Your Queries: Income tax

My car was stolen about two months ago and I am still paying the EMI for the vehicle. My insurance company says it will take more than a year to get the claim. Normally, how long does it take to get the claim and what should I do now?

If a vehicle is stolen, an insurance company needs to be reasonably sure that all efforts to recover the vehicle have been made by the customer and the police authorities. The police have to issue a non-traceable certificate, which is handed over to the insurer, then only the claim will be settled. The time taken by the police to investigate and issue the certificate is the prime determinant of turnaround time for settlement of a claim.

What is the common pool that I hear about motor insurance and are there any possibilities of my car insurance premium going up from next...financial year if this pool does not exist?

The motor third-party pool was formed in 2007 to handle the third-party risks of all commercial vehicles insured by any Insurer in India. It does not apply to private cars. The premiums are not affected by the pool.

How do I get an insurance for my wife’s ornaments as some are kept at home and some are in the locker. How do I do the valuations and what will be the kind of premium that I will have to pay?

Jewellery at home or worn by a person can be covered under any normal home insurance policy under all risk cover. And jewellery in bank lockers can also be covered if the terms and conditions of the policy permit and by paying an additional premium. A self declaration by the customer on the value of each item at the..