By India Today Business DeskAhead of the expected landfall of Cyclone Biparjoy, the western states of Gujarat, Maharashtra, and Goa have been placed on high alert. The advancing storm poses a significant threat to lives and properties as well as their vehicles. It is crucial for residents to ensure they have adequate home and motor insurance coverage.
Home insurance covers three primary risks. The basic policy offers protection against fire and allied perils such as cyclones, floods, and earthquakes. The second layer safeguards the contents of the house from natural and man-made disasters, including burglary. The third layer covers peripheral risks like accidents within or outside the home caused by the policyholder or their family members, as well as loss of baggage during transit. These coverages can be purchased separately or as part of a comprehensive home insurance policy.
It’s important to note that home insurance typically covers the cost of construction, excluding the land value. If a house needs to be rebuilt, the cost of construction is calculated by multiplying the carpet area of the house by the prevailing construction cost in the city.
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ABOUT MOTOR INSURANCE
When it comes to motor insurance, having a comprehensive plan is essential to protect vehicles against damage and losses caused by natural calamities such as cyclones, floods, thunderstorms, and earthquakes. To enhance coverage, individuals should consider additional add-ons. For instance, an engine protection cover can safeguard the vehicle’s engine during cyclones. This add-on becomes particularly valuable for residents in waterlogging or cyclone-prone areas, as water entering the engine can lead to costly repairs or replacements.
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However, it’s crucial to be aware of exclusions to avoid claim rejections. While the engine protection add-on may cover engine damage due to water ingress, claims may be rejected if the vehicle is driven during a cyclone, as it can be considered contributory negligence. It’s also important to note that add-on covers cannot be purchased separately during cyclone season; they can only be obtained during policy renewal or when purchasing a new policy.
Cyclones can also cause damage to a vehicle’s accessories if water seeps in. To protect accessories such as rubber mats, headlights, wiper blades, and mud flaps, individuals can opt for an additional add-on cover.
ALL YOU NEED TO KNOW ABOUT CLAIM PROCESS
In the event of a claim, prompt notification to the insurance company is crucial. The company will assign a surveyor to assess the losses before settling the claim. While the insurer may request identification documents for verification, they often streamline the settlement process for major events. In some cases, insurers may only require the policy issuance date and year to expedite claim settlement.
Likewise, if a vehicle sustains damage during a cyclone, immediate communication with the insurer is essential. Providing substantial photo and video evidence during the vehicle inspection by the surveyor will expedite the claim settlement process.
To ensure a seamless experience during a calamity, it is advisable to familiarize oneself with the entire claim process in advance. By proactively understanding the necessary steps, individuals can be well-prepared to navigate the claim journey when unforeseen circumstances arise.
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Rodolfo Frami
Johnnie King
Keven Bayer