|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.|
Internet has opened avenues to search for car insurance products online and compare the benefits before buying it. It is non-cumbersome and gives you full freedom to choose the best option out of many. You have to just choose a few insurance companies and request them to send you online quotes. The only home work then you have do is to scrutinize them at your ease and pick up two or three best ones suitable for you vis-a-vis your necessities. Now contact one by one the insurance companies of the shortlisted quotes. Ask without shyness all the questions and doubts coming to your mind towards premium, renewal, discounts and bargains etc from all of them separately. Then only come to the conclusion to opt for the best insurance plan found suitable for you. Never forget to buy car insurance with third-party cover, a mandatory statutory requirement.
Note: Ensure that your insurance policy stands renewed in time always; otherwise you are deprived of all the advantages of your policy.
Important Features of Online Insurance Policy
|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.|
- 50%-60% No-claim-Bonus on renewal provided no expenditure was claimed last year.
- Roadside personal assistance.
- Third-party insurance liability in full, which may sometimes be up to millions of rupees in the event of death of third party.
- Availability of non-insured insurance benefit from other driver is entitled. You have got to liaise with the other driver and his and your insurance companies. If the other driver does not cooperate, you can approach the court with all the records of the accident and approaches made to the other driver.
- Insurance cover vehicle's damage, theft, fire is also available.
HOW TO CALCULATE CAR INSURANCE PREMIUM
Car insurance premium varies from individual to individual and vehicle to vehicle. The following information downloaded somewhere from Google search, is useful to calculate car insurance premium:
- IDV of the vehicle
- Cubic capacity of the vehicle
- Zone of registration
- Age of Vehicle
Additional Premium for:
- Electrical & electronic items
- CNG/LPG FUEL
- Add on cover
- Extra Benefit
Discounts in Premium:
Following Discounts in premium may be granted
- Voluntary Deductibles
- Discount for Anti -Theft Device
- If no claim is preferred in the expiring Policy, a Bonus or Discount 'NO CLAIM BONUS, is given on the Premium of the new Policy
- Automobile Association Membership discount
|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.|