|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.|
When working in the kitchen or when driving on the roads, it is possible to succumb to an injury. The result of such a situation is a heavy medical expenses or repair costs. That's why it is important to have a personal accident insurance policy. The policy will pay out in the event of a personal accident so that you can meet expenses and bring them down. The policy will not just pay out for minor incidents, but also in the case of serious situations that causes loss of life or permanent disability.
Why do you need personal accident cover?
A good personal accident insurance India policy will give a wide range of coverage which protects you against different types of accident situations. When you have two small dependent children this policy can come to your aid like nothing else. Imagine a small burn happening when using a home appliance, else a situation where you had to be hospitalized due to injury in a road accident. What will you do under such circumstances? You need to liquidate assets to pay for heavy hospital expenses or ask relatives for help. Personal accident policy saves you the trouble of doing this by paying for medical expenses else giving a lump sum in case of a serious situation.
|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.|
Is it expensive and how to get it?
Personal accident cover is not expensive. There are many types of plans available from which you can select one that is suitable for your needs. There is no need to undergo any medical tests to avail the policy and neither do you have to submit any extensive documentation. Application for this policy can be easily done online.
There are so many different types of coverage offered personal accident insurance, thus giving all round protection and coming to aid when your life is affected by complex situations. Some important benefits that it offers are:
- Daily cash for the hospital
- Payment for legal expenses
- Payment for permanent or partial disability, temporary disability
- Education grant
- Payment for loss of life
- Gives double the amount if there is permanent disability or loss of life while traveling a public transport system
- Payment for loss arising from acts of terrorism
The coverage offered by personal accident policy is available not just when you reside in India but also when you go abroad. The policy can be taken as an independent one or a part of health insurance. It offers coverage for you, your spouse and two dependent children. Coverage is applicable only for one year, after which the policy has to be renewed. Renewal can be done online and continuous renewal entitles you to a discount through no claim bonus.
|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.|