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A car is usually a substantial investment, and in order to protect it and secure your losses from any unforeseen disaster, having car insurance is a crucial necessity.
In case of an accident, natural calamity or theft, car insurance covers you financially and keeps you away from any mental stress.
A car insurance policy includes a lot of critical information, such as the vehicle registration number, engine, and chassis number to identify the specific vehicle. It also contains information regarding the policyholder, like age, gender, name, address, etc. Additionally, a car insurance policy includes details of the policy nominee, who will be accountable for several aspects of policy management in your absence.
For every policy, it is a common practice to assign a nominee. A nominee of the insurance policy holds two functions - they can take care of the legal proceedings in the absence of the original policyholder and, most importantly, they become a beneficiary and can receive the amount or compensation in case of the owner’s demise. Usually, the policyholders assign their spouses or heir as their nominee but you can assign anyone you trust as a nominee
If you were to pass away in an unfortunate incident, the lawful beneficiary or heir would be the natural successor to the car insurance policy or any benefits, if applicable. In some cases, the process of verifying the validity of the successor can be tiresome and time-consuming for the insurance provider. In order to avoid such situations, it is advisable to nominate a person of your choosing to make the process of transferring the policy to the nominee easier. It is a necessary decision to add a nominee to your car insurance policy since the nominee will receive a claim amount or compensation in case of your unfortunate death.
Nomination in car insurance has the following benefits.
• Acceptance of the claim settlement in your absence: If you, a policyholder, die after raising a claim for an accident, theft, or third-party accident, the nominee will receive the claim settlement amount on your behalf.
• Supporting the dependents: It is very necessary to buy the personal accident cover in order to provide financial coverage to you and your family in case of permanent/temporary disability caused by a car accident, and if you pass away due to an unfortunate car accident, then the nominee will receive compensation from the personal accident cover.
You are not obligated to keep the same person as your nominee for the rest of the policy period, you have options to change your nominee anytime. In some policies, you can even opt for multiple nominees, where the nominees can share the financial benefits equally or as per the percentage determined by the policyholder.
In conclusion, having a nominee makes things easier for everyone in case the policyholder becomes incapacitated due to any circumstances.
If you are searching for a car insurance plan, suitable for your insurance needs, choose from a selection of car insurance products and services with Kotak General Insurance.
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