I was abroad for four years. Can I revive my lapsed car insurance policy?
– Bibhu Dutt
Car insurance policies, just like other insurance policies, come with a specific term period within which it covers damages and other expenses. In order to renew an expired car insurance policy, you can get in touch with the insurance company as soon as possible. The insurance company will inspect the car and then provide insurance if it deems the vehicle to be fit. You can choose various add on coverages as per your preferences and needs while renewing your policy. On expiry of your car insurance policy for more than 90 days you will not be entitled for no-claim bonus.
I have got possession of my flat in a multi-story building. How-ever, our builder has not taken earthquake insurance. Will it be helpful if we take it individually?
It would be advisable to take home insurance policy if builder has not taken insurance cover, which will protect the flat against fire and natural calamities like earthquake, floods, lightening, storm, etc. Usually, earthquake is not included in a standard home insurance policy. However, insurance companies can provide coverage for earthquakes with an additional premi-um as an extension to home insurance.
Do I have to buy home insurance from the bank which is giving home loan?
No, it is not mandatory to take an insurance while taking a home loan from a bank, it is a cross-selling strategy in order to provide additional financial support in case of emergency. It is a prudent financial step to cover your liabilities with an insurance plan. Home insurance policies covers both building and contents against various natural calamities, fire, lighting, strike, and also insure for burglary and robbery, jewellery, electronic equipment and many more options.
My insurance company is not sending me the policy document. I paid the premium in cash to an agent. What should I do?
—A R Narasimhan
Please approach the customer service team of the insurance company to seek the policy documents. Share the details of the agent along with the documental proof of premium payment and the insurance company will be able to track and share your policy documents.
The writer is MD & CEO, Universal Sompo General Insurance. Send your queries to email@example.com