• My car insurance has lapsed. I want to buy a new car and sell the old one. Do I have to renew the lapsed policy?
As you plan to sell your old car, you must renew the lapsed policy in order to facilitate smooth transmission of the vehicle in the new owner’s name. Having a valid comprehensive insurance cover may help you fetch a good resale value for your car. You may easily renew your lapsed policy online. Insurance companies offer an online self-inspection process wherein you upload the photographs and a video of your vehicle and renew your lapsed policy. Once the policy has been renewed, the new buyer may get himself endorsed to avail the benefits, for which he will have to approach the insurer within 14 days of purchasing the vehicle with NOC from your side. Do remember to request for ‘No Claim Bonus’ reserving letter from your insurer, using which you can avail discount on your new car motor insurance policy as well within next two years of sale of your old car. In case you are planning to buy your new car prior to sale of the old one, you may choose to substitute the old vehicle with the new vehicle and get a fresh policy issued, thereby getting the No Claim Bonus on the new car as well.
• Is it possible to insure expensive electronic gadgets kept at home?
– Kirit Pant
Expensive electronic gadgets (like TV, music system, AC, refrigerator, etc.,) kept at home can be insured along with the cover for all other assets only if you are opting for a comprehensive cover for the home and all its contents. Comprehensive covers are available under Electronic Equipment Insurance (EEI) and Machinery Breakdown (MBD), whereby TV, music systems are covered in EEI while refrigerators, ACs, washing machines are to be covered for fire, burglary and MBD specifically. Some insurers require that electronic gadgets are not over seven or 10 years old.
• As we have individual health insurance policy, should I convert it into a family floater?
Since, you already have a continuous individual health policy you may continue with the same. Considering the increasing age and the cost of medical treatments in future, keeping inflation in mind, it is best to have a sufficient cover for each individual in the family.
The writer is executive director, HDFC ERGO General Insurance.
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