MOTOR INSURANCE CLAIMS
Go Digit stock likely to face pressure amid elevated combined ratio
After gaining over 24% within three weeks since listing on bourses on May 23, the stock of Go Digit General Insurance has remained range bound following weak performance in the March quarter, which was declared on June 11.
Now, customise motor, home insurance policies: Irdai
The IRDAI master circular, which repeals all earlier circulars and guidelines, was released on 11 June 2024 and suggests providing wider choice and options to customers. It follows a master circular on health insurance released on 29 May.
Motor insurance rule change: No arbitrary claim rejection, quicker claim settlement, pay as you drive option must, says IRDAI
Motor Insurance New Rules by IRDAI: The Insurance Regulatory and Development Authority of India (IRDAI) has updated the master circular clarifying important rules for motor insurance policyholders. The regulator has proposed the implementation of strict timelines for claim settlements of auto insurance policyholders. It is a crucial step towards improving efficiency and customer satisfaction. Another key change is the introduction of a customer information sheet (CIS) for auto insurance policies to enhance customer awareness.
Why might an insurance company deny your claim during the monsoon?Sandeep Saraf answers
A comprehensive policy does not guarantee that all flood-related damages will be covered. Multiple types of damages can occur during a flood, such as engine damage, electrical damage, interior damage due to water seepage, or gearbox damage. A normal comprehensive package covers these to some extent, but not 100%. We recommend a few add-ons for every customer purchasing a car insurance policy.
Insurers must offer a basic cover, strict claim deadlines
Regulator mandates 'pay as you drive' option in motor insurance. Customers to benefit from tailored products and roadside assistance services. Insurers bear salvage disposal burden, offer flexible 'fire' policy options.
General insurance companies can't reject claims for want of documents: Irdai
Irdai stated that general insurance companies cannot reject claims for lack of documents, introducing reforms in the business with a new master circular, repealing 13 others.
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Electric vehicle (EV) insurance: Coverage for battery replacement, roadside assistance top insurance add-ons, finds survey
Premium is the top consideration while picking insurance, claims a recent ICICI Lombard survey on electric vehicles.
Mygate enters insurance distribution business, partners with Acko
Mygate app, in partnership with Acko General Insurance, received an aggregator licence from IRDAI to distribute insurance policies, offering exclusive pricing and expanding product range.
10.46 lakh motor accident claims worth Rs 80,455 crore pending nationwide: RTI
The details have been provided by the Insurance Regulatory and Development Authority of India (IRDAI) in response to the query filed by Supreme Court advocate K C Jain in April.
Go Digit Insurance Rs 2,615 crore IPO retail portion fully subscribed
The IPO, priced between Rs 258 to Rs 272 per share, will close on Friday. The company had reserved 9.6 million shares for retail investors.
Digit Insurance IPO's retail portion fully subscribed; key highlights of the offering
The retail portion of Digit Insurance's IPO was fully subscribed at 1.45pm. The company had reserved 9.6 million shares for retail investors in the issue that opened on Wednesday. The Rs 2,615-crore IPO comprises a fresh issue of Rs 1,125 crore and an offer for sale component of up to 54.7 million shares.
Digit to go public on May 15, looking to raise Rs 1,125 crore
Digit's upcoming IPO on May 15 aims to raise Rs 1,125 crore, delayed by Sebi compliance issues. Valued at $4 billion, Digit faced fines from IRDAI. With a new CEO, Digit is poised to enter the market.
How to select the right motor insurance cover: 8 points to consider
Evaluate your coverage needs based on the type of vehicle and its usage. Determine whether you require basic third-party liability coverage or comprehensive coverage that includes protection against own damage, theft and natural calamities.
Car buyer to get Rs 14 lakh compensation as the car given for repairing was stolen from authorised service centre
Hyundai car gets stolen from service centre: A Hyundai Verna car was stolen from Kamal Auto Hyundai's (an authorised dealer) workshop. However what's more shocking is that the dealer hid this fact from the car buyer for almost two months. It was only when an FIR was lodged that Rajasthan Police found this out.
Why you should renew your car insurance policy on time?
Renew car insurance promptly to comply with the law, avoid financial burdens, and maintain benefits like no-claim bonuses. Online services simplify the process, ensuring continuous coverage and hassle-free renewals.
Latest health and general insurance claim settlement ratio released in 2024
Do you know how good is your insurer is in settling claims and how long it takes for your health or general insurer to settle claims? Or how many claims did they reject last year? It is important to keep track of the claim settlement performance of your insurer. IRDAI has recently released the claim payment details of general and health insurance companies. Check here
Family of deceased housewife wins Rs 6 lakh in SC; homemaking not a valid ground for low payout to accident victim
Motor Accident Death: Supreme Court Holds homemaker’s life as valuable as others and hence hikes compensation to car accident victim's family to Rs 6 lakh. The deceased who was a homemaker died when her car lost control and skid off the road and fell into a ditch in 2006. She is survived by her husband and two children who were studying at that time.
Pay Rs 15 lakh in death claim, consumer forum tells insurance company
A consumer forum ordered Go Digit General Insurance Company to compensate Dinesh Baria's family for his death in a road accident. The forum dismissed the firm's claim denial and instructed the payment of Rs 15 lakh along with Rs 3,000 for mental harassment and legal expenses.
Unveiling Underinsurance: Not just portfolio but insurance coverage matters in house, motor and health
We are not wired to see risks, which makes us undermine various risks we are exposed to. So, people often think that if I don’t raise a claim at some point in time, then what is the use of insurance?
Widows of accident victim & vehicle owner get relief from Supreme Court, motor insurer to pay Rs 13.7 lakh
Motor insurance claim: IFFCO Tokio General Insurance Co. Ltd was ordered by Honourable Supreme Court to pay Rs 13.7 lakh plus interest to widow of an accident victim. The accident occured on May 9, 2010 when a vehicle driven by a driver who had a fake driving license hit the victim's bike.
Insurtech startups check expenses to secure profits
Insurtech startups such as Acko and Digit have switched gears to health insurance which is a more long-term product despite starting with motor insurance, which is mandatory for vehicle owners in India, as their principal product.
Of falling coconuts, peacock, elephant & stray dog nuisance: Insurers highlight Indian claims’ peculiarity
India's insurers have faced unique challenges in reviewing motor accident claims, including damage caused by stray dogs, falling coconuts, and elephants. The most common type of accident claim is rear-end collisions, followed by frontal collisions and hit-and-run cases. Regions like Assam, West Bengal, Karnataka, Kerala, and Tamil Nadu have seen a significant number of accidents resulting from human-elephant conflicts.
Unlock the road to secure celebrations: A comprehensive guide to motor insurance this festive season
As the festive season approaches, whether you're welcoming a new vehicle into your life or your motor insurance renewal is due, don't delay this prudent decision.
How to fill a car insurance claim form: Important watch outs to know
It is important to consider a few things when it comes to filling the motor insurance claim form.
How to transfer no claim bonus of motor insurance policy to a new vehicle
When a policyholder purchases an insurance policy, he receives an NCB certificate, and it is now up to him whether or not he files any claims within the policy year.
If you don't have trust in insurance, then what must you do?
Insurance has existed since the earliest forms of civilization, with humans and animals alike forming groups to protect and support each other. Over time, the insurance industry began selling insurance based on fear rather than the underlying principle of collective well-being. Insurance is essentially a mechanism for caring for each other, extending support to people beyond our immediate circles. It is about individuals and communities coming together to mitigate risks and build a well-protected society.
Compensation claims in road accidents need not be proven like criminal cases: HC
The High Court of Karnataka has stated that compensation claims in road accidents do not need to be proved like criminal trials. The court dismissed an appeal by an insurance company challenging the compensation awarded to the family of an accident victim. The court emphasized that claimants do not have to prove their case beyond reasonable doubt, but rather on the basis of preponderance of probabilities. The court also upheld the compensation awarded by the Motor Accidents Claims Tribunal and rejected the appeal for enhancement.
Tribunal cuts victim's compensation by 30 per cent for not wearing helmet at the time of accident
A Motor Accident Claims Tribunal reduced compensation by 30% for a man's fatal motorcycle accident after he wasn't wearing a helmet at the time of the incident. The reduced payout to the family of the 38-year-old Singh in Mumbai will now be Rs 1.02 crore, down from Rs 1.46 crore, with acknowledgement paid to negligent driving on the truck driver's part.
ICICI Lombard gets Rs 273 crore GST demand notice
"The matter largely relates to an industry-wide issue on applicability of GST on salvage adjusted and ineligible input tax credit, on motor claims settled. The company has deposited Rs 104,13,18,970 under protest, without accepting any liability in this regard," it said.
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