You can take single insurance cover for multiple overseas trips within 180 days As I plan to go abroad twice in October this year, can I buy one insurance cover for both the trips?
– Suman Masand
Yes, you can visit abroad multiple times in a month and can buy one insurance policy for these trips. A minimum duration of period for purchase of travel insurance is generally stipulated. Normally, pricing of the policy goes by the “trip band”, i.e., the number of days of travel involved and there would be a minimum trip band. Most of the insurance companies provide coverages for multi-trip with various sum insured options. The policy can be extended only once and up to a maximum of 180 days.
Can I take a car insurance for two years as I did for my bike and will that be cheaper?
– Deepak Kumar
Unlike long term two-wheeler insurance cover, multi-year four-wheeler insurance cover is currently not available in the market as of now. However, General Insurance Corporation is working on a proposal to make multi-year third party insurance for four-wheeler vehicles, which will be available for three years.
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In zero depreciation motor insurance, will every part of the car be covered?
– Anand Singh
With zero depreciation add-on cover, there will be no depreciation charged on the cost of the parts to be necessarily replaced. Insurers may have different depreciation rates, though there are some standard policies followed by insurers. Some parts of the car age faster than the others, hence the depreciation value is higher for them. Depending on these factors, the insurer applies different depreciation rates for different parts of the car. Rubber/plastic parts, tyres /tubes, battery, etc., are susceptible to maximum amount of wear and tear. Hence, the depreciation rates applied on them are usually higher compared to other parts like fiber glass. The depreciation of metallic parts are based on the age of the vehicle.
The writer is MD & CEO, Universal Sompo General Insurance. Send your queries to firstname.lastname@example.org