Car Insurance

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Why Remote Work Is Lowering Car Accident Claims?

According to a report featuring data provided by 24 Indian states, road accidents, fatalities, and deaths have reduced by around 62% in 2020 as compared to 2019. The decline was largely because of the nationwide lockdown. While this was an extreme scenario, it also highlights how remote working approaches might help in lowering car accident claims under motor insurance. Remote work keeps a significant number of vehicles off the street, thus reducing traffic and road accidents. Take the example of Sharvari Mahajan, an IT Professional from Bangalore who spent more than an hour navigating through the busy streets of Bangalore to reach her office. In the last year, she had two road accidents because of the heavy traffic and bumper-to-bumper driving. While the accidents were minor, her car had to spend time in the garage. When her company adopted remote work, Sharvari was the happiest. She no longer had to endure the rush hours and the hassle of car accident/damage claims. Sharvari’s story isn’t unique. Remote and hybrid work has a direct link with the number of claims under car insurance in India. Let’s decode the reasons behind this in detail.

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Why “Valet Parking Damages” Cause Insurance Conflicts

Parking challenges in India are not a new phenomenon. Cramped spaces and an unorganised parking system have long been creating problems for vehicle owners. Even in spaces with valet parking facilities, vehicle owners are now facing a new set of challenges: Insurance conflicts due to valet parking damages. Imagine a case where the valet crashes the car. Who is liable to pay compensation? The insurance company or the valet service provider? Handing over the keys saves time, but at the same time, such unclear boundaries spark insurance conflicts. Let’s explore how valet parking damage is contributing to car insurance disputes in India.

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The Trend of Pay-Per-Kilometre Explained

Owning a car feels like freedom. You can travel as much as you want with premium comfort and luxury. But do you ever pause and take a look at the bills? Monthly EMIs remain the same, regardless of whether you drive 50 or 500 km. There are car insurance premiums that don't change even if your car is parked most days. And the extra costs, such as parking and servicing, even when your car has covered 70-80% of its life. Meaning? For many of us, we end up paying more for the car itself rather than the mobility it provides. Now imagine being billed based on your car’s distance and not its existence. No subscription fee, no wastage, every rupee simply linked to your distance travelled by your vehicle. That is how pay-per-kilometre insurance works. It allows you to pay as per the distance you travel, rather than for a static asset. Simple? Yes. Practical? Also, yes. Continue reading to learn more about pay-per-kilometre insurance and how it benefits.

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The Rise of Blacklisted Garages in Insurance Fraud

Motor insurance fraud is a major challenge faced in the insurance realm. From fraudulent claims to emerging garage-related fraud, both insurance companies and policyholders are facing significant losses. Take the example of Shikha Sharma from Delhi, who recently filed a claim under her motor insurance plan. During the verification process, her insurer found out that the car garage had significantly inflated the bill. Although Shikha trusted the garage as it promised a hassle-free settlement, her claims were rejected. The garage was soon blacklisted. The growing case of inflated false bills generated by garages has become a major challenge. Let’s explore the rise of insurance fraud, which is driving the blacklisting of garages and leaving claims unsettled.

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How Seasonal Road Trips Are Linked to Claim Spikes

There are always two sides to a road trip story. On one side is the freedom you seek. You are the real boss who is in control of the wheel: no fixed schedules, flexibility to stop wherever you like, listening to your favourite playlist, munching as and when you please, and much more. Such reasons make seasonal road trips a cherished ritual for many. The road trip could include driving into the hills during the summer, a coastal escape during monsoons, heading home for the festive holidays, and so on. The other side of the story is often overlooked. It is the story of surging car insurance claims. These usually spike around festive or seasonal breaks. This is typically because seasonal road trips often come with the hidden risks of festive fatigue, overexcitement, and negligence, which can lead to mishaps, paperwork, and more. This highlights the importance of being prepared and having comprehensive car insurance before you plan your road trips. After all, only the happy memories from a trip should last, not the stress.

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How Hybrid Cars Are Changing Premium Structures Globally

When you plan to upgrade and buy a new car, a lot of planning goes into it. You typically start by making a budget, calculating the fuel costs, estimating the resale price, and evaluating all its safety and comfort features. These days, another aspect is factored in, where you also weigh the environmental impact of your car. The option of hybrid cars has indeed impressed many. Just like other fuel cars, hybrid cars also require car insurance. As a vehicle owner, you would know that car insurance is more than just a legal mandate. It serves as a safety net, covering your vehicle and protecting your financial expenses in the event of car damage.

Jio Insurance Broking Ltd

Jio Insurance Broking Limited
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Direct Broker (Life & General),
Valid upto: 11/03/2028
(Renewable)

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