|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.|
One of the common reasons why most of two wheelers in the country is remains uninsured is that people generally forget to renew it. Though the premium that is required to be paid may be very low but remembering the date of renewal is a hassle.
[IMG_114 Because of this aforesaid reason the industry few years back started offering long term two wheeler insurance plans to this segment of bike and scooter owners. First compare two wheeler insurance online before buying Other than not falling in the trap of not staying insured buying it online adds an extra value. You get an opportunity to compare among different plans offered by different insurers and get the right quote for your policy customizing the plan as your specific requirement. Online comparison helps you get the right picture and help you in defining the right value for the premium you pay and also gives you an opportunity to save a lot.
Other than large savings and not falling into the hassles of remembering renewal dates a long two wheeler insurance online plan also comes with a list of other benefits which makes it the best solutions.
The top six reasons to look into are:
a) As these plans generally come for a term of 2 to 3 years you don't need to worry for renewing it each year as in case of regular policy.
b) Due to long term of the plans you generally fall in the trap of staying uninsured which secures yourself from monetary losses which might arise during this period.
|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.|
c) The problem related to lapsed policy is large mitigated under it. In case of a regular plan if the policy lapsed as you are not able to renew it on time forces to go through the process of inspection from your insurance provider and now when you renew it your premium always comes high compared to the lapsed policy because now the risk calculated on your policy would be based upon exact current status. So the long term two wheeler insurance is a real money saver
d) When compared to a regular policy you generally enjoy a high NCB discount in a long term plan which definitely reduces the premium that you would pay.
e) As in case of any two wheeler plan there are technically two components- own damage and third party. In this third party generally is fixed across all insurers but the own damage has a demerit of getting affected by inflation and other depreciation factors. So when you are opting for a two or three year plan in one go you own damage premium would always be stable and you save money which you would have other paid every year if opted for one year plan.
f) Sixth and the last important things that makes opting for long term online plans attractive is that it hedge you from inflation risk on your third party cover. If you calculate the premium for each year separate you would generally find savings at least 10 to 15% on your premium if you have opted for long term two wheeler plans.
Opting for buy two wheeler insurance plans online.is thus a true money saver. It become more effective because you are actually spending on a depreciating asset which doesn't have return in future plus buying it online has its own benefits which leads to other forms of savings also
|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.|