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Do you know Insurance cover of your LPG Cylinder?

May 15, 2014by Basavaraj Tonagatti

Only few know the fact that there is an insurance coverage on your LPG Cylinder. This is default once you being the customer of company. No need to pay anything from your pocket for such cover. But very rarely discussed or publicized even by Gas Companies 🙂

LPG Cylinder

Do you know LPG Cylinder have expiry date too?

Yes…many of you might not aware of your cylinder expiry date or next statutory date when your cylinder must be sent from Cylinder Company for testing. The next testing schedule of cylinder is mentioned on each cylinder. This code is printed on one of three vertical stay plates of cylinder. It is coded as below.

A-Stands for first quarter of year i.e. January to March

B-Stands for second quarter of year i.e April to June

C-Stands for third quarter of year i.e July to September

D-Stands for fourth and final quarter of year i.e October to December.

Next to this code you will find two digit year. For example for year 2014 they mention it as 14. So B14 stands that next statutory testing of cylinder scheduled for June 2014.

In rare cases this also may cause of accident when you receive such expired cylinder. But due to this lapse from gas distributor or company, your LPG cylinder might be at risk of leakages. Hence do aware about this and check whenever you get new cylinder.

Remember-Onus to check such expiry cylinder rests with customers. You have right to reject such expired cylinders.

How much is the insurance coverage and what it covers?

When I contacted Indian Oil Distributor for getting information on the same, they informed me that cover is for Rs.10,00,000. But when I further go in depth like what it covers, then they don’t have any answer. Even in Indian Oil Citizen Charter information, they have not declared the amount of cover. But news items like Deccan Chronicle claims that it for Rs.40,00,000. This cover is for loss of life and damage to property. Apart from such insurance cover from gas companies, distributors also have third party liability insurance to cover losses in the event of LPG accident.

Due to this lack of information and publicity both from insurance companies or from organisations involved in Gas Companies, only few come to know and claim for such insurance. But in my view it is not the fault of insurance companies as they are not obliged to give you information about the cover they offer to all public. But it must be a duty of all agencies and companies to spread this awareness and save many from financial breakdown.

How to proceed for claiming this?

  • Inform your distributor in writing about the accident immediately.
  • Distributor have obliged right to help you in this process. So you have every right to get such service from this and they can’t run away from this.
  • Distributor in turn will inform to companies and companies to Insurance companies.

Hope above information will be helpful for you in dealing with any such dangerous accidents.

Image courtesy of [graur codrin] / FreeDigitalPhotos.net

Category: Insurance PlanningTag: Insurance on LPG Cylinder

About Basavaraj Tonagatti

Basavaraj Tonagatti is the man behind this blog. He is SEBI Registered Investment Adviser who is practicing Fee-Only Financial Planning Process and also an Independent Certified Financial Planner (CFP), engaged in blogging since 7 years. BasuNivesh blog is ranked as one among India's Top 10 Personal Finance Blog. He is not associated with any Financial product/service provider. The purpose of this blog is to "Spread personal finance awareness and make them to take informed financial decisions." Please note that the views given in this Blog/Comments Section/Forum are clarifications meant for reference and guidance of the readers to explore further on the topics/queries raised and take informed decisions. These should not be construed as investment advice or legal opinion."

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Reader Interactions

Comments

  1. ANUMULA SHIVARAJ

    November 14, 2015 at 9:42 AM

    thanQ v much. u r superb! information you have gav not known this in so many years.
    my relative claim cylinder accidental death money occurrd in the jan-2013. That death occurd in andhra prades state due to his wife negligence. she forgot switch off gas. plz guide

    Reply
    • Basavaraj Tonagatti

      November 14, 2015 at 5:33 PM

      Anumula-Whether you raised the complaint with LPG provider?

      Reply
  2. Medi Harish Kumar

    April 2, 2015 at 4:19 PM

    Hi Basavaraj,
    This is an amazing piece of information you have given. I never came across this in so many years.
    Well done !

    Reply
    • Basavaraj Tonagatti

      April 2, 2015 at 4:28 PM

      Medi-Pleasure 🙂

      Reply
  3. arvind rao

    June 30, 2014 at 7:35 PM

    Hi Basavaraj,
    This is an amazing piece of information you have given. I never came across this in so many years.
    Well done !
    Best regards
    Arvind

    Reply
    • Basavaraj Tonagatti

      June 30, 2014 at 7:37 PM

      Arvind-Pleasure 🙂

      Reply
  4. Chandra

    May 19, 2014 at 10:16 AM

    Hello,

    Thanks for bringing this up 🙂

    Actually my query is…whether user will be eligible to claim only when distributor gives faulty cylinder or even when we could not properly use it ..i mean when we forgot to switch it off….,

    Reply
    • Basavaraj Tonagatti

      May 19, 2014 at 10:23 AM

      Chandra-This insurance covers irrespective of cylinder expiry. So any accident due to LPG cylinder will be covered here.

      Reply
      • Chandra

        May 20, 2014 at 8:38 AM

        Thank you 🙂

        Reply

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