Apr 20, 2011

Trucking lobby against increase of third party insurance

The powerful trucking lobby warns IRDA of possible nation wide strike against IRDA's plan to increase the third party premiums. This comes at a time when IRDA is expected to announce its decision for an 80% hike in third party insurance for trucks and buses and a 10 % increase for motor bikes and cars. The move to increase the premium is due to the losses incurred by the Insurance industry due to hefty claims related payouts.

To read more click on http://www.domain-b.com/finance/insurance/20110419_third_party_premiums.html

Wowhan, India's first online portal that exclusively sells motor insurance, helps its customers with claims process. Our 24 hr helpline guides our customers through the painful process of claiming their insurance from Insurance companies. Our customers save time by using our website which gives them about 10 comparative motor insurance quotes. This enables our customer to save time from going to 10 different websites of auto insurance companies during their purchase or renewal of insurance.

Apr 1, 2011

FAQ: What are the different Insurance coverage available.

There are many policy coverages available. Each individual needs to use his/ her discretion before choosing a particular policy coverage. Liability only policy, Personal Accident Cover for Owner-Driver, Private Car Package Policy, Own Damage are some of the policies available to us. 

wowhan provides our customers with the ability to chose the sort of cover that is most suitable for them.

FAQ- What is Personal Accident Cover for Owner- Driver:

Personal Accident Cover for Owner-Driver : Under the terms of this policy, the company undertakes to pay specified compensation for bodily injury / death sustained by the owner-driver of the vehicle in direct connection with the vehicle insured or while mounting into/ dismounting from or traveling in the insured vehicle as a co-driver, caused by violent, accidental, external and visible means .

This cover is subject to :
(a) the owner-driver is the registered owner of the vehicle insured herein.
(b) the owner-driver is the insured named in this policy.
(c) the owner-driver holds an effective driving license.
(d) capital sum insured Rs.1 lac (two wheelers) capital sum insured Rs.2 lacs.(private cars and commercial vehicles.)

In the event of death of the sole insured this policy will not immediately lapse but will remain valid for a period of three months from the date of death of insured or until the expiry of this policy (whichever is earlier). During the said period, legal heir(s) of the insured to whom the custody and use of the Motor Vehicle passes may  apply to have this Policy transferred to the name(s) of the heir(s) or obtain a new insurance policy for the Motor Vehicle. To obtain a new insurance policy the heir will need the following documents in hand:

a) Death Certificate in respect of the insured.
b) Proof of title of the vehicle.
c) Original Policy. (This condition appears in Package Policy also)

FAQ- What is a Liability only Policy?

Liability only policy- In this policy the company will indemnify the insured in the event of accident caused by or arising out of the motor vehicle anywhere in India against all sums including claimant’s costs and expenses which the insured shall become legally liable to pay in respect of -

a.death of or bodily injury to any person so far as it is necessary to meet the requirements of the Motor Vehicles Act.
b. damage to property other than property belonging to the insured or held in trust or in the custody or control of the insured up to the limit specified in the schedule.

FAQ's- What documents do I need for Auto Insurance Claims (Accident)

This is a list of documents required for Accident claims.
  1. Claim form duly signed
  2. RC copy of the vehicle
  3. Driving license copy.
  4. FIR on a case-to-case basis (depending on the type of accident/nature of claim)
  5. Original estimate from the service center.
  6. Original repair invoice, payment receipt from the service center

Wowhan, India's first online portal that exclusively sells motor insurance, helps its customers with claims process. Our 24 hr helpline guides our customers through the painful process of claiming their insurance from Insurance companies. Our customers save time by using our website which gives them about 10 comparative motor insurance quotes. This enables our customer to save time from going to 10 different websites of auto insurance companies during their purchase or renewal of insurance.

Third party insurance set to increase says IRDA- Good news for Insurance companies.

The premiums for Third Party Insurance will increase this year by 50-60%. The IRDA ( Insurance Regulatory and Development Authority) is planning to construct an index according to which third party insurance premium will be reset every year.

This decision to reset insurance premium every year is because of TAC's ( Tariff Advisory Committee- under the IRDA) inability to increase the premium for the past four years which has affected the solvency margins of many insurance companies. Solvency Margin is the extra capital an insurance company is required to hold and this determines its capacity to settle claims. After the calculation for the loss incurred by the insurance this current year goes up to Rs. 5000 crore. The minimum increase to offset this loss is 80%.

This new index which the IRDA is in the process of construction, will take into consideration factors such as minimum wages, cost of living, and the most important key factor that drives the claim cost is the income of the claimant. The rates are constantly revised keeping in mind the changes in the index.

So even though it is a good news for motor insurance companies, vehicle owners can expect a minimum 80% increase in third party insurance premium. To read more go to http://www.business-standard.com/india/news/get-ready-to-pay-more-for-third-party-motor-insurance/428128/

Wowhan, India's first online portal, gives comparative vehicle insurance rate without the hassle of pesky auto agent's calls. It is India's first website that also gives comparative insurance rate for two- wheelers. Our 24 hrs claims division helps our customer walk the whole nine yards in their painful period of getting claims from insurance companies.

FAQ- What to do if I am in an accident?

The following steps are involved while claiming for compensation from the insurance company:
  • Insured should write the number of the other vehicle in case of an accident or third party claim.
  • Make a note of the Names and contact information (address/phone number) of witness(es)
  • File an FIR with the nearest police station.
  • Insured should then contact the insurance company and get a claim number (you can contact wowhan if you have purchased your insurance through us)
    • A surveyor is appointed who reports the approximate value of loss or damage.Based on the report of the surveyor, insurance companies try to send the amount to the insured within one to three weeks.
    • An individual might have to pay the repair charges himself and later get it reimburse.
Wowhan helps our customer with their claims and help them ease with their financial situation by giving the right advise in the case of such an eventuality. 

Wowhan is India's first online portal that deals exclusively on motor insurance. Comparative auto insurance rate which is available on our website makes purchase or renewal of auto insurance a breeze.