GENERAL INSURANCE

I have purchased a second-hand car. All the documents, including the RC book, have already been transferred to my name, except the policy. The motor insurance policy is still in the first owner's name. I have paid the required amount for taking the policy, yet the person is not ready to cooperate with me and provide the consent letter. What should I do now?

For name transfer endorsement, a consent letter from the previous insured is mandatory, along with other documents. This is the procedural requirement. In case the previous owner is not cooperating with you, you can approach the insurance company for a new insurance policy for your vehicle.

I had purchased a two-wheeler last year, which I modified recently. Do I have to inform my insurance company about the modifications done?

Yes, you need to inform to the insurance company about any changes or modification you have done to the insured vehicle. On the receipt of your intimation, the insurance company can analyse the changes according to process. Once the process is completed, the endorsement will be done, with Inspection and additional premium, if required.

I have No Claim Bonus (NCB) on my old car's motor insurance policy. Last month I purchased a new vehicle. I do not want to lose the NCB. Can I transfer the motor insurance policy to my new car?

Yes, you can transfer your NCB to the new car subject to the fact that you need to sell the old car and reserve the NCB from your previous insurer (by obtaining an NCB reserving letter from it).

I have bicycle insurance for a high-end bike I own. My friend wants to borrow my bike for a cyclothon. If I lend it to someone, will I be covered if something happens to my bike?

If your insurance policy covers damages during rally, sports activities, competitive racing, cyclothon, etc., then your bike will be covered even if you lend it to someone. I suggest you speak to your insurance provider to get more clarity on this.

In case of family floater health insurance, what happens if the primary insured person expires? Can the policy be renewed by any of the surviving members? Also, as my age increases, can I migrate from family floater to individual plan?

Yes, the policy can be renewed by a surviving member. You may have to submit a copy of the death certificate to confirm the passing away of the primary insured.

To answer your second query, it is a wise decision to migrate from a family floater to an individual plan. This will help each member have better coverage. Moreover, claims made by any one member will not have an effect on the other family member's policy.

I am 23 years old. I met with an accident and underwent treatment in a non-network hospital. What documents will I need for processing claims?

The standard documentation generally includes claim form, discharge summary, final hospital bill with a paid receipt, investigation reports, and medical bills with prescription.

Also, you may need to provide NEFT (National Electronic Funds Transfer) information since many insurance companies now settle claims only through direct online credit to your bank account.