5 tips to decide on the right insurance policy for your vehicle

Whether you are a car enthusiast with a collection of cars or someone who just passed the driving test, you will need auto insurance.But how do you choose the right insurance policy for your vehicle? Answering this question can be difficult in an industry renowned for complicated conditions and technical jargons.

Factors like your personal lifestyle and preferences as well as the laws and regulations need to be considered before making this important decision.We are here to help you find out theright insurance policy,but before that, we take a look at why you need one.

Need for an auto insurance policy:

As per the report of the Insurance Institute for Highway Safety, there were 34,439 fatal car crashes in the US alone in 2016. This resulted in 37,461 deaths. Regardless of the fatalities involved in a car accident, the financial fallout can be catastrophic for you. So you need to have the right auto insurance protection. The more you know about an adequate insurance policy, the better protected you are from the financial repercussions of a car accident.

Below you will find some important tips that will help youin choosing the best auto insurance policy, at the best possible price.

  1. What type of coverage do you need?

To find the right insurance policy for your vehicle, start by figuring out the type of coverage you need. Requirements may vary from place to place, so it is necessary to find out the coverage required where you live. Once you know the requirements, you can better decide what you need. There are various types of coverages available, some of which are mandatory while others are optional.

Some of them are:

  • Liability coverage:This covers bodily injury and the damage to the property of others
  • Personal injury protection:This coversa limited amount of medical and hospital costs, income continuation, and loss of services
  • Medical payments: This covers medical and funeral expenses
  • Collision coverage: This covers the damage caused to your car by a collision
  • Comprehensive coverage:This covers car damage due to reasons other than collision. For instance, damage due to fire or flood.
  • GAP insurance:This is used in case your car is stolen or involved in an accident where it is totaled. The GAP coverage will pay the difference between the current market value of the vehicle and the amount you still owe to the lender. Totaled cars incur huge losses and often attract scrap car buyers.

The type of coverage also depends on factors like your driving record and claim history, vehicle type, your age, location,and credit score. Analyze your situation and decide the kind of coverage you need from an insurance policy.

  1. Asses the insurance companies:

Cost is not the only factor for choosing your insurer as sometimes it may come at the priceof good service. When deciding your auto insurance policy, look for companies with a local presence. In such a case you will have an actual person to contact when things go south.Local agencies also understand the coverage needs specific to a place or a community. So, they can help you make smarter coverage choices.

Moreover, it is easy to check on the reputation of local agents and agencies. They have a local history to build on, so you can easily get feedback from an acquaintance in the locality. You can also take help fromorganizations like National Association of Insurance Commissioners.They help you to get information about the top insurance service providers, their track record for fairness, and financial stability.

  1. Make the call:

Figure out the required coverageand makea list of multiple car insurance providers in the region.  You are ready to start your search for the one who can offer you the best deal. It is significantthat youhave importantdocuments and paperwork like license number and vehicle registrationat hand.You can provide these to the companies and get quotes. Some companies might not offer you a quote instantly,and you might have to wait till they contact you.

  1. Shop around:

You might fool yourself simply by accepting a single estimate that apparently offers agreat premium and other benefits. You might be thinking that there is no better option in the market. Thisis a mistakethat needs tobe avoided. As the insurance space is highly competitive, you should at least consider getting quotes fromthree reputablecompanies. Each insurance company has unique financial goals and costs. Finding price differences between companies for the same coverage is very common. Many companies try to offer packages that would make them stand out in the market. So,shop around and take the deal that covers your needs.

  1. Take advantage of discounts:

Taking advantage of the discounts that you may be entitled to can save you a good chunk of money.Discounts are available for drivers with lower risks (for instance, people with a long safe driving record). Anti-theft and safety gadgets can also reduce your risks and lower yourinsurance costs. Consider all these options so that you can get the right deal for your hard-earned money.

Conclusion:

Finding the right insurance policy for your vehicle could feel like aiming at a moving target. Keeping the above five tips in mind will certainly help you find a policy that best suits your needs.

Author Bio:

About Michelle Joe: Michelle Joe is a blogger by choice. She loves to discover the world around her.She likes to share her discoveries, experiences, and express herself through her blogs. You can find heron twitter: @michellejoe524

Discover the many benefits of getting good auto insurance

Cheap insurance is no longer hard to find. And you don’t have to sacrifice quality for price. The days of insurance monopolies are over. There was a time when a few large insurance companies shaped the nature, direction, and policy of all insurance companies. That is no longer the case. Smaller, more agile and customer-centered insurance companies have emerged. They are for the most part online. However, they can help individuals find the maryland auto insurance coverage they need.

You are the best judge of the kind of insurance you require. You have a better understanding of your life, habits, and financial situation than some bureaucrat in a large company. It is therefore up to you to choose the kind of protection and coverage you want. It is up to you to determine how much you actually afford to pay the insurance company every month. The best auto insurance companies are able to offer you a range of plans and policies. They are indeed able to customize your insurance plan so that is suits the reality of your life.

When you get into trouble, your insurance company should be there to help. The entire purpose of an insurance company is to help offset the financial impact of a car accident. If you are ever held liable for such an accident, you don’t want to be put in a situation in which you are forced to pay for damages. This is something your insurance company should be able to do. And you can get a policy that obligates them to come to your financial rescue if such a thing ever happens.

The monthly premium is the big thing on every car owners mind. This is a perfectly legitimate concern. Monthly bills are rising for everyone. With everything else you have to pay, you should not bind yourself to auto insurance coverage that takes too large of a chunk from your pay check. The auto insurance company you work with should be able to offer you a good deal on the package you eventually agree to. It should offer all the coverage you think you will need.

The cost of your auto insurance can be lowered if you opt for group coverage. You should have the option of putting your children or spouse on the insurance or taking out separate policies for them at a reduced cost. Many insurance companies are offering such deals because they realize that people want them.

The insurance protection you get should cover a wide range of scenarios and possibilities. You cannot anticipate what will happen on the road, so it is better for you to be safe rather than sorry. The last thing you want to do is have an accident and then find out that your insurance does not cover the particular situation you are in. There should be no surprises. You should know exactly what will happen if you are in a car wreck. You should have complete trust and confidence in your insurance company.

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Key Benefits of Online Bike Insurance Renewal

The Indian law makes it compulsory to get your vehicle insured using third party insurance. This type of insurance encompasses the bodily damages/property damage, caused by your vehicle to a third party. The default policy for the two-wheeler will be expiring after a year and renewal should be done for getting coverage consistently. It is crucial to ensure timely renewal of your bike insurance with the best two wheeler insurance, and it also has many advantages. Besides ensuring a sense of security, online bike insurance renewal also lets you choose the best plan according to your needs

It is mandatory to have a motor insurance policy for every individual who owns a two-wheeler or car as per Motor Vehicle Act of India. Statistics reveal that though a majority of consumers’ dream of buying a two-wheeler, but most people neglect the insurance part once it is under possession. They forget to buy a motor insurance policy that protects them from a wide range of unforeseen problems, such as accidents, burglary, theft, and so on. The best two wheeler insurance lets you avail maximum protection for a two-wheeler from unforeseen events is to buy a motorbike insurance policy online. One must also not lose sight of the fact that bike insurances are annual contracts and requires to be renewed every year. This will ensure protection against third party claims in case of any accident and help you stay protected in terms of finances as well as health in case of accidents, natural calamities, and if the vehicle gets totalled. Thanks to the current era of digitization, online bike insurance renewal is just a few clicks away. The process is not only quick but also hassle-free.

The following are the major benefits of renewing your policy online-

  1. You can renew the policy online since the previous information has already been keyed into your database. This is a simple task that can be accomplished based on your convenience.
  2. You will instantaneously get your policy and the signed copy of the same will be given to you digitally in the form of a PDF file. You can either save it on your computer or print out the same for future reference.
  3. Selection of coverage- though a third party insurance is mandatory for two wheelers, the owner can opt for comprehensive coverage to protect self and the vehicle in the case of some unforeseen mishap. Online policy renewal also allows you to go for additional coverage for pillion rider and zero depreciation or enhanced coverage for accessories and spare parts. You can weigh the pros and cons of the riders and its benefits along with the costs, and then settle for the plan which best suits your needs.
  4. Getting the best quote- now with the facility of bike insurance online renewal being offered, it is easy to compare the various plans available and then choose the one that promises the best features according to your cost-benefit analysis. You no longer need to depend only on your advisor, and verify the best quote instead for absolute reliability.
  5. Avail discount- insurance companies that are approved by Insurance Regulatory and Development Authority provide discounts on premium if you have installed certain devices such an anti-theft system. You can avail this discount at the time of online renewal. Since all the options are open in front of you, you can take the call entirely according to your preference and suitability.

Besides, some insurers provide the facility of cashless repair if mentioned in the renewal policy. Renewing your insurance policy online will not require inspections or other documentation if you do this within a period of 90 days. Also, bike insurance policy online renewal lets you take advantage of online premium calculator. The factors which determine the premium include, Insured Declared Value of the vehicle, cubic capacity, and zone of registration and age of the two wheeler.

Thus, online renewal offers the benefit of competitive rates and hassle-free transaction experience.

Discover the many benefits of getting good quality insurance

You must have auto insurance. It is a legal requirement. The good news is that you no longer have a limited selection of companies to choose from. Over the years, a number of web-based auto insurance have emerged. They are lean, flexible, and customer-focused. They are not bound to the old establishment. Instead, they offer policies that reflect the needs, preferences, and circumstances of people’s lives. You will no longer have to pay higher premiums just because you happen to fall into some generic group. Your policy can be tailored to fit the age and risk group.

Indeed, this is what mainly drives the insurance industry. Insurance is based on risk. You get to pool your resources with those of other drivers. The particulars of your life and experience will determine the amount of money you have to pay into the pool. The great advantage of having insurance is that it helps protect you against financial disaster when the worst happens.

You may be the most careful and conscientious driver on the road. However, you cannot be sure about others. Even if you get into an accident that is not your fault, you will need to cover bills. You may not be in a financial position that allows you to do that in the amounts required. That is why you want the kind of insurance company that will be there for you when you need them.

The best auto insurance companies in pa provide you with extensive and effective service. After your accident, you may not be in a state of mind that allows you to think clearly. You want to know that an honest and trustworthy person has your back. You want to ensure that the company you are working with has your best interests in mind. This is no minor thing when it comes to insurance. If there ever comes a day that you actually require insurance money, it will probably be one of the worst days of your life. You want to work with a company that you are fully confident will be there and that will be helpful when that time comes.

The vendor you work with should have a record and reputation for delivering excellent products and nothing less than outstanding customer service. Cost also matters. You should not have to pay exorbitant premiums and deductibles. The insurance you take out should reflect what you are able to afford. If your insurance bills are eating through most of your take home pay, something is wrong. You should work with an auto insurance company that can provide you with a plan that better suits your budget.

You take safety on the road quite seriously. Unfortunately, the same cannot be said of everyone else. This is why you need insurance. It is there to protect you in case the worst thing happens. You should get insurance that is affordable and that offers a range of services and solutions. You should be completely comfortable with the people you work with and the insurance policy you have.
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5 ONLINE BEST TERM INSURANCE PLANS

Term insurance plans are the simplest plans for financial safety and can help your family meet its financial requirements in your absence. Online best term insurance plan offers peace of mind with reasonable premiums and a life cover that you can select depending on your family’s lifestyle and financial needs.

BENEFITS OF PURCHASING ONLINE

The easiest and the best term insurance plans are the ones that are bought online. There are a few of these benefits that are listed below:

  1. Cost efficiency: There is tremendous cost saving when insurance is bought online. This is because the customer buys directly from the insurer, thus saving the commission or the distributer’s margin.
  2. Informed choice: There are several websites that provide help in buying insurance online. These websites (Coverfox.com) offer the comparison between different policies across companies. Also, there are comments and reviews by other users of the systems that make the choice of buying easier.
  3. Automated checking: The online platform is not limited to sale. It is a fast and well-organized servicing method. Most people are not used to working online, but the automatic checking feature provides a secure gateway for them.
  4. Paper-Free: Unlike the outdated systems of buying policies, the online way is the best approach. The paper-free way is beneficial and secure. It is also environmentally friendly.

WHICH IS THE MOST POPULAR WEBSITE FOR TERM INSURANCE

MAX LIFE ONLINE TERM PLAN

Max Life Online Term Plan is one of the simplest and the best online term insurance plans that offer only death benefits. Anyone in the age group of 18-60 years can buy this plan and select the term in the range of 10-50 years with the expiry of the plan capped at 85 years of age. If you’re a non-smoker, you can avail discounts. You can also avail lesser premiums if you decide to go for a higher coverage amount. You can obtain a sum assured starting from Rs. 25 lakhs up to an extreme of Rs. 100 crores.

HDFC LIFE CLICK2PROTECT PLUS PLAN

HDFC Life Click2Protect 3D Plus Plan (HDFC Life C2PP) is an online term insurance plan that offers you a sum assured of Rs. 10 lakhs to begin with. There is no cap on the maximum exposure that you can avail. It has the following options for you:

  • Life Option under which a lump sum amount is paid as deceased benefit.
  • Income Option under which you will be paid 10% of the death benefit at the time of death, and the remaining 90% shall be paid as monthly income over a period of 15 years.

AEGON LIFE TERM PLAN

Aegon LifeiTERM offered under this plan provides a critical illness cover by paying 25% of the sum assured at the time of being detected for a critical illness and that too at no extra cost. You can have a minimum sum assured of Rs. 25 lakhs with no cap on the upper limit. You can also decide on a total term of 5 to 62 years with an upper age limit fixed at 100 years.

BAJAJ ALLIANZ TERM PLAN- iSECURE

The distinctive feature of this Plan is that you can buy it either on an individual basis or can have a shared plan with your spouse. In case you buy the joint life option, the sum assured will be paid at the time of the death of one of the insured and the policy continues to be active. If the second insured also dies during the term of the plan, an added sum assured will again be paid to the nominee. You can begin with a sum assured of Rs. 2.5 lakhs with no maximum limit.

Term insurance is cheaper and more affordable when the buyer purchases it online. The most popular company for purchasing term insurance online is shortlisted based on the affordability, brand name, quality of service, ease of buying and customer reviews. Owing to all the above factors, ICICI Prudential is one of the best term insurance plans online.

ICICI Prudential provides an online scheme by name of iProtect Smart. The minimum policy term for the same is 5 years and the maximum is 40 years. It has a claim settlement of 96.20%.

Buy these online best term insurance plans and lead a worry-free and secure life.

Top 5 Reasons Why You Should Invest In Health Insurance Early

Thanks to the fast-paced lifestyle, stress due to hectic schedules, food contamination, pollution, and so on, health is now a major concern in places like India. Moreover, health services in India have also become quite costly, with private healthcare costs being about 4 times that of the public sector. A good way to protect yourself against these rising health costs is to invest in a health insurance policy, and the earlier you do it the better. Here’s why:

  1. The premium will be lower

Your health risk increases with age, which in turn increases your health insurance premium. Therefore, the earlier you buy health insurance, the lower the premium will be. Bajaj Finserv, for example, sells health insurance policies from reputed insurers at comparatively low premiums for the youth. Moreover, if you are continuously covered from a young age, you will be able to avail lower premiums even at later stages of your life.

  1. The waiting periods won’t affect you

Most health insurance policies come with 1-2 year waiting periods for certain benefits, like conducting surgeries, treatment of certain diseases, child birth coverage, etc. When you buy early, you get through these waiting periods when you don’t really need the health coverage. Moreover, when you buy health insurance polices later, say after the age of 60 years, you will have to undergo longer waiting periods, along with not being covered when you need it.

  1. Increase in lifestyle diseases even among the youth

The current lifestyle of most youngsters is hectic and stressful, with a lack of exercise, and unhealthy food habits. Moreover, bad lifestyle habits like smoking and drinking are also on the rise. All this has contributed to an increase in the occurence of lifestyle diseases even among the youth. Thus, buying health insurance early makes a lot of sense.

  1. Your employer cover may not be enough

Most big companies offer their employees a group health insurance cover. However, more often than not, this group coverage will not be enough to protect you from all the health-related costs you are likely to face. Moreover, once you switch companies, corporate policies cease to be in effect, and you don’t know whether, and/or what kind of coverage you’ll get from your new company.

No claim bonus (NCB) for longer

No claim bonuses are offered to you by health insurance companies for every year you go without making a claim on your health insurance policy. If you purchase your policy when you are young and don’t really need the coverage, you can accumulate these NCBs. Moreover, since these bonuses usually add to the sum assured, you can enjoy a higher coverage later, when you actually need the policy.

Read More: Top 5 Family Health Insurance Plan in India