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People Frequently Ask These

A third party liability insurance cover is clearly limited. But there are some scenarios where even a comprehensive car insurance policy with add-ons can't help:

  • Damages when the policy is not active.
  • Damages when the driver/owner is breaking the law. (Always carry your license, follow traffic rules and NEVER EVER drink and drive!)
  • Damages due to oil leakage.
  • Damages when you don't follow manufacturer's guidelines.
  • Gradual wear and tear. (Because everything grows old!)

No, you cannot pay the car insurance premium in instalments. Section 64VB states that car insurance coverage cannot be offered i.e. the company cannot undertake the risk of offering coverage for the car unless it receives full premium payment on or before the policy start date.

Yes, on changing the CNG/LPG kit, you will have to inform the insurance company and also the Road Transport Authority. On your notification, the insurance company will inform you about the change in premium and the RTA will make the changes in the registration certificate. The change in the kit should be done in the registration certificate barring which the insurance company can reject your claim.

If you are selling your four wheeler, you can transfer the CAR INSURANCE POLICY too in the name of the new owner. Within a period of 15 days, the new car owner should inform the insurance company about the transfer of policy.Pre inspection of vehicle is required to be done. However, the NCB that you earn cannot be transferred in the name of the new vehicle owner.

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.

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 RenewBuy, you have to do nothing, we simply get the no claim transferred instantly to the new company policy.

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.

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 RenewBuy, 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.

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.

  • Certificate of Insurance
  • Xerox copy of Registration Certificate
  • Pollution Under Control Certificate
  • Photocopy of Driving Licence of person who is driving the vehicle


Passengers other than the insured, including a paid driver and cleaner of the vehicle can be insured under this cover by paying an additional premium. This covers them against death or disability caused due an unfortunate accident.

Third Party Liability insurance covers losses to a third person who is not a party to the insurance contract. The Motor Third Party insurance covers the following losses:

  • Any permanent injury / death to a person caused by your insured vehicle
  • Any damage caused to the property (excluding vehicle) of some other individual by your insured vehicle Liability is covered for an unlimited amount in respect of death or injury. Any damage to third party property is covered up to ₹7.5 lakh in case of Private Car and ₹1 lakh in case of Two-wheeler.

A legal liability for a paid driver implies that if you have hired a driver to drive your vehicle and he meets with an accident while driving it, then the insurance company will provide compensation for his injury/ loss of life.

Insurance companies primarily determine car insurance premium based on the make, model, age, and registration location of your car. Your car insurance premium is also dependent on the type of policy chosen and your claims history.

Depreciation means the reduction in the value of an asset due to wear and tear over a period of time. With regards to car insurance, this value is calculated as per the depreciation rates provided by the Insurance Regulatory And Development Authority of India (IRDAI).

IDV means Insured Declared Value. It is the value you will receive in case your insured car suffers total damage or is stolen. It is not your car’s resale value.

No. Your insurance policy becomes inactive when it crosses the expiry date. You are not covered against risks in the grace period.

To make the claims process faster, insurance companies have tie-ups with local garages. Such garages form a network. If you get your car repaired from a network garage, you can avail cashless repairs. In this process, you do not need to worry about collecting physical bills and then submitting the paperwork for raising a claim. Your insurer coordinates with the garage making the process hassle-free for you. It is not a 100% cashless claim, you need to bear a minimal cost under deductibles.

Yes, you can cancel your car insurance policy provided you have not made any claim in the current policy year. The refund of your policy will be calculated on pro-rata basis. However, make sure to always keep a car insurance cover active.

Yes, No Claim Bonus is transferable if you want to choose a different insurance company at the time of two-wheeler insurance renewal.

Insurance companies primarily determine two-wheeler insurance premium based on the make, model, age, and registration location of your bike. Your two-wheeler insurance premium is also dependent on the type of policy chosen and your claims history.

Depreciation means the reduction in the value of an asset due to wear and tear over a period of time. With regards to two-wheeler insurance, this value is calculated as per the depreciation rates provided by the Insurance Regulatory and Development Authority of India (IRDAI).

IDV means Insured Declared Value. It is the value you will receive in case your insured two-wheeler suffers total damage or is stolen. Note that It is not your bike’s resale value.

Two-wheeler inspection is not necessary all the time. However, your bike might need an inspection if there is a break between your policy expiry date and your policy renewal request.

IDV is calculated with respect to the bike's invoice value. It does not include the money you spend on registering your bike or for an insurance policy. Thus, these things are excluded while calculating the IDV of your bike.

One can claim for permanent injuries as per the terms and conditions related to the Personal Accident Cover.

Yes, the Motor Vehicle Act states that every motor vehicle plying on the road has to be insured, with a Liability Only policy at the very least.

As per the Motor Vehicles Act, the Indian Government has made it essential for each bike owner to have at least a third party insurance policy. Having an insurance policy guarantees that they avoid the load of unanticipated expenses in case of a theft or an accident of the vehicle.

The premium amount usually varies from one policyholder to another. However, there are a few determining factors which assist in calculating the accurate premium for any given policy. The factors include the year of manufacture of the bike, the make and model of the bike, age of the owner, engine capacity, installation of anti-theft devices, voluntarily deductible and the geographic location.

No, bike insurance policy cannot be cancelled until there is a genuine case and is intimated within a month from the date of purchase of the policy. Genuine cases may include when you finish up purchasing two policies for the bike or your bike was commercial and you bought private bike policy etc. But, there are no cancellation charges.

If you sell your vehicle, you will be able to transfer your two-wheeler insurance also. The new owner will have to notify the insurer within fourteen days after purchase and give all relevant information regarding the vehicle to transfer the insurance.

You do not really need any documents to renew your bike insurance policy. You can renew your coverage with nothing but your policy number. As such, it is helpful to have the existing policy document in hand when renewing the plan, but it is not at all mandatory.

A long term two-wheeler comprehensive insurance is a policy that offers coverage benefits to the policyholder for more than one year. This way, you do not have to worry about renewing your insurance policy every year. These plans also protect you from yearly price hikes that IRDAI levies on third party insurance premiums.

Yes, every vehicle owner in India must have a third-party insurance policy. Driving without legitimate bike insurance is a legal offense.

Yes, your NCB is transferrable and will be applicable when your switch insurance provider. However, you are required to provide the renewal notice, the declaration of NCB, and other relevant documents in order to transfer the NCB to a new plan.

A health plan covers your medical expenses and saves you from financial woes. There has been a steep rise in healthcare costs and meeting them often burns a hole in the pocket. This is when having a health plan helps. You can avail quality and timely medical treatment, without worrying about the expenses.

The benefits of health insurance are completely dependent on the kind of policy being taken. However, a basic health plan covers hospitalisation costs, pre and post hospitalisation expenses, emergency ambulance expenses, day care procedures, mental healthcare, organ donor expenses, outpatient department (OPD) expenses, domiciliary hospitalisation, and more.

Your insurer will not cover pre-existing illnesses for a certain period at the beginning of the policy term. This is known as the waiting period. Different pre-existing conditions have different waiting periods, so you can get in touch with your insurer and find out about the waiting period for your illness. Certain pre-existing conditions are completely excluded from health plans.

Yes, you can add a family member to your existing FAMILY HEALTH INSURANCE POLICY . For this, you have to fill a couple of forms, such as the health declaration form and endorsement form and pay an additional premium amount.

You can file any number of claims in a year. However, the claim amount should not exceed the assured sum of your policy. For instance, if you have a health plan for INR 2 lakh, you can claim up to INR 2 lakh only from your insurer

If you already have a health insurance policy you can increase sum insured at the time of renewal

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.

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.

Any number of claims is allowed during the policy period. However the sum insured is the maximum limit under the policy.

Premium paid under the Health insurance Policy is exempted from Income Tax under section 80D of the Income Tax Act up to Rs.25,000 for individual covering his family and dependent Children. In case the proposer intends to cover his parents below 60 years under medical insurance, he is eligible for a deduction of another Rs.25000 under section 80D. In case the age of parent to be covered is above 60 years, the deduction available is Rs.50000 under section 80D.

Yes, you can have more than one health insurance policy. In case of a claim, each company will pay ratable proportion of the loss. For example, a customer has health insurance from Insurer A for coverage of Rs. 1 lakh and Health Insurance from Insurer B for coverage of Rs. 1 lakh. In case of a claim of Rs. 1.5 lakh, each policy will pay in the ratio of 50:50 up to the sum assured.

Under health insurance, the age and the amount of cover are the factors that decide the premium. Usually, younger people are considered healthier and thus pay lower annual premium. Older people pay a higher health insurance premium as their risk of health problems or illness is higher.

Any claim due to or arising out of pre-existing medical condition/ailment whether declared or undeclared is not covered under the policy.

Yes, the online medium provides not only an easy way to buy health insurance, it is safe too. If you choose reputed and trusted websites, you can buy a health plan online without worrying about safety.

A family floater plan covers the entire family in one plan. Thus, the entire members get coverage jointly as well as independently. The premiums are lower compared to individual health plans for individual members.

Yes, there are separate cancer care plans which are designed to cover cancer. These plans pay a fixed amount in case the insured is diagnosed with any form of cancer.

Women can buy all types of health insurance plans available in the market. However, there are special critical illness health insurance plans which have been specifically designed for women keeping their needs in mind. Such plans cover women-centric critical illnesses and offered by a few health insurance companies.

Yes, some family floater health plans allow coverage for dependent parents. Moreover, there are separate senior citizen health insurance plans which can be taken for covering parents.

Health insurance plans come with a term of one, two or three years, as chosen by the policyholder. After the term of the plan comes to an end, the coverage can be continued by renewing the policy. To renew, the renewal premium should be paid and the policy coverage would continue.

TPA stands for Third Party Administrator. TPA is the bridge between the insurance company and the insured in case of a claim. The claim is coordinated by the TPA.


Dental treatments are not covered in health insurance plans. However, accidental injuries which require dental treatments might be covered. Moreover, there are health insurance plans which provide OPD coverage benefit. Dental treatments might be covered under this benefit up to a specified limit.


Yes, come health insurance plans cover Ayurvedic and alternative treatments taken by individuals. However, there might be a limit to the coverage allowed.


Room rent is the rent paid to the hospital for occupying a hospital bed. Some health plans have a limit on the maximum room rent which is covered. You should, therefore, choose a room whose rent is within the specified sub-limit. If the actual room rent exceeds the sub-limit, the total health insurance claim is reduced.


The waiting period is the period during which coverage is not allowed for specified illnesses.


Co-pay means that the policyholder would have to pay the specified claim from own pockets. Co-pay is applicable if the insured is 61 years and above and the co-pay ratio ranges from 10% to 25% across different health insurance plans.


Pre-existing illnesses are illnesses which the insured suffers from when buying a health insurance plan. Since the illnesses are already present, the insurance plan covers such illnesses after a waiting period.


Yes, health insurance plans allow various discounts which can be used to reduce the premium outgo. Discounts are offered for the following -

  • For buying a multi-year policy and paying premiums at once
  • For covering 2 or more family members under the same plan
  • If a voluntary deductible limit is chosen
  • If the plan is bought online
  • In some plans, discounts are also allowed for making no claim in the previous policy year