Govt owned general Insurance companies are losing market share and the Pvt players are gaining speed in terms of market share in general life insurance business.This happening due to free pricing policy in this sector where the private players are more aggressive then State owned players.

The slower growth among state-owned companies has resulted in ICICI Lombard displacing public sector Oriental Insurance to become the fourth-largest insurer in India.

If an accident takes place, you must report to the insurance company and submit the relevant claim forms. An estimate for repairs /replacements would also be required to submitted.

The documents to be submitted are
- Claims form
-Copy of registration certificate of vehicle and driving license of the driver
- Original / Copy of the insurance policy
-Copy of the estimated cost of repair given by the garage.
- FIR or a police report if the accident is major, or a criminal offence, or if it caused third-party damage or resulted in injuries
- Fire brigade report, if the loss is due to a fire.

No Claim Bonus refers to the discount given by an Insurance Company, in the renewal premium amount, because of no-claims by the car-owner in the previous year. Simply put, if you do not seek any insurance claims on your car, the insurance provider assumes you to be a safer profile and is willing to give you a discount in the following year.

The No-claim-bonus keeps on increasing with each consecutive year of no-claims. It is this aspect of NCB that has been effectively leveraged by Insurance Companies in discouraging small & frequent claims. Many consumers do not put in a claim for expenses related to minor damage(s), because the discount one enjoys is probably much more than the claim amount.

Please note that:

Motor Insurance is probably the only Insurance product which is required by the legal framework of the country. If you own a vehicle, it is mandatory for you to have atleast 3rd party Insurance before you hit the roads in your vehicle.

Till some time back most Motor Insurance policies came at the same price, which meant that there was hardly any reason to compare policies across companies. All this changed in 2007 when the pricing de-regulation was introduced in this sector.

The future would see a lot of action in terms of innovative pricing and product features being introduced to entice the customers- hence the need for a comparison platform like BimaDeals