Tag Archives for India

Car Insurance – How They Benefit Vehicle Owners

The car that you drive is not just a vehicle that transports you but is also the one that protects you and the ones you drive around. The most important thing that you can do to protect your expensive car is to give it adequate motor insurance coverage. Your motor insurance would not only protect the vehicle, but the driver and passengers on the car and also third party liability, is any, arising out of accident. At present in India all vehicles plying on the roads are required to have insurance. Most people ignore motor insurance and consider it an evil drain of money.

While opting for insurance it is a must to get the facts straight. Read up the company websites and policy wordings to understand the benefits offered and you can easily find the best policy convenient for you.

There are simple explanations behind the jargons. In India we have the -Insured’s Declared Value’. It is the current market value of the vehicle. Another such is -no claims bonus’. No claims bonus is awarded when the policy holder has not made any insurance claims in the previous policy period. Always give out valid details while buying the policy so that you do not face problems during the claim. Consider choosing add ons which are beneficial for you and could provide you additional discounts.

The car insurance policy in India is valid for one year and is to be renewed every year. Generally for the first year the showrooms have tie-ins and one is forced to take the policy along with the car. When it is time for renewal one can switch insurers. Do a comparison before purchasing a policy to get an insurance that offers you more in terms of benefits, no claim bonus at a competitive premium. One must start comparing premiums and policy terms sometime before the renewal date. Once the policy has lapsed you cannot take the car out without the worry that you will have to pay for the slightest scratch from your pocket. So renew your car insurance policy in due time.

The premium rates vary as per the location, for example, between the city and town it is more for cities. This rate once determined continues even if the owner has moved from city to town. Remember to check for own damage and third party damage cover. Insurers charge different rates for the same kind of policies so it is best to check the premiums online.

Do not be overwhelmed by all the advertisements and solicitation mails. Only you know your requirement best. Check and compare and trust in your judgment. Read up all the available literature and armed with facts choose wisely.

For more information visit: Car Insurance and Motor Insurance.

Treat Travel Insurance As Priority

Being a tourist, it would not be difficult if you are not familiar with the ‘where’s’ and ‘what’s’ of the country or city. Therefore, in the event of an unforeseen emergency you might not know where and how to access the required care. However, if you have purchased travel insurance, then you can breathe easy, because in case you fall into an unfavorable situation like a medical emergency, your travel health insurance policy will take care of your concern. Customer care centers set up by travel insurance companies will guide you in case of an emergency and help you in the event of a claim. By buying a travel insurance policy, you can also avail the benefit of the expenses related to your medical care and baggage loss or theft when abroad.

In general, most travel insurance plans offer coverage for the emergency medical expenses consisting of disability or long-term nursing or custodial care needs and loss arising due to loss, theft or damage of baggage and other items. This, of course, depends on the type of plan you pick. There are many travel insurance policies available in market, you always have the option to compare these plans and pick the one which suits your need and pocket the best way.

While looking for comparative chart on different policies, you can always depend on online sources. These days almost all travel insurance companies provide the option of online insurance policies and thus information about their different insurance plans are easily available over the internet, in their respective website. You can also look for travel insurance policies through travel agents, insurance brokers, tour operators, cruise lines and organizations that arrange for volunteer and other travel.

Nowadays, many travel insurance providers tie-up with airlines. So, while you are booking your flight tickets, you can also choose the option of travel insurance; perhaps you may get some discount.

Before buying travel insurance, you should always check your present healthcare policies and benefits on your credit cards and air carriers. This will help you consider potential risks. Do you want your policy to be mainly based on health grounds or a combination of add-on benefits? You should always be clear in your choice of insurance policies you buy. Choosing the right type of travel insurance plan will bring you peace of mind when travelling.

It is very essential to have a car insurance policy. Author Pranav Sharma is an experienced insurance professional and widely read expert on general insurance based in Mumbai. Pranav helps readers opt for best travel insurance policy in India.

Why People Have To Buy Car Insurance For Their Safety Purpose

Many people buy life insurance because they want to make sure that their loved ones, especially family members, remain monetarily safe after death. There are many insurance plans based on your purpose. Many companies are also available with a variety of policies.

Before buying any insurance policy one should have to be sure about some topic.
Calculate the investment amount of life insurance.
Choose the most suitable insurance policy for your objective.
Shop insurance policy by comparing the price.
Look at ways to find the best possible insurance price and Birla Sun Life Insurance Plan.
Life insurance is a long-term plan, so one should have to give proper concentration, at time of purchasing insurance policy. Life insurance needs to be changed over time. Life insurance amount should be renewed from time to time. It is advised to have a evaluation at least once every five years or whenever you face a major life occasion such as the birth or adoption of a child, marriage, divorce, or most important purchase like a business or house.
HDFC Life Insurance is one of the most popular insurance companies in India. HDFC is offering many affordable insurance plans.

Maximum term insurance policies can be renewed at the end of the term. It is known as Level Term Life Insurance. The premium gradually increases day by day. The policy can be converted to permanent policy if you feel this is important to you. Term life insurance is suitable when you want to protect your family from a sudden financial trouble as the result of your sudden death. Whenever our any family members suppose to die then many people purchase a policy of low cost. These policies are also used by business people for covering the exceptional loans with their bank. You can also buy Term insurance online.

If you have a costly car then it must have insurance, because one should have to think about the road accidents. By insurance company you will get the maximum compassion of your loss by the accident. This will help to save a lot of money. But reading the terms and condition before purchasing any insurance policy will help you to avoid any kind of trouble in future. So it is important to buy car insurance as early as possible.

If you are going to purchase any insurance policy then make a research about the plan on internet and choose insurance plan as your financial condition. There are many kind of policy like long term and short term are available. Picking the appropriate policy will help you to stay financially stable in future. One should have to buy car insurance in order to keeping the car safe if any kind of road accident happen.

Types Of Vehicle Insurance In India

Today, anybody and everybody, has insurance of some sort. Either they believe in insuring themselves and their loved ones, or in insuring their vehicles! In India and in most other places, vehicle insurance is mandatory. The amount your vehicle can be insured for varies depending on the insurance companies and the insurance brokers.
In India, there are several types of vehicle insurances. Companies in India offer insurance at four levels.

1.Fully comprehensive vehicle insurance- This is by far the most expensive insurance, yet the most common type, as it covers all the possible damages and costs that your vehicle may incur. This type of vehicle insurance proves to be advantageous as there is no need to produce proof of the damage to claim the insurance amount. Thus, if your vehicle is damaged or stolen in your absence, then you can still approach the insurance company.

2.Third Party insurance- This type of insurance carries a comparatively cheaper premium and insures against damages and legal claims when you are at fault and have hit a third party. The insurance company is not responsible for any other scratches or occurring that takes place with your car.

3.Specialized car insurance- This type of insurance refers to any car that is over 25 years old, as vintage cars have different needs and requirements. Similar to a comprehensive auto insurance policy, the only difference between the two is that you are limited to an x amount of miles in a given year.

4.Third Party Fire and Theft insurance- Befitting to its name, this insurance covers the costs of your vehicle in case of fire, theft, accident, etc. However, in case of an accident, the insurance company will only pay up if you are at fault and have hit another car and not vice-versa.

In order to go forward with insuring your car, you need to carefully go through the various schemes offered by different insurance brokers. Each insurance broker has a scheme that offers one policy better than the other. A way of going about the entire process would be to patiently go through all the possible offers, look out for the best premium offered and then insure your vehicle. Today, online access to insurance schemes makes the process a whole lot easier.

Facts About Car Insurance Renewal Process

Auto Insurance is vital if you own any vehicle whether it is a two-wheeler or four-wheeler. You can buy a new car insurance when you purchase a new car and then renew it every year. Car insurance renewal carries utmost importance because as per India traffic norms it is mandatory to have a car insurance to ensure safety to your life and vehicle and towards the protection of third party life and property. If you failto renew your car insurance and your car meets with an accident then you would be in great legal and mental trouble.

Is it mandatory to opt for car insurance renewal with the same insurance company that was involved in initial purchase?
No. You may change your auto insurance provider if:

you are not satisfied with your current insurance provider
you are relocating to another state
you are purchasing a new vehicle
you are getting better premium rates and coverage benefits from another auto insurance provider
claim settlement experience was not good
customer service response is not up to the mark

Can I cancel my old policy and change my service provider anytime in a year?
You may change your service provider anytime but it is advisable to cancel your existing policy when it is about to expire. This will help you save cancellation fees and administrative charges on car insurance renewal. So, notify your auto insurance provider one month prior the car insurance renewal is due.

Inquire your current provider for the cancellation procedure so that there are no last moment hiccups. It is better that you give in writing about you considering cancelling your policy and mention the date when the policy should be terminated. So when you switch to new provider be careful to match your termination date of old policy and activation date of the new policy.

However, if you choose not to wait for the renewal date and plan to terminate your policy in midyear then you would have to wait for the prorated refund but need to pay the new company the premium for the whole year.

What documents are required for car insurance renewal?

If you are renewing with existing provider then you just need to quote your policy number and give a cheque for insurance renewal and you receive a temporary insurance document. You receive the original insurance document on cheque clearance. If you are paying online, the insurance document is delivered at your address and you receive soft copy on your email immediately.
However, if you are planning to renew your existing policy with new service provider then you would need to provide documents such as RC of the vehicle, signed cheque, address proof and photo ID.

Types of Travel Insurance

Travel insurance policies provide at least six types of coverage, intended for different types of travelers and trips:

Comprehensive medical travel insurance is for people who don’t have any other medical insurance, even at home. Since most people who can afford it have health care coverage in their home country, often through their employer, comprehensive travel medical insurance is mainly of interest to long-term travelers who’ve left their jobs and lost their insurance coverage at home, or to those living and working outside their country of citizenship or permanent residence.

Emergency medical travel insurance is for people who have medical coverage at home, but whose health plan at home doesn’t cover them while they are travelling. Emergency medical travel insurance only covers emergency services abroad; once you get home, you’re back under your regular home coverage for any necessary follow-up treatment or continuing care. Check with your current insurer before you waste money on an emergency travel medical plan that duplicates your existing coverage.

Medical evacuation travel insurance covers the cost of an air ambulance, attending physician and nurse, etc. if you are so badly injured, or become so ill, that you can’t come home or get to a suitable medical facility on a scheduled commercial passenger flight. Even very badly injured travelers usually can come home on regular flights after no more than a couple of weeks of emergency treatment and stabilization abroad. Some of the activities most likely to lead to a need for medical evacuation, such as scuba diving and extreme sports, are often excluded from medical evacuation coverage.

Trip cancellation and interruption travel insurance covers the cancellation or refund penalties and the cost of getting home if you have to cancel your trip, or cut it short, for specified reasons. The covered reasons vary, but typically include injury or illness to you, a travelling companion, or a member of your immediate family. War and terrorism may or may not be included, or may be covered only at additional charge.

Supplier default insurance covers any money you lose because of the bankruptcy of an airline, cruise line, tour operator, or other provider of travel services. Some travel insurance companies no longer offer it at all, while others pick and choose which travel suppliers they will insure.

No matter which type of travel insurance you go for, make sure you read the fine print!

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It is very essential to have a travel insurance policy. Author Pranav Sharma is an experienced insurance professional and widely read expert on general insurance based in Mumbai. Pranav helps readers opt for best travel insurance policy in India.