Learn How To Buy A Car And Car Insurance Without Breaking Your Budget

Do you ever wonder why different cars cost you different amounts for auto insurance premiums? Why is it that a new Corvette may cost you $1,600 dollars a month in auto insurance and an older Buick Regal may only cost you $90 per month? The new car insurance cost versus the old car insurance cost is a subject that you must review before you buy any car. Review insurance costs before you buy and you will not get caught in a financial trap.

New cars cost more to insure than old cars for three reasons. First, an auto theft of a new and exotic car costs much more than the auto theft of an older and average style car. This is because of the large value difference of the new car versus old car. For example, a new Chevy Caprice is much more costly to insure than an older Chevy Caprice. It simply costs more money to replace a new, expensive car than an older, less expensive car.

Second, the cost to repair a new car is much more than the cost to repair an old car. As such, this fact shall also increase your insurance premium cost for a new car. For example, if a new Chevy Caprice is damaged in an accident, the auto repair shop will charge you much more money for repairs than if the subject car were a ten-year old Chevy Caprice. For this reason, your insurer will charge you much more insurance premiums on a new vehicle than an older vehicle because of such repair costs.

Third, the style and type of car also shall greatly affect the cost of automobile insurance premiums that your car insurance company will charge you. Insurance companies use actuarial statistic tables which show them the past loss experience on particular styles and types of cars. They use these tables, to help calculate what premiums to charge their customers in the future. Statistical tables show these insurance companies that owners of certain styles and types of cars, such as sports cars, engage in more risky driving behavior than owners of cars that are of average type and style.

For example, insurance company statistical tables show that the insurer has experienced more losses with sports cars than with average cars. It is because the owner of a Corvette will probably drive such car faster and riskier than the owner of a Toyota Camry. With such speed and risk also comes along more losses for the insurance companies. With such risk and loss increase, the insurance company must then increase their return and charge more for auto insurance premiums.

Another example of how the type and style of vehicle may present an insurance company with more risk is the off-road style vehicles such as the Hummer line of vehicles. These vehicles are designed to perform in the off-road type environment. They are raised up off the ground more than regular automobiles for under carriage clearance. Additionally, they also have four-wheel drive capability.

With such design capabilities, the statistical tables show that the insurance company has experienced more losses with these types of cars than regular cars. This is because the owners of such vehicles will engage in off-road driving which is both risky to the vehicle and driver. In fact, some insurance companies may bar recovery for such damages, when the owner of the insured vehicle was damaged while any engaging in risky, off-road driving. Again, with more risk, the insurance company will increase return and thus auto insurance premiums. Now that you know that certain styles and types of cars cost more to insure than others, you have to be smart about what kind of vehicle you are going to buy.

Rather than take a guess at what you believe a vehicle's insurance costs are, call your car insurance company and ask your insurance agent for a free car insurance quote for the exact type of vehicle that you are interested in buying. You can get a definitive answer to your question of whether or not you can afford both the car and the insurance premiums required to cover your car against insured losses.

The time to make such assessment is not after you purchase a vehicle. At that point in time, it is too late. The time to make such assessment is way in advance of your purchasing an automobile. You definitely want to be able to make both car payments as well as insurance premium payments. Get a free auto insurance quote ahead of time and avoid financial problems.

Source: [http://blogs.rediff.com/carinsurance/2016/07/08/buy-a-car-and-car-insurance/]

Great Ways to Save Money in Car Insurance Quotes with the Cheapest Auto Insurance Rates

Today, getting a car insurance policy has never been easier. Earlier on, getting your car insured was much hectic - much time wasting with numerous face-to-face unnecessary meetings with policy agents and countless telephone calls. All that is gone now because with the internet, people seeking to buy insurance policies can easily get the cheapest auto insurance rates for free online. You don't need to waste time on countless unpicked calls and unnecessary meetings with the agents as you can obtain free car insurance quotes from the internet.

Insurance providers across the nation have made it easier for people in need of insurance policies for their property to evaluate their profiles and get the cheapest auto insurance rates from the internet without paying even a penny. Normally, it doesn't take much of your time to find an insurance provider where you can fill an application form online and get quotes for free. The quote is delivered to you straight away. All this can be done even from the comfort of your home, at any time. To be in a position of finding the most suitable insurance quote, it is recommended that you request quotes from various companies so as to stand a better chance of picking the one that has the most suitable policy for your needs.

If you have a passion of driving your dream car but are worried about affordability of insurance, car insurance quotes that are offered online for free can be of much help to you. As said earlier, the biggest advantage being that you can access the cheapest auto insurance rates from anywhere and at any time, which helps you save.

Most vehicle insurance providers will give you invaluable information and options in their products to help you make the best choice. They take you through the entire process especially on how to file for a compensation claim. There are a number of informative guides on insurance as well as tools to help in calculating premiums among other insurance processes. While free car insurance quotes do not put you into numerous obligations, you will find helpful information on how to make savings out of your insurance premium. You can thereafter make an informed decision on whether to go on with applying for the policy or not, based on the quotes and information given. There is no one putting pressure on you.

If you are finding an affordable auto insurance quote or buying a new insurance policy for the first time, online insurance quotes makes the process simple. It will also help you avoid paying more than you are actually supposed to.

[Source: https://carinsuranceonline2015.wordpress.com/2016/07/07/great-ways-to-save-money-in-car-insurance-quotes-with-the-cheapest-auto-insurance-rates/]

Factors to determine your car insurance premium

After browsing through catalogues, visits to car showrooms, advice from friends, and a thorough check of your financials, you have finally zeroed in on the best car insurance you wish to buy. While coming to the consensus on best car insurance suitable for your car you would naturally have taken into account the insurance premium you pay that will depend on the model of the car, the security and safety features installed in the vehicle, the driver's profile and whether the car is for commercial or private usage.

According to automobile industry experts, so far the premium was focused more on the vehicle and less on the user. However, this is bound to change soon, as the premium will depend on the parameters that lower the risk. So, more user-specific factors which influence risk will be considered in future. The article provides you some factors that will impact the premium of your car insurance in the coming years and will help you choose the best car insurance suitable for your needs and requirements.

Distance Covered

The number of kilometres you add up each month will be an important determinant. It is because less travelling is directly rational to lower risk. So, if a car is driven less than 5 km a day, say, to drop your kid to school and back, it will be perceived to have lower risk than a vehicle that is driven about 50 km each day, say, to and from your office. A device called odometer has to be installed in the car to be able to track. It might take some time to include mileage as a factor for deciding the premium because the insurance companies are yet to work out the economics of this.

Credit history and behavioral patterns:

Internationally, insurance companies have linked credit history and customer behaviour to premium amount. A credit score means more authentic information about the individual's track record regarding payment and defaults. These credit score may be used in the next 2-3 years as insurers are still to develop better fraud control mechanisms. Behavioural patterns may be derived from choices made by the individual, such as the colour of the car.

City Choice

When it comes to the premium being determined by geography, currently, the classification is not too granular. As of now, it is divided into two zones — A and B. Zone A includes Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai, New Delhi and Pune, whereas the rest of India falls into Zone B. The vehicles in Zone A are considered to be more vulnerable to theft and accidents and, therefore, their premiums are higher. Ideally, the classification should be on the basis of cities and there should be demarcations within the city too.

Home ownership

Owning a house may help you get the best car insurance premium. Reason is simple; a home means you have parking vicinity. If it’s safe and sound it becomes an important parameter in deciding the premium rates. If taken into account, it can translate into lower rates for the customer. Other factors, such as car maintenance and driver's gender, will also be important. So, if you have been getting your car serviced at an authorized service centre and have been maintaining it properly, you may be able to get a discount on the premium.

Top-Ups

While these factors are yet to come into effect for calculating the premium, a multitude of add-on covers has been launched for creating the best car insurance policy for your car. Add-on covers bridge the gap between actual financial losses arising due to an accident and the amount covered in the base policy. However, such covers can increase the premium rates by 1-2% of the total sum insured.

A Guide to Choose Your Car Insurance Policy!

Buying car insurance is not only a legal requirement, but also a wise decision to keep your valuable asset safe and secure. It is not correct to just buy any policy with the lowest premium. The focus should be on buying the best auto insurance for your vehicle following a clearly thought-out plan based on practical facts.

There are certain considerations to be kept in mind when you decide to buy a plan for the car so that your hard earned money and investment in the car as well as the policy doesn’t go waste.

Let’s share with you a few pointers that will help you massively while you go scouting for an insurance cover for your car:

1) Selecting Insurance

There are two types of car insurance in India:

(i) Third Party Liability Insurance

This is a compulsory plan for all vehicle owners and it covers damage to property, accidental death and injury to a third party to the contract. The first two parties are the insured and the insurance provider.

(ii) Comprehensive Plan

This is a plan that may be bit expensive, but it covers damage to own vehicle as well as the third party obligations. It also covers theft and damages caused by events like fire, earthquake, cyclones, floods etc.

2) Premium

This is what interests most people while buying auto insurance. This amount is calculated based on certain factors, which are described below:

(i) Based on Vehicle

Depending on the age, make, fuel type, etc. of the vehicle, the premium amount is established. Certain vehicles like SUVs or vehicles running on diesel compared to petrol command higher premiums than their counterparts. Also, at the time of renewal, the age of the vehicle and its depreciation play an important role while calculating premiums. You have to get your car properly inspected so as to arrive at a figure that works to your advantage, providing adequate cover at the lowest possible premium.

(ii) Based on Location

The place where you live also affects the premium on your car insurance policy. For example, if you’re living in a part of the city where auto theft is rampant, then chances is that the premium will be higher. Also, locations like dense localities, places near highways, etc. attract higher premiums.

(iii)  Based on Claims History

If you have filed for claims in the previous year, there is a good possibility that when you go for renewal, the premium charged to you would be on the higher side. Unclaimed policies lead to no claim bonus the following year and this policy is followed by all insurance companies.

(iv) Based on Driver

A car that is driven by multiple people may attract a higher premium compared to single-driver run car. The idea of car insurance is not only to make life easy for you, but also to cover all possible risks for an insurance provider too.

3) Ways to Reduce Premium

There are some smart decisions that you can take to reduce the premium on your car insurance policy. If you decide to pay for some petty expenses out of your pocket and buy a car insurance policy only for major damages, you can reduce the premium amount substantially. Also, if you buy a car within built enhanced security features, approved by Automotive Research Association of India (ARAI), you stand to get discounts from your insurance provider. Of course, not filing claims for consecutively for 3-4 years can lead to a no claim bonus of as much as 40-50% in the fifth year.

4) Precautions

There are some common mistakes we commit while buying the car insurance. First of all, reducing the value of the car while declaring in the form. This might help initially to reduce the premium, but in case of an accident, this proves real costly. Hence, always try to provide the right value of the car to gain maximum benefits at the time of an accident. Also, never forget to renew your policy on time. An insurance provider usually provides a grace period of a week from date of expiry of policy. Post that, you stand to lose discounts and other premium benefits on the new policy.

Car insurance in India is a legal binding and rightly so. However, whom to buy it from and how, depends entirely on the buyer. Appreciate this freedom of choice and do a thorough research to buy the best policy for your car.

[Source: https://carinsuranceonline2015.wordpress.com/2016/07/04/a-guide-to-choose-your-car-insurance-policy/]

motor insurance

5 Steps to getting car insurance

Don't let dealers take you for a ride on insurance world

Car insurance is mandatory by law in India. The optimum cover that you need to hold is the third party insurance. With number of companies introducing lucrative insurance packages and competition getting stiff each day some dealers and manufacturers come up with cashless car insurance for customers during festive season. They say that they will take care of the premiums for the dedicated tenure and you enjoy the benefits on motor insurance. The offer entices buyers as it helps them save money on the premium on this mandatory cover. However, according to automobile industry experts it is not possible to offer motor policy free of cost. You need to understand the pros and cons along with the hide charges behind your car policy. Regulations do not permit motor policies for tenure of more than a year. The dealers merely give an undertaking to fund the premium when the policy comes up for renewal. They might have made provisions for these payments.

Dealers bundle these policies with the entire sales package, and offer to pay the premiums instead of providing a cash discount. Nowadays for flexible sale they often put across such advertising tactics to provoke customers in buying motor insurance online. Honestly speaking, these are not free insurance covers, as an insurance policy can never be offered free. These policies are like plain vanilla policies without add-on covers like depreciation, return of invoice, etc. You need to understand the scope of coverage being offered before signing up. Besides, since the dealer would have tied up with a particular insurance company to offer the package, your choice will be restricted.

With the advent of internet insurance world has become transparent and simple. It is advisable you can compare car insurance features, benefits, discounts etc. and then buy motor insurance online on the spot. While buying insurance online pricing could be better than what is otherwise available in the market. Also, in the event of a claim, the dealer is likely to be more supportive and manage the liaison with the insurance company and surveyor. It is advisable customers should take a close look at these policies before signing up for them.

One more concern is most car insurance policies offered free do not carry the necessary riders to provide wholesome coverage for a car. The key factor to consider is the coverage of the policy in terms of riders like depreciation shields, engine protector, 24X7 spot assistance and vehicle replacement advantage. That is why you should study the policy to find out whether it is merely a third-party cover, comprehensive policy or a fully-loaded package with add-on covers. The customer needs to study the coverage closely. It is important to have a policy on zero depreciation as the deductibles could be very high on claims under such a policy. So, compare motor insurance online available in the market with the bundled cover being offered to you before making a decision.

Also, if you are signing up for policy, find out how the dealer plans to honour the commitment. Motor insurance online policies offer various benefits, discounts and no-claim bonuses. Find out how a claim will affect the arrangement. Things could get complicated, so it is better to bargain for a cash discount instead of the bundled cover, if possible. A customer, who does not make a claim in a particular year, gets a no-claim bonus (NCB), which lowers the premium for the subsequent year. Similarly, if he or she makes a claim, he or she needs to pay a higher insurance premium.

[Source: https://carinsuranceonline2015.wordpress.com/2016/06/29/dont-let-dealers-take-you-for-a-ride-on-insurance-world/]

Will my motor insurance really cover that? No way!

Here at Robison Service we see lots of unusual failures.  Many of the cars we work on come from a long way away, which means their owners do all their “easy service” close to home.  What we are left with is the difficult, complex, and time-consuming work no one else can do.

Sometimes that work is at the customer’s expense.  However, we find ourselves working for insurance companies more often that you’d think.  Most of the time, our clients do not know the problem with their car may be covered by insurance until we tell them.

What kinds of problems are covered?  I’ll give you some examples.  But first, let’s go over the components of your insurance policy.

Motor Insurance

Basically, you have three kinds of coverage:

• Liability insurance covers injures to other people and their cars and property.  We don’t usually make use of the liability parts of people’s policies unless we are fixing a car someone else damaged, and that third parties’ insurance is paying.
• Collision coverage pays when you damage your car by hitting something you could or should have foreseen.  This is the part of the policy that pays for repairs if you hit another car, a guardrail, or a tree.  It would also cover damage to the undercarriage if you hit a deep pothole.
• Comprehensive coverage covers “all other risks” to your car.  The scope of coverage varies slightly from state to state, but in general, comprehensive covers all damage to your car that is not covered by collision, and is not a result of normal wear, negligence, abuse, racing, or certain other excluded activities.  People often refer to this part of a policy as “fire and theft coverage” because those are the best-known comprehensive claims.

On more than one occasion, customers have called me to say their car stopped running, and they were having it towed in.  When the car arrived we found it out of oil or coolant, with a damaged engine.  If the car “ran dry” due to a simple leak and the owner’s failure to check his fluids, he’s on his own.  But if there is a crack or hole because the owner hit something. We probably have a comprehensive insurance claim.

Am impact to the engine is covered just the same as an impact to the hood or windshield.  The difference is, an impact to the oil pan can lead to $10,000 in damage where an impact to the windshield is seldom more than a few hundred dollars. 

If you make a claim for engine damage doesn’t be surprised if the insurance company asks for proof the car was running well before the loss.  If they are asked to pay for a new engine they will try and determine the condition of the old engine before deciding what to offer in terms of repair.

That’s one more reason regular service and maintenance records are so vitally important! 

Every time we have a rain that suddenly floods roadways I hear from motorists whose cars swallowed water while driving through puddles where they expected clear road.  Most often water ingestion ruins the engine, and this too results in a comprehensive claim. 

What about damage under the car, when nothing was run over?  A common example comes from the Land Rover world.  The front drive shafts on Discovery II models are notorious for coming apart.  When that happens the shaft starts swinging round under the car.  If the vehicle is moving fast when this happens that shaft can do a lot of damage.  I see transmission cases smashed, floors torn up, and more.  Damage can easily exceed 5,000.

Damage from driveshaft failure will often be covered by comprehensive coverage.  The driveshaft breakage is a routine mechanical failure, which is not covered. However, all the damage that failed driveshaft causes is covered.   That fact is sometimes a surprise to appraisers, but here’s the theory, presented via a different example: Say your steering linkage breaks, and you lose control and crash into the guardrail.  “Of course crashing into the guardrail is covered,” you say.  Well, the guardrail crash was the consequential result of steering linkage failure.  And the torn up undercarriage is the consequential damage that results from the driveshaft failure.  Both should be covered under the same theory of coverage.

By excluding the specific failed mechanical part and them making a claim for all consequential mechanical damage it is often possible to get a surprising amount of mechanical repair motor insurance covered under the comprehensive insurance umbrella.

Another example:  A car won’t start, and we find the computer compartment filled with water.  The cause:  A water drain that was blocked with pollen.  The repair: Thousands of dollars of new electronic modules to replace the ones that got immersed in water.  This claim isn’t so clear-cut.  If the car has drains, someone should be blowing them clean.  If the drain-cleaning is part of a scheduled maintenance activity, and the customer can show that was done, he should be all set.  If the drains clogged after a local “pollen storm” that will probably cover him too.   However, if the area is filled with rotted leaves and debris and it’s obvious the drains have not been cleaned in years – watch out!  The insurance company may tell the owner he caused the problem by failing to maintain the car as required.  The technical term for that is contributory negligence, and it can leave someone on his own with no coverage or reduced coverage.  The moral:  Always check stuff like that when the car is in for service.  You never know what you will find and a simple thing like leaves in a drain tube can have huge consequences if left unnoticed.

The final thing I’ll mention is rodent damage.  Some of our biggest insurance claims come when mice get into collector cars, and chew them up.  If they inhabit a car for long they leave a stench that cannot be cleaned except by upholstery replacement.  This damage too is covered by comprehensive insurance, and claims on Rolls-Royce and other collector cars can run into six figures.

Rodents can also cause fires, if they chew into electrical harnesses and they subsequently short out.  The moral:  pay attention to where you store your cars, and try and keep them rodent free.

I actually have a whole blog essay on rodent damage for those who have this problem.

In closing I will also add that I'm not a lawyer but coverage questions have more to do with reading the policy carefully and interpreting it that they do with the law.  I'm also not an insurance agent, or employed by any insurance company, except insofar as they pay us to fix their insured's cars.

Source: https://carinsuranceonline2015.wordpress.com/2016/06/08/will-my-motor-insurance-really-cover-that-no-way/

IRDA to Increase Third-Party Motor Insurance Premiums

Premium for third-party motor insurance cover that provides protection against damage, injury, death of a third person and/or damage to his/her property caused by your vehicle has recently got a steep jump. The effective rate announced by the Insurance Regulatory and Development Authority of India (IRDAI,) has been effective from 1st April this year.

A typical motor insurance policy has two types – (1) Damage to Own Vehicle, and (2) Third-party Cover.

Damage to Own Vehicle – This is, of course, provide cover for damage to your vehicle. According to the current law, the insurance companies have the freedom to determine the premium for the same. However, the insurance regulator has not made this ‘own-damage cover’ a compulsory cover.

Third-party Cover – This type of your vehicle insurance policy covers injury/death of a third person and/or damage to his/her property caused by your vehicle. The premium for this cover is decided by IRDAI making ‘third-party cover’ mandatory.

The regulator takes into account various factors to arrive at a suitable third-party insurance premium for variety of vehicles. It includes frequency of claims you made during previous year, average claim amount, expenditure involved in servicing the policy and cost inflation index etc.

In accordance with that, the regulator has announced the new premium rates with effect from 1st April, 2015. For the third-party insurance cover, premium rates will apply as follows:

Private vehicle with engine capacity up to 1000Cc: Rs.1468; earlier it was Rs.1129

Private vehicle with engine capacity from 1000Cc to 1500Cc: Rs. 1598; earlier it was Rs. 1332

Private vehicle with engine capacity above 1500Cc: Rs. 4931; earlier it was Rs. 4109

For two-wheeler with engine capacity up to 75Cc : Rs.519; earlier it was Rs. 455

For two-wheeler with engine capacity from 75Cc to 150Cc : Rs. 538; earlier it was Rs. 464

For two-wheeler with engine capacity from 150Cc to 350Cc : Rs. 554; earlier it was Rs. 462

For two-wheeler with engine capacity above 350Cc : Rs.884; No change

This increment reflects an overall increase of 30 per cent for small cars and 20 per cent for medium to large cars. Previous year, the increment in premium rates was about 20 per cent across the all engine types.

While for two-wheelers this raise in premium rates ranges from 14 per cent to 20 per cent. For previous year, this was around 10 per cent.

The logic behind such huge raise in the third-party premium rates year after year, is the huge losses that the insurers suffer on account of third party insurance claims.

[Source: https://carinsuranceonline2015.wordpress.com/2016/06/02/irda-to-increase-third-party-motor-insurance-premiums/]

Motor Insurance Is Different

If you have a business and you have employees you are going to need the driving record of every employee who drives your business car or cars. This is not being intrusive it is to protect you as the business owner. You must not allow any employee who has a bad driving record to drive your company's vehicles. It is highly likely that your business motor insurance company will not permit such a person to drive the vehicle and this means you won't be covered in the event of any mishap.

It is important to remember that many employees are not as concerned about the property of others and the insurance companies know this. This is one of the reasons they regard a business vehicle driven by employees as a higher risk. An insurance company will usually want to know what the vehicle will be used for. It is never a good idea to use a vehicle for both business and personal reasons. If you do then you must inform your motor insurance company. If you don't and the vehicle is used for reasons other than specified you will not be entitled to compensation.

Business car insurance is for employee vehicles used for business, company owned vehicles and cars that are leased. If the person driving the car has less liability coverage than you do or perhaps no insurance you can be covered by your insurance company. The whole objective is for you to be covered in the event of any unforeseen mishap or accident. You can start the process of protecting your assets with a free quote. This can be done online and gives you a choice of premiums from the top rated companies applicable to you. See also Three Ways to Reduce the Cost of Young Driver Insurance.

[Source: http://information-about-insurance.blogspot.in/2009/09/car-insurance-is-different.html]

Motor Insurance Policy

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Buy or renew motor insurance policies online. Buy motor insurance policy in easy steps. Get 24x7 spot assistance cover Motor Insurance policy.

How to make car or motor insurance claim or procedure after accident in India

I had a car accident while I was in India last year albeit a minor one. You might be in a similar situation now or in future. So I’m documenting the procedure for how to make a car insurance claim or procedure after accident in India.

In contrast to what happens abroad, the driver of the other was furious and wanted to get into a fight. Thankfully it was near a busy signal and a policeman was available nearby to resolve the issue.

This is in stark contrast to what happens abroad. We just park the car on the side and wait for a policeman to come and issue a report to both parties. We make our claims based on that and that is reason we have car insurance. There is no need to get too emotional if there is no physical injury.

Putting that aside, in a country like India, owning a car is no longer an ‘owner’s pride’ kind of thing. It has become or is becoming a necessity in life. As banks are willing to lend money to help you buy your dream car, more and more people are queuing up for car loans.

But your dream vehicle can meet an unfortunate accident at any point of time. To cover these risks you need to take out a car insurance which is also known as motor insurance or auto insurance.

Car insurance claim or procedure in India

Nobody wants to get involved in a car accident. It not only ruins your entire day, it can cause multiple injuries and even deaths in some serious cases.

There is hardly any driver in India who has never got involved in a car accident throughout his life. It is true you cannot stop accidents from happening but you can be well prepared to meet the financial losses that results from an accident by buying a proper car insurance.

But before you can use that insurance money to recover your loss and back to normal as it was before the accident, there are a few dos and don’ts which should kept in mind in the process of making a car insurance claim after an accident in India.

What you should do after an accident?

An individual is full of anger and varying emotions immediately after an accident. These negative emotions will try to take control of your self.

In these trying times, you must keep your calm and try to do the following with the best of your abilities.

• You should make an attempt to prevent further accidents by keeping the flashers/emergency lights on. If the lights are not working then you should have a flashlight with you for your own safety while you wait by the side of the road. If possible place a glowing tape hazard triangle 10-20 ft behind your car.
• Even if there are no serious injuries, it is always prudent to call the police. You may need a police report to file a car insurance claim even if you are just claiming for the damage to your vehicle. The vehicle insurance renewal involved in the accident must remain where they are unless they are proving to be a hindrance to the traffic. If so, take pictures from all possible angles before moving vehicle to the side of the road.
• When the police arrive at the scene, make sure you tell the investigating officer exactly what happened. Do not speculate or guess; just tell it to the officer what you really know. Also ensure that the statements given by the other people involved in the accident are accurate as well. Try to make sure your story is heard first by the officer. Also do not admit it is your mistake openly if there is even small doubt. This can be used against you in some cases during your claim procedure.
• If there is visible damage to your car, then you use at least your cell phone camera to take a picture of those damaged areas. If you have visible injuries, photograph them also. But you should never interfere with the police investigation. If you are unable to take pictures at the accident scene, do click pictures as soon as possible before police arrives.
• Typically an investigating officer should take the name, address and telephone number of all the persons involved in the accident but if he fails to do that then it is your duty to take down the details from the people involved in the accident.
• The motor insurance company needs to be notified as soon as possible. There are many policies which require immediate reporting; so you must co-operate fully in this regard. If there are medical benefits in the insurance coverage then you must submit the accident related medical bills to the insurance company. Even better, ask for guidance on how to proceed from your insurance agent/company itself.
• Always maintain a file and keep all documents related to the accident together. The information should include all original bills, the claim number, the details of the adjuster who is handling the claim made by you, the names and contact information of all the persons, receipts of all expenses incurred due to the accident.

[Source: http://www.smartmoneygoal.in/blog/car-motor-insurance-claim-procedure-accident-in-india/#comment-3041]

Want to Shop for your motor insurance? Follow these simple tips

Getting online seems to be the new trend followed by most of the people across the world. Today, many of us stay online for almost all our day to day life requirements. Such is the craze that people wish to do everything from chatting to dating, shopping to connecting friends, executing businesses to recharge mobile phones everything so easily while on the move or at the place and time of their convenience. This way you not only save your precious time but also your valuable energy for other activities. Same is the case when it comes to buying car insurance for your car.

Today, most of the young brigade of the nation prefer buy their insurance online rather than following up with agents to get the required policy. They believe in quick, calculated and smart way of buying motor insurance online. However, it’s some of the in-experienced purchasers who make few mistakes while selecting a policy often leading it to wrong policy purchase which might not even be useful for claim at times. This can lead them in trouble in a crisis situation. So below are a few guidelines to shop for motor insurance online as safely swim towards the shore with good motor insurance policy purchase online.

Determine the Coverage

Coverage is not related to friendship. Just because your best friend purchases “X” insurance policy it doesn’t mean you also needs to purchase the “X” policy for your car. Different cars have different set of needs. Before you start your search, determine the extent of cover you want. This would ideally depend on the make and model of your car, the premium you are comfortable paying, driving habits, the distance you drive daily, any security aspects in car, place of living, parking arena etc. Proceed with your search with your requirements in mind.

Study Products well

The biggest advantage of purchasing motor insurance companies in india would be ample of time to study the details of available products well in the market. Do a thorough research on all the leading car insurance companies, their products specifications and learn all about how they function, the benefits they offer, the features they have, discounts they offer, payment flexibility, their ratings by the experts of the industry and consumers etc. This will give you a fair idea of the market offerings and you can shortlist insurers as per your requirement.

Look for discounts -

Often car insurance providers try to lure their clients with attractive discounts & offers to buy motor insurance online or retain the existing customers as well. Discounts come in different ways like particular credit/debit card payment, member of Automobile Association, No Claim bonuses, lump-sum premium payments etc. Hence, scan the internet for the best offers you can get. The discounts can make a huge difference to the premium amount you actually need to pay.

Compare quotes

Once you’re done with understanding the car insurance products and discounts associated with it, start comparing the one which you think are the best for your car. So, while looking at the right policy, try and shortlist some of the providers you think are perfect for your requirement and compare them for the features in their policy, the benefits they provide, their customer service, the premium to be paid, payment modes etc. this helps you to make a sensible decision. Ideally it should be just 3 or 4 comparison else it will be mess around to choose best policy.

The Claim Procedure

One of the important aspect of motor insurance online would be the after sale services which is your claim settlement. So, while finalizing your car insurance provider check their claim settlement record. Understand the settlement procedure and how long the process could take. Try talking to or reading the experiences of other consumers on the same. This will help to make an informed decision.

If your company lets your migrate your no claim bonus from your previous provider while switching your policy it will be a great deal for you. More importantly if these benefits are merged with other benefits it will really help in getting a cost effective motor insurance online coverage for your car.

Private Car Insurance

Private Car Insurance and Two-Wheeler Insurance can be bought online in 4 easy steps. Buy private car insurance, two-wheeler insurance online and get 24x7 motor claims support.

Why is it Important to Insure your 2nd hand vehicle?

Buying a second-hand vehicle is a difficult task as one has to consider various factors like the condition of the vehicle, price, suitability, documents, etc. However, once you have decided to bring home your vehicle, make sure you check the insurance papers. Third-party insurance is transferable while you will have to get a new comprehensive vehicle insurance policy. Remember to get the names transferred in the insurance policy papers immediately to enjoy the benefits of the policy. If the registration is transferred but the insurance is not transferred, then in case of a claim, it will not be admissible.

 Let’s have a look at some of the benefits of insuring your 2nd hand vehicle:

Covers the bills of damages to your vehicle in case of accident, theft, damage due to riots, natural calamities, etc.

Covers costs in case of injury to driver and/or other people in the vehicle.

Provides death benefit to the family in case accident results in the death of a third party.

If you transfer the No-Claim Bonus (NCB) in your name while buying the 2nd hand vehicle, it will let you enjoy the discounts on your motor insurance online. However there are certain conditions attached to the transfer of the NCB that you might have to check with the company.

And while you get all this done, here is how you can get your vehicle ready for the drive:

Clean your vehicle properly. Give it a wash. If it is a four wheeler, make sure you clean the interiors thoroughly.

Check the brakes, gear, spark plugs, etc.

Change engine oil, brake fluid, coolant, transmission fluid and all that is relevant to your vehicle.

This ensures that your car stays healthy and always ready for a smooth run. The more you keep the vehicle maintained; the better will be your driving experience.

[Source: https://www.renewbuy.com/blog/blog/insurance-2/why-is-it-important-to-insure-your-2nd-hand-vehicle/]

Know All about Roadside Assistance

Be it a flat tire, electrical fault or a minor mechanical defect, anything can disrupt your otherwise smooth car journey. It can be intimidating if your car breaks down in an unfamiliar territory. And this is when roadside assistance comes to your rescue. It offers direct towing service in the event of problems, such as puncture, car running out of fuel and other emergency situations. Some insurance companies offer it along with the car insurance policy while such companies as AXA Assistance India and Cross Roads India Assistance offer roadside assistance as a standalone product. 

How Roadside Assistance Works?

Call up your motor insurance online for help and it will send a crew to your rescue point in no time. Essentially all the services are free, however, in some cases you will have to bear the costs. For example, if you run out of fuel, you will have to pay for refueling. Again, if your vehicle has to be towed, you would have to pay for it. Some companies also provide taxi assistance and hotel accommodation if need be. This facility is most useful during the monsoon season when a vehicle is more susceptible to breakdown.

What does it cover?

Roadside assistance offers a host of benefits to you, the policyholder. Here’s what you can get:

Towing service

Battery jump start

Spare key arrangement

Alternate battery/jump start

Phone assistance

Alternate transport/accommodation

Emergency fuel

Minor repairing

Factors to consider before taking Roadside Assistance Cover

Age of the car: As a car ages, chances of mechanical problems tend to increase. As a result, most of the service providers are reluctant to offer cover for cars aged above five years. And, just in case they do offer the cover, the annual charges would be very high. Additionally, car manufacturers also provide roadside assistance packages along with their vehicle. For example, Honda’s Roadside Assistance costs Rs 1,780 in the first year, Rs 2,950 in the second year and Rs 3,750 after the third year.

Number of services available: The cover may have a cap on the number of times a service can be availed. For example, TVS Automobile Solutions offers two types of roadside assistance packages—Gold Card and Platinum Card. The Gold Card holders can get emergency breakdown assistance six times in a year, while, Platinum cardholders get unlimited emergency breakdown assistance in a year.

Plan prices: The prices for roadside assistance depend largely on the age of the vehicle and the number of services availed by the car owner. But another key aspect is your typical travel route. If you travel within your city, your plan may vary from someone who has to travel inter-city frequently. For instance, Cross Roads India Assistance offers a City Standard plan comprising six free services in a year and costing Rs 911. However, to get highway services, you would have to take either City Premium or City Platinum plan and pay Rs 1139 and Rs 1367, respectively.

Should you take Roadside Assistance Cover?

Roadside assistance is an essential aspect of your car maintenance and protection. In the unfortunate event of a breakdown or accidents, it is of great help.  If you feel your current car insurance is able to take care of such emergency requirements, you can avoid buying a standalone policy. However, if your current car insurer does not give ample features in its add-on roadside assistance plan, go for a standalone policy.

[Source: http://www.policybazaar.com/motor-insurance/car-insurance/articles/know-all-about-roadside-assistance/]

Everything you need to know about Motor Insurance in India

Motor or vehicle insurance is an insurance policy that protects the owner of the vehicle against any financial loss arising out of damage or theft of vehicle. Motor vehicle coverage also includes damage caused to third party or property. Motor Insurance is mandatory in India.Motor Insurance is available for both cars and two wheelers. Owing to low value of two wheeler vehicles, their premium is very nominal.

Comprehensive Cover and Third Party Cover

A third party cover is base insurance policy which covers only damage caused to third party by the vehicle. Comprehensive car insurance is a complete car protection insurance policy. The generic cover includes damage to vehicle, loss and theft of vehicle as well as third party cover.

Add-ons with Car Insurance

One can extend the coverage for car insurance by opting for add-ons. These add-ons will increase the financial coverage but additional premium amount will be added to the base premium amount. Some of popular add-ons available with car insurance are:

Zero Depreciation: There is certain value to part of the vehicle. When a claim is made, depreciation is calculated on these parts and the amount is paid accordingly. By opting for zero depreciation cover, the entire amount of the part is paid as a part of claim.

Engine and Gear Box Protection:  In case damaged is caused to engine parts or gear box of the vehicle due to water ingression, leakage of lubricating oil etc, the costs for repair and replacement will be covered.

Car Insurance Quotes

Car insurance quotes can be found online directly from insurer’s website. Motor insurance online quotes can also be checked from online comparison portals which offer comparison of car insurance quotes from different insurance companies.

Car Insurance Calculator

Car insurance premium calculators are available on insurer’s website. One can get the premium amount for the vehicle. Car insurance calculators take into account parameters like no claim bonus etc and then provide the premium amount.

Coverage

The cover with car insurance includes:

Damage to vehicle caused due to accident, riots, strikers, malicious acts, earthquake, flood, storm etc

Loss or theft of vehicle

Liability to third parties

Personal Accident Cover available for owner driver

What is not covered?

General ageing, wear and tear

Mechanical or Electrical Breakdown

Damage caused by person under influence of alcohol, drugs and any other intoxicating substance

Damage caused by person driving without valid driving license

Consequential loss

Loss damage outside India

Factors which affect premium

IDV: This is the cover amount of the vehicle. Cover is decided on basis of value of vehicle with depreciation adjusted.

Age: As a person matures, he becomes more responsible and with less tendency to drive rashly. Accordingly, premium discount is provided.

Occupation: Discount on premium is offered to people belonging to certain professions. The professions include medical doctors, chartered accountants etc.

Claim History: If you make no claim during your policy years, you can get discount which is called no claim bonus and it ranges from 10% to 50%. Conversely, making too many claims can result in increase in premium amount (loading).

How to reduce insurance premium for:

New Car: If you have brand new vehicle, it makes sense to get comprehensive coverage with add-on covers. However you can still save premium amount by comparing car insurance premiums from multiple insurance companies.

Old Car: If you have old vehicle, you can opt for basic comprehensive car insurance plan. If vehicle is too old, you can go for just third party car insurance. It will certainly save a lot of premium amount.

Claims

There are many ways to apply for a claim. The first and foremost thing about making a claim is to notify the insurance company as soon as possible. Then register the claim by providing requisite documents like claim form, vehicle registration copy etc. Some insurers allow registration online.

Cashless Claim: If you take the vehicle to network garage for repairs, the complete claim process can be cashless.

Claim Reimbursement: If you take vehicle to any other garage, you need to pay for claim amount. After repairs, you can apply for claim reimbursement with the insurance company.

[Source: http://www.policybazaar.com/motor-insurance/car-insurance/articles/everything-you-need-t-know-about-motor-insurance-india/]

Motor Insurance Explained | Bajaj Allianz General Insurance

Your car is precious, the one asset which you cherish in life and is the sole reason for many happy memories. But what if you were to meet an accident? Protect your vehicle with Bajaj Allianz motor insurance. With a range of features, this is the best way to protect your car.