The Insured Declared Value, or IDV, of a vehicle determines how much it costs to insure it. If you have a comprehensive car insurance coverage, you will only be reimbursed the amount same as the IDV in the event of an accident.
What if, on the other hand, your car is damaged beyond repair or encounters a total loss? Return to Invoice is an add-on that bridges the gap between your car’s actual worth and its IDV, allowing you to retrieve the purchase value of your car in the event of theft or total loss. However, before you choose this cover, there are a few things you should know: Return to Invoice coverage is available only when your car is repairable and functional for more than 75% of the Insured Declared Value. If your car is more than three years old, however, you will not be eligible for this add-on coverage. This protection is only applicable in the event of a fire or theft, and it cannot be used for minor repairs or dents. If you reside in an accident-prone location, such as one that lacks secure parking or has a high risk of car theft, you can purchase this add-on cover. When you add this coverage to your basic comprehensive car insurance policy, your car insurance premium goes up by 10%.
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Due to a severe shortage of hospital beds and a sharp increase in the number of COVID-19 cases in India, health insurance firms are now providing policyholders with domiciliary hospitalisation coverage. Because of the massive influx of patients during the current epidemic, we decided to highlight the relevance of home treatment facilities in health insurance coverage.
When an insured person receives medical treatment at home, this is referred to as domiciliary hospitalisation. It has undoubtedly proven to be beneficial to many Covid-19 patients, since hospitals were forced to turn them away due to a lack of beds, oxygen, and medications, among other things. These pandemic sufferers had little alternative but to seek treatment at home. Because there were no beds available, several of them were left gasping for air. Check out this blog to learn more about what can be covered under a health insurance policy's domiciliary treatment facility, as well as the cost, how to file a claim, limitations, and what to avoid. When is Domiciliary Hospitalization required? It's required when:
What Treatment Costs will be covered? You're probably wondering what expenses are covered by the homecare facility. Technically, it covers all costs associated with domiciliary hospitalisation, such as medical equipment, drugs, doctor's consultation fees, and even oxygen cylinders, as in the case of Corona kavach health insurance policies. COVID-19 home treatment is covered under this policy for a maximum of 14 days. Sub-limits of Domiciliary Reimbursement Sub-limits refer to the percentage of the total sum covered that the insurer will pay. Some health plans cover domiciliary treatment up to a particular proportion of the coverage amount, while others only offer it as an add-on benefit. For instance, if your health insurance policy covers Rs 20 lakh and the coverage limit for domiciliary hospitalisation is 15% of the sum insured, the insurer's actual reimbursement will be Rs 3 lakh. Remember that cashless services are not accessible during home care treatment, but if your policy covers domiciliary hospitalisation, you can file a claim for reimbursement of your treatment costs. How to Claim Reimbursement for Homecare Treatment? To have a stress-free claim experience, be sure to save all of your medical documentation. What do you need to do? You must show proof that the treating doctor recommended ‘home treatment' and that hospitalisation was required. In the instance of COVID-19 hospitalisation, for example, many patients sought treatment at home and then made a claim for payment. You must provide all investigative reports, which may include medical tests, prescriptions, CT scans, and other diagnostic testing. At the time of claim reimbursement, the insurer has the right to request receipts and bills for the expenses incurred. Whether it's an online video or voice call consultation or a personal visit to the doctor, make sure that the doctor always writes a prescription. It should state whether the patient is being treated in a hospital or at home. Hence, you must ensure that you contact back to obtain a prescription for domiciliary hospitalisation. It can be difficult to obtain receipts for medical supplies, but you should make it a priority to obtain receipts as far as possible. However, keep in mind that home care treatment is not a standard provision included in every health insurance coverage. Also, keep in mind that policies with lower domiciliary treatment sub-limits may have cheaper premiums than policies that cover domiciliary treatment up to the total insured amount. Takeaway If your current health insurance policy does not cover domiciliary hospitalisation costs, you may always add the add-on benefit or migrate your old policy to a new plan while purchasing a new policy. Also, carefully consider the policy's features and benefits. Due to a severe shortage of hospital beds and a sharp increase in the number of COVID-19 cases in India, health insurance firms are now providing policyholders with domiciliary hospitalisation coverage. Because of the massive influx of patients during the current epidemic, we decided to highlight the relevance of home treatment facilities in health insurance coverage.
When an insured person receives medical treatment at home, this is referred to as domiciliary hospitalisation. It has undoubtedly proven to be beneficial to many Covid-19 patients, since hospitals were forced to turn them away due to a lack of beds, oxygen, and medications, among other things. These pandemic sufferers had little alternative but to seek treatment at home. Because there were no beds available, several of them were left gasping for air. Check out this blog to learn more about what can be covered under a health insurance policy's domiciliary treatment facility, as well as the cost, how to file a claim, limitations, and what to avoid. When is Domiciliary Hospitalization required? It's required when:
What Treatment Costs will be covered? You're probably wondering what expenses are covered by the homecare facility. Technically, it covers all costs associated with domiciliary hospitalisation, such as medical equipment, drugs, doctor's consultation fees, and even oxygen cylinders, as in the case of Corona kavach health insurance policies. COVID-19 home treatment is covered under this policy for a maximum of 14 days. Sub-limits of Domiciliary Reimbursement Sub-limits refer to the percentage of the total sum covered that the insurer will pay. Some health plans cover domiciliary treatment up to a particular proportion of the coverage amount, while others only offer it as an add-on benefit. For instance, if your health insurance policy covers Rs20 lakh and the coverage limit for domiciliary hospitalisation is 15% of the sum insured, the insurer's actual reimbursement will be Rs3 lakh. Remember that cashless services are not accessible during home care treatment, but if your policy covers domiciliary hospitalisation, you can file a claim for reimbursement of your treatment costs. How to Claim Reimbursement for Homecare Treatment? To have a stress-free claim experience, be sure to save all of your medical documentation. What do you need to do? You must show proof that the treating doctor recommended ‘home treatment' and that hospitalisation was required. In the instance of COVID-19 hospitalisation, for example, many patients sought treatment at home and then made a claim for payment. You must provide all investigative reports, which may include medical tests, prescriptions, CT scans, and other diagnostic testing. At the time of claim reimbursement, the insurer has the right to request receipts and bills for the expenses incurred. Whether it's an online video or voice call consultation or a personal visit to the doctor, make sure that the doctor always writes a prescription. It should state whether the patient is being treated in a hospital or at home. Hence, you must ensure that you contact back to obtain a prescription for domiciliary hospitalisation. It can be difficult to obtain receipts for medical supplies, but you should make it a priority to obtain receipts as far as possible. However, keep in mind that home care treatment is not a standard provision included in every health insurance coverage. Also, keep in mind that policies with lower domiciliary treatment sub-limits may have cheaper premiums than policies that cover domiciliary treatment up to the total insured amount. Takeaway If your current health insurance policy does not cover domiciliary hospitalisation costs, you may always add the add-on benefit or migrate your old policy to a new plan while purchasing a new policy. Also, carefully consider the policy's features and benefits. The Insured Declared Value, or IDV, is the maximum sum insured set by the car insurance companies. It refers to the maximum claim amount that your insurer is willing to pay under your car insurance policy in the event that your vehicle is damaged in an unforeseeable incident.
If your car is stolen or totaled, your insurance company will pay the total IDV of your vehicle, as determined at the time of policy acquisition. In a comprehensive car insurance policy, the IDV of a vehicle is a critical factor. The IDV of a vehicle has a direct impact on 2 areas of motor insurance. The first is the car insurance premium, and the second is the amount of the claim. Find out how the IDV of your motor vehicle affects your car insurance rate and the maximum claim amount you can receive. Car Insurance Premium The premium payable for a comprehensive car insurance policy is directly proportional to the IDV of a car. The higher the IDV of a car insurance policy, the higher the premium will be. This is why choosing an IDV value that does not result in a high vehicle insurance premium is critical. When purchasing a comprehensive car insurance policy, keep your budget in mind. Before purchasing a car insurance plan, utilise a car insurance calculator to examine the IDV as well as the premium payable. Maximum Claim Amount The IDV, as you may know, is the maximum claim amount that your car insurer will pay if your vehicle is stolen or witnesses a total loss. If you choose a lesser IDV, the claim amount you get may not be enough to cover the cost of repairing or replacing your vehicle. As a result, you may have to pay money out of your own pocket in addition to the claim amount. This could end up costing you more than you saved by buying a car insurance policy with a reduced premium. This is why you must select a comprehensive car insurance policy with an adequate IDV to cover the loss or damage to your vehicle. Final Words… As you can see, it is critical to purchase a car insurance policy that includes enough IDV without incurring an extravagant premium. Meanwhile, if you are looking for the best comprehensive car insurance policy, you can click here to instantly compare plans from the top insurers and avail the best coverage for the best price. After years of being escorted by your older brother, cousins, and father, as well as being bullied by pals to get a ride, you're finally going to acquire your own set of wheels!
After many recommendations, comments, and mental images of yourself in several cars, you have decided on THE ONE. Did you, on the other hand, believe you were all set? No way, not until you've decided on car insurance. While you received a slew of recommendations for your new car, no one has much to say about the insurance. Count to three and then open your eyes to see how GIBL can suddenly solve your insurance woes! This is the first and most important item on your list of to-dos and don't-dos. Never, ever, ever assume that the dealer from whom you are purchasing the car is your only option for purchasing insurance. You might be surprised if you thought the dealer was providing you the best policy. When you buy a new automobile, the dealer will give you insurance and make you believe that you are getting a discount on it as well. A dealer-issued coverage is seldom the most cost-effective option. You should be in charge of your vehicle's insurance policy and make the final decision. Insurance companies love offering policies for new cars, and it's even better when you do it online! They're so thrilled that they're even offering car insurance policies at special prices and premium online. You'll be shocked to learn that there are a number of policies that are less expensive than standard coverage. Buying online is always convenient, saves time, and eliminates the need for paper! It would be as simple as creating a Facebook profile for yourself to endorse your policy with your profile details. Consider how many forms, paperwork, and documents you'd have to file if you were to take this policy down. Doesn't the concept make you shudder? The thing is - we've been there and done that. That's why we say a paperless transaction, such as an online policy from GIBL, won't take you more than 5 minutes to compare, select your car insurance policy and add-ons, and purchase. You may make Maggi in the while, return to your room, purchase the policy, and return right on time when your noodles are almost cooked. That's all there is to it! And, believe it or not, changing any information you may have declared incorrectly (we understand you're new to this, it's quite cute!) takes less time than making instant noodles. All you have to do is alter it with a mouse click and submit a self-declaration form in the process. The advantage of being able to choose your own policy is that you will know what type of driver/person you are- a cautious driver, a temperamental person with hidden road rage issues, a party animal who likes to be out late into the night, or a procrastinator who is always late and tries to jump signals. Whoever you are, you will be aware of the appropriate add-ons! It is, after all, a new automobile, and if you go for the Zero Dep add-on, you can choose to be cautious of both your driving and Murphy's law. Every time you claim, it will save you that extra share of money for all the little scratches and dents that may occur. Many young drivers involved in accidents are mislabeled as drunk-driving instances by society. Such stereotyping, as well as the reported drinking and driving, are not cool in our opinion! What exactly is it If your car breaks down, and you are a first-time driver, and you are unsure how to manage the situation? Of course, you can yell red, black, and blue at all those onlookers who are staring at a broken down car incessantly. What would they know about how you hurt if your car was only a few months old? And now that you've filed a few claims, what do you do when your business decides to increase your existing rate at renewal time? They have clearly determined that you are the happy-go-lucky type who has claimed more than thrice in your first year. Some businesses want to beat you to being cautious, so they raise your insurance price. Yes, in this harsh world, we can advise you on what you should do. Move ahead! If your company decides to evaluate you based on your claim history and charge you a higher premium, there will always be another business that will accept you and your policy better. And they'll probably charge you less than you would have had to pay at your previous insurance company. The best part of buying from us or anyone else online is when it's time to renew your policy. You don't have to fill out your information again because your profile already exists with the site. They're already there and saved, and it'd be as simple as sending someone an email. We take it a step further at and email you short and sweet timely reminders when it's time to renew your policy so you don't forget. For the record, we adore new automobile owners as well. When we get to sort out confused beginners with clean and unambiguous policies, we fist-bumps and hula dance in our cubicles. So, if you ever have questions about your new policy or how to manage it, we're here to help! The answer is a big NO.
Aside from the common idea that you can only acquire car insurance from your auto dealer, it is also a myth that it is mandatory to go for it. Most people prefer it because it is less time-consuming to purchase because you do not have to research and evaluate the various insurance options accessible.Your auto dealer serves as a vital link between you and the insurance company. They also provide seemingly unimportant things such as auto covers, free services, and so on. But hold on! There's a catch. Your car dealer may take care of everything for you, but it will cost you money. Because your auto dealer arranges all of your car insurance needs from the ground up, your rate will immediately rise. In comparison, if you can spare some time to look over the features of each car insurance policy, ideally online, you will almost certainly find a better offer. Not only that, but you'll have the freedom to select the add-ons that are most useful to you. That is, of course, preferable than having to take the ones you don't need but still have to pay the premium for. Let's look at the benefits and drawbacks of buying car insurance from your auto dealer: Advantages
Purchasing automobile insurance through your car dealer or straight from an insurance company has benefits and drawbacks. You can weigh the advantages and disadvantages of both solutions and choose the one that best matches your needs. The Insurance Regulatory and Development Authority of India (IRDAI) has taken a number of steps to ensure that insurance policies meet your needs in the wake of the pandemic. IRDAI introduced the idea of uniform insurance policies to address the challenge of contrasting insurance plans due to differing benefit arrangements. Standardized insurance policies are those that have a consistent package of coverage benefits for all insurance providers. The rates, on the other hand, are set by the insurance companies.
The advantage of standardized insurance policies is that they enable people to choose a basic level of coverage at a low cost. Furthermore, since the policies have the same benefits, you can compare premiums from different insurers and purchase the most cost-effective coverage. After the outbreak of the pandemic, IRDAI has offered a variety of standardized insurance plans. The following are 3 of the most popular policies: AarogyaSanjeevani Policy If you're looking for a low-cost health insurance plan, the AarogyaSanjeevani Policy is a good choice. This policy would be appropriate if you don't have health insurance and want to start with a simple level of coverage. The policy would pay for the most common medical expenses incurred during hospitalization.Most coverage benefits, however, have sub-limits; you should review these sub-limits when purchasing the package. This is a health insurance policy that offers basic health benefits at a very low cost. The following are the policy's features:
You should invest in these policies if you want a specific health plan to cover potential COVID infections and their consequences. Their premiums are modest, and they cover COVID-related claims with no deductibles and only a 15-day waiting period. However, keep in mind that COVID is covered by the standard indemnity health plan. As a result, these policies cannot be used in place of an indemnity plan. These policies can be purchased in addition to an existing indemnity health insurance policy. IRDAI launched 2 regular COVID-related plans – Corona Kavach and Corona Rakshak – in response to the increasing cases of COVID-related hospitalization. These plans have the following features:
This is a term insurance policy is important for your loved ones' financial protection in the event of your death. SaralJeevanBima, as a result, offers financial stability at a low cost. This is a good option if you want an easy plan that just protects you from danger. This is a typical term insurance policy that offers financial stability. In the event of death during the policy's term, the plan provides a death benefit. Here are some of the plan's highlights:
Many of these insurance policies are straightforward, providing basic coverage at a reasonable price. They even offer you the option of comparing premiums to find the best price. So, evaluate your coverage requirements and then invest in these policies to protect your finances. You need the best coverage possible under your health insurance plan to combat rising healthcare costs. When a major emergency occurs, a low sum insured means out-of-pocket expenditures.Furthermore, for adequate coverage against costly medical treatments, family floater plans need optimum coverage, i.e. at least INR 10 lakhs and above. Are you able to pay a large amount insured in your health insurance policy?
A high sum insured, although recommended, entails a significant amount of premium. Paying such premiums on a yearly basis could be difficult, which is where a top-up health insurance plan comes into play. What is top-up health insurance? An indemnity-based health insurance policy is referred to as a top-up health insurance plan. It has a deductible and a maximum coverage amount. The excess claim is paid by the top-up health plan if the claim reaches the deductible cap. For instance, let’s say you purchase a top-up health plan with a sum insured of INR 10 lakhs and a deductible limit of INR 3 lakhs. The policy would not pay claims up to INR 3 lakhs. If you have a claim of INR 4 lakhs, however, the top-up health insurance policy will pay you INR 1 lakh as a claim. Benefits of top-up plans Top-up health insurance policies are the most effective way to boost your healthcare coverage. The following are the reasons for this:
Top-up and super-top-up plans are the 2 types of top-up plans. With the exception of one major difference, both proposals are very close. Each claim in a top-up plan is assessed against the deductible cap. Keep in mind that the top-up plan kicks in only when the claim amount reaches the deductible amount. However, a super top-up health insurance plan considers all claims made in a single policy year. The excess claim is paid only if the sum of all claims exceeds the deductible. Car insurance is required mainly for the following reasons:
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