Now, pay more to make insurance claims

You may have to shell out more to make insurance claims in the coming months.Insurance companies such as ICICI Lombard, Bajaj Allianz General Insurance, Reliance General and Royal Sundaram have sought regulatory approval for hiking deductibles. Deductible is the portion of the final claim amount that is not paid by the insurance provider.The Insurance Regulatory and Development Authority (Irda) has allowed variation in deductibles for motor, fire and engineering policies. It has relaxed the terms for coverage of policies in these segments with effect from January 1, 2009.Industry experts say that the deductibles will only increase in the coming years as they are among the lowest in the world. Deductibles charged in the fire and engineering segments are Rs 10,000, while in motor it starts from Rs 500 depending on the engine capacity of the vehicle and the sum insured. Since a Mercedes will carry a higher premium, it will also come with a higher deductible compared with, say, a Maruti 800.