|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.|
It is mandatory by law to have car insurance. It protects you from unexpected situations while you are on the road driving. There can be a situation when your car suddenly bumps into a vehicle right ahead of it? A flat tyre or a key lock-out will put you in a tight spot with no way to move the vehicle? What if the situation was more serious, such as an accident resulting in permanent disability or injury to third party? How will you cope with the financial burden arising from these problems? You need car insurance to protect you from such losses.
How to get car insurance?
It is easy to get car insurance online. This saves time and money. A quote can be generated by using the calculator to fetch the premium for the coverage that you want. After finding the cost for the desired coverage, fill the online insurance application form and submit it. Payment for the policy can be made online through credit card, debit card or net banking.
How does car insurance protect you?
If you are worried about the expenses involved in taking car insurance, opt for a basic policy. It provides good protection but does not cost much. The policy will pay out for the following situations:
|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.|
- Damage to vehicle caused by accident or fire
- Loss of vehicle due to theft
- Accident causing loss of life or permanent disability to driver or fellow passengers
- Damage to third party vehicle
- Damage to third party property
If you experience any of these losses, make a claim on the policy. Making a car accident claim is very easy. You have to fill an online claim form and submit it along with required documents. After the documents are reviewed, payment will be made for the expenses.
You can get more benefits from car insurance policy by opting for add-ons such as:
- Coverage for depreciation – If the car is damaged, this cover will pay the full value of the replaced part
- Coverage for medical expenses – In case of an accident, it pays for physical injury to driver and passengers
- Personal accident cover for passengers – If there is loss of life or permanent disability for passengers, this cover pays a lump sum
- Daily cash allowance – If you are admitted to the hospital due to car accident, this cover pays for daily cash expenses, for a maximum period of 30 days
You can get a deduction on the premium if your car has an anti-theft device, approved by ARAI or a voluntary deductible. In case you sell the car, existing insurance can be transferred to the new owner.
|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.|