General Insurance: Gaurav Garg
My car was stolen and I followed all the procedures to claim insurance against my comprehensive policy. But before the settlement happened, the police found my car. I have not taken the possession yet. What should I do?
In case of recovery of a stolen vehicle before the settlement of the claim, the insured should take the possession of the vehicle and inform the insurer about it. The company shall survey the recovered vehicle and in case of any damages or parts / accessories stolen, suitable repair or replacement shall be allowed as per policy terms and conditions.
Is there any monetary limit in a comprehensive shop policy?
There is no specific limit for a comprehensive shop insurance policy, as the sum insured is based on the actual value of contents and building. A Shopkeeper Package Policy, offers a wide range of covers - fire and allied perils, earthquake, terrorism, burglary, money in safe and in transit, business interruption, plate glass, fidelity (financial loss due to employee dishonesty) and public liability (third party). The shopkeeper can cover building, assets and stock under the fire section, for which he has to declare the sum insured. Similarly, there is a limit of liability specified for each of the other sections. The premium is charged accordingly.
If one has not made any claim on travel insurance, does he/she get any discount on no-claim bonus?
Most travel insurance policies are for a particular trip and the customer pays the premium specific to that trip. As most travel policies are pre-underwritten products, premiums are fixed based on the age, travel duration, destination and sum insured for accident, sickness. On return from the trip, the policy becomes invalid and thus leaves no scope for a no-claims bonus. Even in the case of an annual multi-trip policy, which the customer renews each year; if there are no claims by the insured during the policy period, there is no practice of offering a no-claims discount.
Can two-wheelers be insured? I own a Ducati (1,000 cc). How much cover should I take and what would be the premium like?
Yes, two-wheelers can be insured. The value of the cover for the vehicle would be based on its ex-showroom price, to be reduced as per depreciation scale, based on the age of the vehicle. Premium may vary from one insurer to another. The premium for a Ducati can be two per cent of the bike value.
Is there any provision to insure electronic gadgets like smartphones, etc.?
Personal gadgets may not be insured on a standalone basis. However, these can be covered under a comprehensive home insurance policy. The policy protects personal gadgets from fire and allied perils, as well as from burglary and theft. Additionally, some insurers also cover personal gadgets in transit under the 'All Risk' section. It is a countrywide cover which protects electronic gadgets against fire and allied perils, burglary, theft and accidental damage in transit.
The writer is the MD & CEO of Tata AIG General Insurance. Views expressed are his own. Send your queries at yourmoney@bsmail.in