Take Car Insurance Before You Drive A FourWheeler On The Road

Things You Need to Know Before Buying Car,House, Health & Life Insurance online.

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.

Amar was riding on the roads of Mumbai coming back from work, when his car met with a slight accident. The cost of repairs for the dent was Rs.5000. With so many expenses happening in the month, he was short-pressed for cash and asked his friend for assistance. His friend helped him out but advised him to take motor insurance, as it would remove the stress from such unexpected situations. This is just one of the many incidents in which such insurance is required.

Coverage offered by car insurance

In Amar's case the problem was a small dent. What if there was a serious accident, causing personal injury, loss to third party etc? In such situations without motor insurance, you will have heavy expenses to pay. In addition to taking treatment for injury, lots of money has to be spent on heavy repair work. On the other hand, having insurance will bring down the costs rapidly thus protecting you and your family when the unexpected happens. Car insurance pays out under the following circumstances:

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.
  • If the vehicle is damaged by fire, accident, earthquake, riot, strike, flood, while on transit by rail, road or water or airways,
  • In case of injury to yourself or injury causing temporary, permanent disability or loss of life
  • In the event of injury to third party, damage to their vehicle or property

This is the basic cover that is provided by a motor insurance policy. Additional roadside assistance coverage is also available. This will apply for any repair that happens due to minor breakdown, flat tier change, lock out because of lost key, emergency fuel and towing to the nearest garage.

In addition to the above coverage you can also get add-ons such as depreciation cover, personal accident cover, hospital cash, medical expenses and invoice price cover. Each of these add-ons will increase the premium cost but will give you excellent protection if an unexpected situation happens on the road. If you opt for cashless coverage, you don't have to pay anything when getting the vehicle serviced in a garage, falling under the insurer's network.

Finding out premium rates and insurance application

If you are worried about the cost of car insurance, visit the insurance company's website and use its car insurance calculator. Fill relevant details in the calculator's fields and it will show a quote for coverage you desire. You can proceed to taking up insurance right away by filling the online application form. Submit it to the site and you will get a policy number shortly. Use the policy number to compete premium payments every month.

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.
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