General Insurance: Bhargav Dasgupta

Recently, we bought a car on loan. The dealer gave us complimentary third-party motor insurance for the first year. However, we are also interested in taking some add-on covers. Do we have to take it from the same insurer? Is there a policy which can cover the loan as well? Which other add-ons do you recommend?
The complimentary third-party cover given to you by the dealer is mandatory for all buyers of new cars. However, you must remember that this cover protects you only against third-party claims. For complete protection of your vehicle, you require a comprehensive policy, covering various elements such as damage to the car in case of an accident or theft. Additionally, it is advisable to take certain add-on policies based on your requirements.

Several insurance companies offer motor add-ons such as zero-depreciation (the entire claim is processed without factoring in the depreciation), no-claim bonus protection, (you get the benefit of no claim even if you had incurred a one-off claim), etc. You need to consult your insurance advisor to evaluate your needs and work out the best package.

I have a 365-day overseas travel insurance. Two months back, on a trip to China, I was hospitalized for four days. Next month, I’ll be travelling to the US. Does my previous claim history impact my insurance? Is there a top-up option available to ensure I am covered to the maximum extent possible?
A 365-day multi-trip policy is an annual policy wherein the sum insured is decided in the beginning of the year. Hence, if you have already claimed a part of the sum assured, you will continue to be eligible for subsequent claims up to the maximum limit of the remaining amount of the sum insured.

For instance, if you have a travel policy for a sum insured of $50,000 and the claim was for $20,000, you will be entitled to claims up to a maximum of $30,000 for the remaining year. However, there is no top-up option available for the policy.

I am planning to take a home insurance cover. I have heard that if I undertake any commercial activity such as tuition classes in the house, the claims, if any, can be rejected. Is it true? Also, my husband and I would be travelling to the US next month and my son would be staying alone. Do we have to inform the insurer?
Your information is correct, as a home insurance cover is applicable only in the case of private residing for domestic purpose and not commercial activity. With regard to your second question, you do not need to mention your overseas travel plans to the insurance company, as the property would not be vacant. However, for unoccupied premises for over 30 days, you need to inform the company and obtain written consent/approval.

The writer is MD & CEO at ICICI Lombard General Insurance. The views expressed are personal. You can send your queries to yourmoney@bsmail.in