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GENERAL FAQS

It’s required by law to do so. Secondly, you get covered for all damages to your vehicle, or if it gets stolen.
There is no difference in insurance coverage across companies, although prices do vary. Some companies offer Zero Depreciation covers, which are usually more expensive, and offer full coverage of parts and replacement. 
Motor Insurance is very simple:-
  • Always look at buying regular coverage or Zero Depreciation covers.
  • Look at car value to be insured. Most insurers use standard formulas – also called Insured Declared Value. This is the value for which your insurance is valid.
  • The actual Premiums vary from company to company – but the coverage is standard and exactly the same. So going for the cheaper option is always sensible.
  • Some of our customers are particular about adequate Cashless Garages in their locality that each insurer have tie-ups with
  • No, all covers are standard and cover you for any damage or theft to your car and also any liability you or your car can cause (referred to as Third Party cover).
  • Then there are “Zero Depreciation” covers, which cover you for the full value of repair – without deducting any depreciation. Remember, when you got a claim last time and found out that the insurance company deducted “depreciation” for your parts and made you pay for it. That won't happen when you buy a Zero Depreciation cover. However, these covers are more expensive.
Simple. In regular covers, when you claim insurance for any damage or repair, the insurance company would deduct some amount and make you pay for it. Wondered why. That’s what they call “Depreciation charges”.So, you had a claim of 20,000 rupees but the insurance company paid only 15000 to the garage and you had to pay the balance. The balance 5000 is called Depreciation charges. If you had taken a Zero Depreciation cover, the insurance company would have paid the entire amount of 20,000 rupees.
If your car is less than 3 years old – take Zero Depreciation.Repair costs of luxury car models are very expensive, especially since you go to the authorised dealers usually. Go for Zero Depreciation covers.Otherwise, look at the difference in premiums and decide. Zero Depreciation covers are expensive, sometimes by even 50%.
No Claim Bonus (NCB) is your bonus for driving or riding carefully and not making a claim. You get a discount on your premium. Starting from 20% going all the way to 50%. So be careful on the road. If any claim is made, however small, the no claim bonus is lost.
Yes! Absolutely. Your No-Claim Bonus is freely transferable to another insurance company. When you renew your policy via PolicyMaster, you have to do nothing, we simply get the no claim transferred instantly to the new company policy.
There are lots. You can get additional discounts under Own Damage Premium for membership of the Automobile Association of India, Vintage Cars (Pvt. Cars certified by the Vintage and Classic Car Club of India); Installation of ARAI approved anti-theft devices.And lots more. You must read your policy and make sure you get all.
Yes, Service Tax is applicable and would be as per prevailing rule of law.
Deductible or “excess” is the amount over and above, the claim payable. This ranges ranging from Rs 50 for two-wheelers to Rs 500 for Private Cars and Commercial Vehicles. Increase in the cubic capacity/carrying capacity of the vehicle increase this cost. In some cases the insurer may impose additional excess depending upon the age of the vehicle or if there is a high frequency of claims.
Changes like that of an address or modifications to the vehicle or its use will be done by an Endorsement by the insurance company. All you need to do is submit a letter to the insurer with proof of the changes. Some endorsements may require you to pay an additional premium.
If your vehicle is registered in Chennai, the rate applicable for Zone A is charged. Even when you shift to a different city/town, the same rate will continue to be applied. Similarly, if a vehicle is registered in a town, it attracts Zone B premium rate. Subsequently, if the owner shifts to a metro, he will continue to be charged the Zone B rate.
As per Rule 141 of Central Motor Vehicle Rules 1989, a certificate of Insurance is to be issued only in Form 51. It is only in Motor Vehicle Insurance, apart from the policy, that a separate certificate of insurance is required to be issued by insurers. This document should always be carried in the vehicle. The policy should be preserved separately at home/office.
Inform your insurer immediately. Any modification to your vehicle will make a difference to your policy. It could get cancelled. Make sure all modifications are updated in your policy.
  • If you buy through Policy Master, you need No Document. Yes, that's true.
  • If you have a valid car insurance, simply fill details on Policy master portal, and your car insurance is done.
  • For Bike Insurance renewal, even if your Bike insurance has lapsed, you can fill in the simple form on the site and again get instantly covered. 
  • No more having to take photocopies of your registration certificate, Insurance policy etc. Welcome to the new way of renewing your vehicle through Policy Master.
Yes, the insurance can be transferred to the buyer of the vehicle, provided the seller informs in writing of such transfer to the insurance company. A fresh proposal form needs to be filled in. And there is a nominal fee charged. This needs to be done within 14 days of the change of ownership.
No. Registration and insurance of the vehicle should always be in the same name with the same address. Otherwise, the claim is not payable.
Yes, you can. When you buy through Policy master, you automatically get registered and your login id and password are sent by mail. Use this to access your policy anytime for a fresh printout.
Different companies have different requirements. Here are a few things you will need: Filled claim form, RC copy of the vehicle, an Original estimate of the loss, Original repair invoice and payment receipt. In case the cashless facility is availed, only repair invoice would need to be submitted and FIR, if required. For theft claims, vehicle keys along with non-traceable certificate need to be submitted.

MOTOR FAQS

  • Though they are already mentioned in policy, here is a handy list for your convenience:
    1. Copy of insurance policy.
    2. Driving licence: if claim had occurred while plying on the road.
  • Claim form appropriately filled (a copy of the same can be kept with the policyholder for future reference).
  • Registration Certificate along with the original for verification.
  • Pollution Certificate Copy (On lines with recent central govt. amendment in law)
  • Fitness Certificate of the vehicle:
    • For Commercial Vehicle, every 5, 3, 1 years depending on the class of vehicle.
    • For Private car it is 15years in case of private car.
  • In case of NCB availed in the policy “NCB confirmation” from previous insurer.
  • Vehicle permit: if the vehicle is a commercial vehicle.
  • Repair estimate - it is given by insurance company.
  • Spot photos & intimation to police authorities if vehicle has sustained multiple impacts or involved bodily injury.
*Other than the above mentioned from case to case basis the requirement may vary.
  • Intimate theft claims to the insurance company without any delay.
  • Intimate policy authorities and initiate steps to Lodge a FIR (at the jurisdiction level).
  • Insurer appoints investigator to verify the facts and coordinate with the customer
  • On insurer advice RTO is informed for cancellation of the vehicle registration; the acknowledgment for the same is provided by Transport authority
  • Keep following documents handy while making a claim:
    1. Copy of the policy document
    2. Duly signed claim form
    3. Registration Certificate
    4. Copy of FIR
    5. Keys (two sets) of the vehicle
  • On later stage the following is to be arranged:
    • NTC - Non-Traceable certificate duly attested by court authorities.
    • RC Cancellation acknowledgement from RTO.
  • Submit the photocopy of the FIR and the documents mentioned above, along with the car keys and a non-traceable certificate from police, to your insurance company.
Following are the factors that helps in deciding the best suitable policy that caters your requirements:
  • The IDV (Insured Declared Value) of the car.
  • The age of the car (If your car is a used one).
  • Zone/City of Registration.
  • Cubic capacity of the car engine.
  • Previous year Claim Status & NCB.
In case the car insurance policy expires, the car will be inspected by the vehicle inspector assigned by insurer. The inspection process could be chargeable* (as declared in the T&C of the policy). If the renewal is not done within 90 days of date of expiry, you lose on your No Claim Bonus (NCB), col-lg-12 leading to a substantial financial loss.
Third party insurance offers a cover against any legal liability to a third party in case of accident and or any damage. The sum of liability cover can be unlimited* in case of death and bodily injury. Liability cover for property damage can go up to 7.5Lacs.
*(as decided by Indian Judiciary).
Deductibles are the part of claim amount which is borne by the policy holder at the time of claim. The amount that insured has to pay from his own pocket in case of claim settlement and rest amount is paid by insurance company is known as deductibles.
The compulsory deductible is an amount that is made mandatory by Insurance Regulatory Development Authority of India (IRDAI). Depending upon the cubic capacity* of car engine, IRDAI has fixed certain amount to be borne by user in case of claim.  
*Note - The compulsory deductible for private cars of 1500cc is 1000 rupees and the one which are below 1500cc is 500 rupees. 
Whereas, voluntary deductible is optional for the insured to opt for. It is the minimum amount which a policy holder decides to pay when a claim is lodged. It is inversely proportional to the premium amount. If the car owner is confident enough of his/her driving skills and wishes to keep less Voluntary Compulsory Deductible (VCD), the premium rate will go up. If he/she is takes higher VCD, the premium amount that he/she needs to pay is little lower.
Car insurance policy can’t be cancelled until or unless there is a genuine case* and is intimated within 1 month from the date of purchase of the policy.
*Genuine cases can be if there is an alternate policy done for the same vehicle or in case your vehicle is commercial, and you bought private vehicle policy by mistake.
However, there are no cancellation charges applicable (depending upon the T&C mentioned in the policy).
Yes, one can take an add-on called Personal accident cover, in comprehensive car insurance policy for unnamed passengers, while paying an extra small payment.  
This cover can extend to the co-passengers in the car, can be family, friends and colleagues.
Third party insurance only covers other vehicles or property on road and does not cover accidents or damage to own vehicle. But a comprehensive car insurance covers the vehicle against any damage caused to it depending on the add-ons you have availed while purchasing insurance for your car.
Yes, it is mandatory to inform RTO and insurance company about any installation done in the car. May it be CNG or any changes if done in the documentation.
Similarly, in case of theft, the owner has to inform RTO about the incident in order to avoid transfer of registration on other name, resulting in any fraudulent activity.
A standard motor insurance tells that it will provide you the total loss benefit in case of accident. However, people do not understand the meaning of some insurance terminologies. In case of car insurance, if the car repair cost exceeds the 75 percent of the Insured Declared Value (IDV), damage will be counted under totalled car. IDV is generally for the cars up to 5 years old and decided by applying a pre depreciated value on it.  
Some insurance providers give “Return to Invoice” (RTI) an add-on cover under comprehensive insurance policy. If you have opted for this add-on cover at the time of buying the policy, then you will be reimbursed the amount equivalent to the invoice amount of the car. Return To Invoice (RTI) Add-On makes your policy slightly expensive.
There are some factors on which Insurance company can reject your claim:-
  • If the car is repaired before making a claim.
  • If any modifications done to the car and not intimated to Insurance Company and RTO at the same time.
  • In case the car owner has failed to complete the transfer formalities to other owner/ entity.
  • If the insurance company is mis col-lg-12 leaded, not informed about purpose of using car.
Depreciation is a reduction value of an asset over time. The reduction in the value of car depends on the usage of your car. The unavoidable wear and tear cost involved in maintenance of car is known as depreciation. Your car loses value constantly due to depreciation involved. The price difference after depreciation and new parts will be bear by the car owner.
Insurance company’s only covers a portion of expenses incurred to replace the damaged portion of the car and the rest of the amount is decided on the basis of the cost involved in depreciation.
Policy master has a tie up with multiple car insurance companies. We give multiple quotes available with various insurance companies to choose best policy for your car.
Any tangible damage caused to vehicle due to natural calamity like- flood, tempest, cyclone, earthquake, hurricane etc. are covered under comprehensive insurance policy.

BIKE FAQS

Though they are talked about in policy, this is just a handy list for your convenience:
  • Claim form appropriately filled (before submitting do a Xerox and keep).
  • Photocopy of the vehicle RC along with the original for verification.
  • Authentic approximation of loss (Make an extra copy and file it).
  • Payment receipts and repair bills (always keep a photocopy with you).
First of all, file a FIR with your local police station or the police station nearest to you (if you are travelling). Submit the photocopy of the FIR and the documents mentioned above, the bike keys and a non-traceable certificate to your insurance company.
  • You can always claim the full IDV amount in case your bike is stolen.
  • Another good news is that natural calamities and man-made disasters are covered too.
Getting a new insurance policy for your old bike is a child’s play. Things you need are:
  • Earlier insurance copy.
  • Registration certificate.
Policy master shows you various insurance premiums provided by companies based on the numerous factors you input which determine your new two-wheeler’s premium:
  • The IDV (Insured Declared Value).
  • The age of the bike (If your bike is a used one).
  • Zone of Registration.
  • The two-wheeler’s cubic capacity (for third-party insurance).
  • Previous year Claim Status & NCB.
  • It is mandatory to do insurance for your bike in India; hence it is suggested to renew before it expires.
  • If not done within 90 days, you lose on your No Claim Bonus, col-lg-12 leading to a substantial financial loss.
  • If not done on time then your bike will go through a new inspection, which may be chargeable.
Yes, it is. You are legally and financially liable to the third party in case there is an accident. Point to remember; this does not take care of any injuries or damages to you and your bike.
IRDA predetermines it. Remember, higher the VCD lower will be the premium. However, this is the loss you will incur when there is a claim.
Use a top premium calculator like one found on Policy master page, which helps you to choose a comprehensive plan. This plan can be a little expensive but will protect your bike and is any day better than the one with third party liabilities.
No bike insurance policy can’t be cancelled until or unless there is a genuine case and is intimated within 1 month from the date of purchase of the policy. Genuine cases can be when you end up buying 2 policies for the same vehicle or your vehicle was commercial and you bought private vehicle policy etc. However, there are no cancellation charges.
Sad but the truth is “No”. One needs to get a personal accident cover for the pillion driver.
At Policy master add-on covers and personal accident cover for pillion riders are additionally available with various insurance companies while buying bike insurance.  Though one might need a wee bit of extra premium; it is worth every rupee and highly recommended.

HEALTH FAQS

In case the primary insured dies post hospitalization then the claimable health expenses would be reimbursed. If the primary insured is also eldest member in the family, then for the succeeding years after the death of primary insured the premium would be calculated on the basis of the age of next eldest member. For this to happen, the family should fill up change of request form provided by the insurer.
Please note that in case there were only two members covered under the policy then the family floater plan would be converted to an individual plan.
While choosing a health insurance policy there are a few things which you should be ready with are:
  • Number of members and relations to be covered- Because this will be the basis of buying policy.
  • Type of coverage – Individual, Family floater or group.
  • Sum insured or coverage amount – Ensure that you consider future expenses too.
  • Room rent – Check for the capping amount or criteria defined if applicable.
  • Sub-limits or co-pay applicable – Check for the sub-limits applicable for some specific list of ailments or package treatments. Also check if the plan has co-pay feature.
  • Network hospital list – Check for the list of network hospitals and try buying a policy which covers your regular hospital.
  • Policy wording – Most important thing to check before buying a policy. In case you are not sure about certain term or condition you can always contact the insurer for clarification.
If you already have a health insurance policy you can increase sum insured at the time of renewal.
No. As health insurance policy is designed to cover unforeseen medical expenses a normal health insurance policy does not cover maternity expenses. Coverage for maternity expenses is one of the additional features offered by some of the health insurance plans at a higher premium and waiting period.
Yes you can cancel a policy after you buy it. A free look period of 15 days is provided to you after buying a policy to understand the terms and conditions. In case there is any objectionable clause you can cancel the policy and get a refund. Stamp duty, expenses on medical check-up and proportionate risk premium (the number of days that the insurance company was at a risk of bearing your health expenses) would be calculated while the premium amount is refunded. Refer the policy termination or policy cancellation section in your policy wording to know the amount that would be refunded.
*Note: For the refund to happen there should be no claim during the policy period.
Yes,a person can have more than one Health Policy.
There are four important types of exclusions in a Mediclaim policy they are:
  • Time related exclusions: e.g. Waiting period- general, specific ailments and pre-existing.
  • Non-medical expenses: e.g. Registration charges.
  • Illegal reasons: e.g. drugs, alcohol abuse, self-inflicted injuries.
  • Out-of-scope: e.g. Unproven medical procedures, HIV, adventure sports, etc.
The first or second year exclusions include list of diseases or ailments which have a waiting period. This may include ailments like Cataract, knee replacement, etc. (which are not pre-existing).
Yes. Some of the insurance companies have this concept of loyalty benefit under which they offer discount on renewal of policy from the same company.
Yes, your health insurance policy is very much applicable even if the hospitalization is less than 24 hours. This is known as Day Care Treatment. Here, 24 hours hospitalization is not required and you do have a scope of coverage too.
Day Care refers to any treatment or surgical procedure that is performed under general or local anesthesia in medical clinic/hospital or a day care centre requiring hospitalization for a period of less than 24 hours because of technological advancement.
However, remember that OPD (out-patient department) are not a part of the Day Care treatments. The claim procedure too is nothing different than a normal regular hospitalization.
The below treatments are covered under Day Care Treatment:
  • Appendectomy
  • Angiography
  • Chemotherapy
  • Colonoscopy
  • Eye Surgery
  • Radiotherapy
  • Lithotripsy
  • Hydrocele
  • Piles / Fistula
  • Prostate
  • Sinusitis
  • Liver aspiration
  • Dialysis
  • Sclerotherapy
  • Case 1: When you are hospitalized just before the policy expiry date and have intimated the insurance company about the same before policy lapses (where the policy lapses while you are still in hospital), the company will pay the benefit as per the plan, and its terms and conditions.
  • Case 2: If the policy lapses and you are hospitalized during the grace period, on intimation during the grace period about the hospitalization, the company will pay the coverage as per the plan, and its terms and conditions.