I want to take an auto insurance. My agent told me that there are add-on covers for seat covers, flat tyres and other things that come at a slightly higher premium. Should I take them?
Rahul Aggarwal , Director, Optima Insurance Brokers
Insurance companies have recently introduced some add-on covers along with a motor insurance policy. These covers are available at an additional cost. Some of these covers are useful for the customers, depending on the age of the car. For example, one cover waives off depreciation in case of repairs. This means that the insurance company pays the entire claim without making the insured pay the depreciation amount. Another add-on cover pays the invoice value of the vehicle instead of the insured declared value in case of total loss or theft. Insurers also give a roadside assistance cover as an add-on. Depreciation waiver cover and roadside assistance covers are value for money covers and should be taken. However, no add-on cover pays for seat covers.
I want a health insurance for my mother who is 59 years old. I also want a health policy for myself, though I have a group insurance from my employer. Should I take a combined policy for my mother and myself? Will it cost me more?
It is important to have your personal health insurance policy even if you are covered under a group health insurance from your employer. So, your decision to take your own health cover is right. Since your mother is 59, it is important that you take health insurance for her at the earliest. She will face restrictions after she turns 60. You should go for separate policies instead of taking a floater plan since her medical requirements will increase with advancing age. The premium will remain the same whether you two are under a single policy or have two policies. Also, it will be easier to manage a single policy.
I have a travel insurance. If I get stranded abroad due to a natural calamity, will the insurer pay for the extra cost that I incur due to overstay and expensive tickets?
Insurers pay a nominal amount in case of flight delay or flight cancellation. However, these amounts are quite modest and may not cover the cost of a long overstay. Travel insurance will also not pay for the expensive tickets.
I have a householder’s policy. My daughter’s marriage is approaching and the jewellery we had kept for her is often being taken out of the bank locker. In case of a mishap, how would the insurer ascertain how much of the jewellery was at home?
— Bishesh Saxena
Your jewellery stands covered at your house, bank locker and during transit if it is covered under the jewellery section of your householder’s policy. However, jewellery insurance is a named item cover. This means that the policy will only cover items which are specifically mentioned in the policy. If your policy only contains an amount or general description, such as bangles or rings, you may have difficulty making a claim.
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