If a fire claim is rejected by an insurance company, how and to whom should I escalate the matter?
—G P Rao
If your claim is rejected, you should first contact the insurance company’s customer service department for resolution. As per the regulator, the Insurance Regulatory and Development Authority (IRDA), every insurance company is required to have a grievance redressal mechanism in place. If you are not satisfied with the response, you can approach the insurance ombudsman, which is a quasi-judicial authority. You can obtain the list of ombudsman offices from the
IRDA website, or from your insurance company. You may also utilise the integrated grievance management system (IGMS) of IRDA, the details of which are available on IRDA’s website, www.policyholder.gov.in
Since my car is about five years old, can I buy just the mandatory third-party cover?
A third-party cover will provide you protection against third-party liability/damages only. On the other hand, a comprehensive motor insurance policy will also reimburse the expenses incurred on repairing the car following an accident or its value in the event of theft of the vehicle and its contents. It is advisable to purchase a comprehensive cover since the benefits far exceed the marginal increase in premium.
Is travel insurance for visiting London mandatory even for a three-year-old child?
Travel insurance is not mandatory as per the visa requirements laid down by the UK government. However, it is advisable that you purchase travel insurance for your family, including for your 3-year-old child. This will ensure that all your family members are covered for medical emergencies that may occur during your travel abroad, apart from the other benefits such as coverage for trip delays, cancellation and loss of baggage.
Can my father, who is 70, get a health insurance cover?
Health insurance can be purchased by an individual at any age. However, considering the age of your father, he would need to undergo a medical check-up as recommended by the insurance company.
In addition, the scope of the policy will be subject to the underwriting guidelines of the insurance provider. Therefore, you should go through the policy terms, including the exclusions applicable, and understand them .
Can I buy travel insurance even for rail journeys, or am I automatically covered by the railways?
Travel insurance is currently limited to providing cover for air travel and road travel by bus. However, one can avail oneself of a personal accident policy, which provides cover to the insured in case of accidental death or disability regardless of the mode of travel.
How can I buy insurance for ornaments put in a locker?
Your ornaments can be insured by way of a home insurance policy, which provides a separate cover for the contents kept in the house. You need to check with the insurance company regarding the extent of cover, since it is subject to a limit.
I mistakenly bought two insurance policies for the same car. Can I transfer one of them to my second car?
Yes, you can transfer one policy to your second car. A policy availed on a particular vehicle can be transferred to another vehicle of the same class for the balance period of the policy.
As insurance companies use vehicle-related factors, such as model and vehicle age, for premium computation, the policy transfer to your second car may lead to a premium adjustment (additional premium or refund).
The writer is ED, ICICI Lombard
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