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Ask Mint | Old home policy can apply to new home

Ask Mint | Old home policy can apply to new home
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First Published: Tue, Mar 16 2010. 10 09 PM IST

Updated: Tue, Mar 16 2010. 10 09 PM IST
I have a householder’s policy. But I am moving to a new house next month. Will the same cover apply to my new house as well or will I have to buy a new one?
—Surya Reddy
The same householder’s policy can continue for the new house you are moving into. You will have to inform the insurer about your new address and have it incorporated in the policy. If you don’t do so, you will not get any claim.
My insurance company refused my claim after I met with an accident in which my car got damaged. The reason they are citing is that I was driving without a licence. But the fact is that my licence was in the process of renewal. What should I do?
—Mrinal Kedia
When you give your licence for renewal you get a receipt from the regional transport office. Submit the receipt to the surveyor. If the date of the receipt is before the expiry date of the licence, the insurer will pay your claim.
I was recently on a trip to Australia and the airline misplaced my baggage. Though the airline is ready to pay the damage, the compensation is much less than the value of my belongings. I had a travel insurance but the insurer has refused to compensate, saying the airline will pay the damages. What should I do?
— Harsh Singhania
Airlines pay a flat rate per piece of luggage and do not pay according to the value of the luggage claimed by the passenger. Hence, you have to take what they offer unless you are ready to take them to court and have enough documentation to prove the value of your belongings that you are claiming. However, your insurer cannot refuse to compensate you as per the policy conditions. The insurer has to compensate you and then can take the compensation offered by the airlines. Ask the insurer to give the refusal in writing and send them a letter informing that you may take them to the insurance ombudsman if they refuse to pay the claim.
I was looking for an insurance policy with an accident rider. My agent was saying that there are different kinds of disabilities and riders do not cover all of them. Can you please explain? He also said that taking a personal accident policy separately would be more beneficial. Is it so?
—Pratim Vohra
Your agent is right. A personal accident policy covers three types of disabilities. One, permanent total disability, under which one loses his ability to earn after an an accident due to, say, loss of limbs, eyes or hearing. Two, permanent partial disability, under which one’s ability to earn a living is diminished following an accident due to, say, loss of a finger or loss of one eye. Three, temporary total disability, under which one is bedridden and unable to work following an accident due to fractures or other serious injuries.
An accident rider on your life insurance policy would, typically, cover permanent total disability only. Hence, it is better to take a comprehensive personal accident policy separately.
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First Published: Tue, Mar 16 2010. 10 09 PM IST