Insurance is a contract between two parties in which one party, the insurer, in return of certain agreed amount of money, called the premium, assure the other party, the insured, to make good any financial loss the insured may suffer as a result of occurrence of the specified, insured and unforeseen events (perils) that take place within the period described in the contract.
Non-life insurance, also known as general insurance, provides coverage for property, belongings, and liabilities that are not related to human life. It includes policies like auto insurance, home insurance, and property insurance.
Non-life insurance provides financial protection against unexpected events such as accidents, natural disasters, and theft. It helps you recover from losses and avoid significant financial burdens.
Common types include auto insurance, home insurance, renters insurance, business insurance, travel insurance, and liability insurance.
The premium is the amount you pay for insurance coverage. Major insurance products in Nepal are tariff business, based on overall exposure of risk in Nepalese Market.
A deductible is the amount you agree to pay out of pocket before your insurance coverage kicks in. Choosing a higher deductible can lower your premium but increases your initial expenses in case of a claim.
Assess your needs and risks, and consult with an insurance agent or broker. They can help you select the appropriate coverage based on your specific situation.
You can contact claim department as soon as possible after an incident. The claim team will guide you through the claims process, which typically involves providing details and documentation of the event.
Yes, you can usually make changes to your policy, such as adding or removing coverage, changing deductibles, or updating your personal information. Contact underwriting / marketing personnel.
YA policy rider is an additional provision or coverage option you can add to your insurance policy for specific needs. Whether you need one depends on your unique circumstances. We have VIP Plus for the extra coverage under Auto Insurance.
When you file a claim, the insurance company will assess the damage or loss, review your policy, and then provide compensation based on the terms of your policy
Yes, you can usually cancel your policy, but there may be cancellation fees or penalties. Review your policy documents and contact concerned marketing personnel for further information.
If you miss a premium payment, your coverage may lapse. It's essential to pay on time to maintain your insurance protection
A third party risk policy is a mandatory insurance policy that covers the vehicle owners against risks. The scope of the cover of the third party insurance is to pay compensation for the damage caused to the property of the third party and death due to bodily injuries to the third parties. This does not include damage of your own vehicle.
Your motor insurance policy cover remains in force for 12 months from the date of commencement (or as otherwise shown on your policy schedule).
It sometimes makes sense not to make small claims. Ideally, whenever your vehicle is damaged, get an estimate for the repairs. If the No Claim Bonus you stand to forfeit in the forthcoming year exceeds the estimate, it makes sense not to raise a claim and instead pay for the damage yourself.
A vehicle insured under a policy can be substituted by another vehicle of the same class for the balance period of the policy subject to adjustment of premium, if any, on pro-rata basis from the date of substitution. Inform your insurance company that you are changing your car or two wheeler. Ask them how it is going to affect your premiums
If you sell your car or two wheeler to another person, the insurance can be transferred in the name of the buyer. The buyer (transferee) has to apply for transfer of insurance with the insurance company, within 35 days from the date of transfer of the car in his name and after making the payment of endorsement premium for the remaining period of the policy.
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