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Choose Products That Best Suit Your Needs

Monday, June 23, 2014
By Manoj Aswani

Manoj Aswani is VP at MyInsuranceClub.com

Six months ago I bought a used Chevrolet Aveo from my company and got the ownership transferred, but forgot to transfer the insurance in my name although I paid for the insurance. But now unfortunately due to an accident there is a damage of Rs 90,000/-. The insurance company says they can’t help as the ownership and insurance is in 2 different names. Can someone guide me a way to deal this situation?
—Sumesh Patra, Parel
Is the damage for your Own Car or Legal Liability? In case of the latter, the claim would be payable but it is depends on the jurisdiction of the Insurance Company in case of the former claim.

According to the rule, as soon as the sale deed is done, there is a Form 29 and a Form 30, which needs to be submitted to the Insurance Company even before the Registration Certificate is submitted for a name change. Thus, even if you file a claim and get the claim, the cheque will be disbursed in the previous owner's name, in this case in your company's name.

However, a new order from the Supreme Court has mentioned that Insurance Companies are liable to pay even if there is a change in Vehicle Ownership.
The law states that you can do a Third Party Claim as long as the vehicle in insured but whether or not you can do a claim for your own car damage is an area of consideration. It states that "The liability to pay compensation is based on a statutory provision. Compulsory insurance of the vehicle is meant for the benefit of the third parties. The liability of the owner to have compulsory insurance is only in regard to third party and not to the property. Once the vehicle is insured, the owner as well as any other person can use the vehicle with the consent of the owner. Section 146 of the Act does not provide that if any person uses the vehicle independently, a separate insurance policy should be taken. The purpose of compulsory insurance in the Act has been enacted with an object to advance social justice".

Which product is better individual or family floater and why? Which is better National Insurance Company or Star Insurance and why?
—Krushna Salvi, Bandra

It totally depends on the need. If you are looking for a cover for the entire family, floater might be more cost effective but if one of the members have some pre-existing ailment like blood sugar or is very old or if you need cover for more than 2 adults then there are hardly a few plans which can cover. The regular floaters cover 2 adults and 2 children only.

Also, family floater plans are more cost effective as well.

So, you need to weigh the pros and cons and then choose the product that best suits your needs irrespective of the company because all are under the strict regulation of the IRDA.

(The author is Vice President at www.MyInsuranceClub.com, insurance comparison website in India. You may write to him at [email protected])

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