, offering customized coverage solutions,
and providing comprehensive policy comparisons. Their expert guidance ensures transparency in understanding policy terms and conditions, empowering customers to make informed
decisions tailored to their specific needs and preferences.
Motor Insurance Options
Motor insurance, which primarily serves retail customers, now includes several new features designed to offer more tailored coverage and convenience.
Flexible Payment Options
- Pay-as-you-Drive/Go/Use
– Policyholders can opt for insurance coverage based on actual usage of their vehicles.
– This flexible payment model helps customers save on premiums if they drive less frequently. - Comprehensive Cover Including Depreciation
– Offers an all-inclusive cover that also accounts for depreciation, providing better value for money and comprehensive protection.
Roadside Assistance Services
– All retail customers are now eligible for towing and roadside assistance services.
– These services can be availed on either a cashless basis or through reimbursement, depending on the product design.
Salvage Management
– In cases of partial loss, customers are not required to manage the disposal of salvage.
– The insurer will handle the collection of salvage, ensuring customers receive their claim amount without hassle.
Add-on Cover Transparency
– Premiums for any add-on covers opted by the customer will be listed separately in the Premium Computation Table.
– This transparency allows customers to understand the cost breakdown and choose add-ons that best suit their needs.
Insured’s Declared Value (IDV)
– The IDV, which represents the sum insured, will be fixed at the beginning of each policy period for each insured vehicle.
– Criteria for determining IDV and depreciation scales will be approved by the Product Management Committee (PMC) and published on the insurer’s website, providing clear and
accessible information for customers.
– An illustration of IDV calculation will also be provided to help customers understand the valuation process.
Depreciation on Non-OEM/OES Parts
– No depreciation will be applied to non-original equipment manufacturer (Non-OEM) or non-original equipment supplier (Non-OES) parts used in vehicle repairs after a loss,
ensuring fair compensation and lower out-of-pocket costs for policyholders.
Homeowner (Fire) Insurance Options
Comprehensive Fire Coverage
– Coverage includes the building (if owned by the customer) and personal belongings such as clothing, electronic gadgets, furniture, fixtures, and fittings.
Optional Coverage for Additional Perils
– Policyholders can opt to include other risks such as earthquakes, cyclones, storms, floods, lightning, landslides, rockslides, avalanches, explosions of domestic
pressure vessels, and terrorism in their fire insurance policy.
– Conversely, customers can choose to exclude one or more of these perils based on their specific needs and regional risks. For instance, those in seismic zones can opt
for earthquake coverage, while those in coastal areas might prioritize cyclone coverage.
Coverage for Burglary and Electrical Damage
– Customers can request coverage for burglary/theft of contents and personal belongings.
– Additionally, coverage for electrical damage or non-functioning electrical items (such as microwaves, fridges, air conditioners, TVs, computers, and mobile phones) can be
included in the homeowner (fire) insurance policy.
No Warranties on Homeowners Insurance
– No warranties will apply to the homeowners insurance product, simplifying the terms and reducing the burden on policyholders.
InsuranceClaimMadad assists customers in selecting the most suitable insurance policies by conducting personalized risk assessments, offering customized coverage solutions,
and providing comprehensive policy comparisons. Their expert guidance ensures transparency in understanding policy terms and conditions, empowering customers to make informed
decisions tailored to their specific needs and preferences.