Insurance Cover & Quotes: Customise Your Insurance Cover

This was eagerly awaited in India, especially by the increasing population who have seen foreign countries abroad and how insurance in foreign works. Now, India is all set to make way for Customized Insurance Package or making it possible for individuals to Customise the Insurance Cover or customise insurance packs they wish to seek for their own life insurance cover , Car Insurance Cover or Home Insurance Cover.
What is the current process of insurance and choices available for insurance?
To understand this, lets take an example. Say you own a car and you have insurance for that car. Now you are travelling on Mumbai Pune Expressway and suddely your car goes out of order. What do you do? It's all upto you - find an alternative mode of travel, search for a mechanic, bring him to the spot, get your car fixed and then drive. Basically, you have to do everything. And if unfortunately, your car is irrepairable at the accident spot, then you have to arrange for a tow away and then get it repaired. After all this exercise, you can make a claim to your Car Insurance Company and get your accident expenses back.
So in a nutsheel, its like you pay for insurance premium, but you still dont get any substantial help from your insurnace company other than the monetary claims. You have to do all the hardwork in the event that your car goes bad.

What is the process of Car Insurance in foreign countries?
Abroad, life is much simpler. Basically, along with the car insurance, you can pay something extra and get loads of add on benefits. For example, you can opt for towing facility along with your Car Insurance. This means that in the event of a car break down, you only need to call the insurance company and it will be their responsibility to come and pick up your car from the accident site to the repair garage.
Another such thing that you can opt for is that of a pick-up facility or an alternate car in case of your car breaks down. It means that the insurance company will provide you with a alternate car till your car gets repaired or it will provide a pick up facility from the accident site to your destination.

What is meant by Customised Insurance Cover
Till now, in India, there was no such provision of taking these extra benefits. The Insurance Regulatory and Development Authority (IRDA) has approved the customisation of policies for extra premium that insurers for new products from January 2009. So the add-on benefits, like the case mentioned above, will now be available to Indian Insurance seekers. Being a competitive market, there will be loads of unique facilities offered at a cost by the various insurance companies and individuals can make their own customised insurance packages as per their need and requirements.

Apart from Car insurance, will this customization fo Insurance cover be offere on other insurance types?
Yes. You will be able to pay a low premium for your household and factory insurance cover if you are willing to share the claim with the insurance firm. "Insurer will be permitted to add on covers above the tariff in the case of fire, engineering, and motor insurance with appropriate additional premiums," a senior IRDA official said. There are also offers for permitted variation in deductibles in fire and motor insurance policies.

What all Add on covers will be available?
Cover for vehicles as well as add on services like temporary replacement of vehicles in case of a break down Cover for damage irrespective of the age of the vehicle
Lower premium if the policy holder is willing to share the cost of damages

And then, the market is open for the insurance companies to fight it out and offer the best products to keep customers with Low cost Insurance Quotes.