General Insurance: Gaurav Garg

My car was inadvertently insured twice with two different insurers. I feel there is no point in keeping both the policies. Which one should I cancel?
You can cancel any, if the policy period and the coverage is identical in both.

If the coverage is different, then you need to decide which cover you want and, accordingly, take a decision to cancel the policy.

If the policy period is not identical, then one which starts later should be cancelled, so that you have coverage for the entire duration.

However, to get premium refund, there must not be any claim on either policy prior to the date of cancellation.

I am going abroad on an assignment for five years. I am selling my car and transferring the insurance policy. Can I use the accumulated no-claim bonus abroad?
Yes, you should get a certificate from your insurance company in India, stating the bonus accumulated and the total number of claim-free years it represents, as the bonus slabs could be different in the country you are going to.

I have taken a loan to construct a house. What kind of an insurance can I get for my property while the house is still under construction? What kind of policies are available once the house is ready?
When your house is under construction, you can take a fire policy to get coverage against fire and allied perils, including natural hazards such as earthquake, flood, storm and so on. Post construction, you should insure your house under the fire policy itself, which provides identical coverage.

Can one take a householder's policy when living on rent?
Yes, you can insure the contents of the house under the householder's policy against fire and burglary, apart from the other covers available under the policy.

I own many latest gadgets and, at times, rent these from electronic stores. I also carry many when I travel. I fear the gadgets might get stolen. Can I insure at least the ones I own?
You may cover the gadgets owned under the all risk policy.

This policy covers all the risk, except those listed as exclusions.

The writer is the MD and CEO of Tata AIG General Insurance. The views expressed are his own. Send your queries to yourmoney@bsmail.in