|Insurance Buying Tips #1: Shop smart|
|When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.|
|Insurance Buying Tips #2: Look for discounts|
|Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.|
|Insurance Buying Tips #3: Fill in the gaps|
|An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.|
Car is your most precious and desirable asset and needs to be handled with utmost care. Though it is mandatory to buy Third Party Insurance but your car deserves more than just a basic cover. So, go for a comprehensive insurance that covers your 4 wheeler and third party insurance too. Once, you have decided the comprehensive policy for your 4 wheeler, buying insurance is pretty easy.
In the techno friendly world, you can buy car insurance online. Just get the insurance quotes from various service providers, compare the premiums, go through the list of inclusions and exclusions and buy the 4 wheeler vehicle insurance online.
Key advantages of buying car insurance online:
- Immediate issuance of the online policy
- Road side assistance
- Cashless facility of car servicing at network garage
- No Claim Bonus discounts on premium
- Accidental coverage for self and co-passengers
General Exclusions of car insurance policy
- Electrical/mechanical break-down
- Depreciation of the car
- Wear and tear of the vehicle
- Damage caused while driving without licence
- Damage caused if driving under influence of alcohol/drugs
Third Party Insurance Vs Comprehensive Coverage
|Insurance Buying Tips #4: Purchase life insurance—you aren’t too young|
|Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.|
|Insurance Buying Tips #5: Talk to an independent agent|
|An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.|
|Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living|
|You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.|
Third Party Insurance: It is a basic insurance that covers the damage caused by you to the third-party, third-party's vehicle and third-party's co-passengers. Your car is not protected under third party insurance cover.
Comprehensive car insurance: This insurance includes third-party coverage and in addition covers the damages to your vehicle and your co-passengers. It also extends coverage to your vehicle from the damage resulting because of theft, accident, fire and natural calamities.
Both types if insurance come with the validity of one year and have to be renewed every year. The premium would vary every year depending upon several factors.
Factors affecting car insurance premium
Deductibles: The higher the deductible the lower the premium.
Type of car you drive: If you have installed safety devices in your cars, it may help you avail discount on your premium. Also, if your 4 wheeler is highly rated for its performance and protection for driver and co-passengers then it can directly help you lower your premium.
NCB: NCBs help you avail maximum discounts on your car premium. It is simply a reward for your safe driving skills. If you have not claimed within one policy year, then you can avail NCB on renewal premium.
Your demography: The place where you live and drive also determines the premium. If living in urban city the premium would be higher as the risk of theft, accidents and collisions is more.
|Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover|
|Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.|
|Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier|
|here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.|
|Insurance Buying Tips #9: Review your insurance needs on a yearly basis|
|As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.|