I am getting married in July. We plan to hold the marriage in an open lawn. I have not hired any wedding planner for my marriage. I have heard about wedding insurance and would like to know if I can buy that cover, as I haven't hired a wedding planner. What other aspects get covered under this product?
Yes, you can buy wedding insurance without hiring a wedding planner. This policy, offered by some general insurance companies, broadly covers personal accidents, postponement or cancellation of an event and damage to property at the venue. One unique quality of this cover is it can be customised to suit customer requirements. Thus, the policy's scope can be widened to include risks, such as an ailing relative or food poisoning, if the quality of food is suspect. The policy also offers to cover the bride and groom if either cannot make it on time due to an unforeseen event.
I am planning to buy a B-segment car by April 2012. I have heard about third-party and own-damage cover. I wish to know about both. Which would I have to actually pay for? Do dealers sell car insurance while buying a new car? Is the cost of insurance included in the sale price?
A comprehensive car policy offers protection against damage to your car and accessories due to accidental and external means under its, 'Own Damage' section, while the 'Third Party Liability' section covers death and bodily injury to a third party, as well as damage to third-party property. The third-party liability section is an unlimited cover.
However, cover for damage to third-party property is limited to a maximum of Rs 7.5 lakh. The law says any vehicle plying on public roads needs to be covered for at least third-party liability. However, it is advisable to opt for a comprehensive policy, which covers both own damages as well as the mandatory third-party liability cover. Most car dealers tie up with an insurance company to offer car insurance for the vehicles they sell. A dealer may show an on-road price of the vehicle, inclusive of all related expenses, including the cost of insurance.
The cost of insurance is separately shown in the invoice and is separately billed to the customer buying the car from the dealer.
It is recommended the customer understand the car insurance policy clearly to gain clarity on its scope and inclusions.
The writer is MD and CEO of Tata AIG General Insurance. Views expressed are his own. Send your queries at yourmoney@bsmail.in
