Monday, April 23, 2012

10 Tips For car insurance

10 Tips For car insurance

1. Compare car insurance quotes before buying. You can easily do this through an insurance aggregator like policybazaar.com. Typically you can save up to 55% on you insurance premium.
2. Compare both prices and features.
3. Watch-outs:
a. IDV : This is the maximum money you can get in case of total loss. To reduce your premium your agent can reduce this amount.
b. Voluntary excess : Say in case of an accident, you opt to pay for the first 5 thousand rupees. Then this amount can be reduced from your premium. But there can be a problem, if your agent does this without informing you. Which is what happens quite a bit, so watch-out.
c. No claims bonus : Please ensure you get the right no-claims bonus. In case you take more than you are entitled to, your claim if any may not be processed.
4. Your cover note : This is valid for the first 60 days, after that you must get the final policy document. If you do not receive this, you may not be insured. Please ensure your broker / agent provides you this.
5. Cashless : Do not get over excited by this. Most companies have a cashless settlement process with multiple partners in every city. A broker can guide you regarding which companies have a cashless settlement tie-up with which company, and garage.   
6. Always buy insurance from an insurance broker. Ask for the broker’s license number and cross check it on the IRDA website. These brokers are paid same amount irrespective of the company’s policy they sell. So they are not biased to any particular insurance company. An Insurance agent on the other hand can sell policy of just one company and hence will always push that company and its benefits.
7. You can get additional personal accident Insurance for passengers and driver. This is a great way to insure people who travel in the vehicle with you.
8. Be truthful in your declarations on the proposal form. This will ensure that your genuine claims will be paid.
9. There is a lot of mis-information in the market. So get everything in writing or cross check it on a reputed website like policybazaar.com.
10. Always drive safely. Never drive under the influence of alcohol. Over time this will reduce your premium while covering the risk.
Other articles on Car Insurance

How to Insure a Rental Car

How to Insure a Rental Car



Renting a car can be a logistical nightmare, particularly if you are renting because your car was damaged in an accident. You may not get the car you prefer or the company wants to charge you fees not included in the original quote. It is not necessary to add the uncertainty of auto insurance to the mix. Knowing in advance how to properly insure a rental car can reduce some of the stress.

Personal Car Insurance

As long as you have more than liability coverage, your car insurance may be sufficient when you rent a car. A policy that includes collision coverage is needed to cover damage to any car you drive. Even if your insurance policy includes the cost of a rental car in case of an accident involving your car, you may be unaware of exactly what is covered by the policy.
Your policy may require you to also purchase insurance from the rental agency for your personal coverage to be valid. The best thing to do in this situation is to contact your insurance provider and ask what is included in your existing policy. Always consider the deductible you are required to pay before coverage is activated.

Credit Card Insurance

Since you will most likely be required to pay for the rental using a credit card, your credit card company may provide insurance coverage for rentals. Many offer this benefit at no cost to particular customers. Get the cost for this insurance and understand what it covers. It is always best to have coverage details in writing so do not accept a verbal explanation from a card company representative.

Rental Agency Car Insurance

Rental agencies sell waivers and actual insurance coverage to renters. Waivers are important because they relieve you of responsibility for all damages and injuries that occur if you are involved in a car accident or if the car is stolen or vandalized. But do not assume a waiver automatically kicks in – the rental agency can void waivers if you caused the accident due to unlawful behavior or negligence.
As long as your policy will cover the rental car as well as damage to any other vehicles, it is not recommended that you purchase the insurance and waivers offered by the rental agency. However, if you do not have sufficient coverage and will only be renting the car for a short period of time, it is worth purchasing the waivers offered by the rental agency.
Do your homework when it comes to rental car insurance so you can save time and money. You can ask the rental agency for a copy of coverage options so you can review them with your insurance agent to see which are most beneficial. Of course, if you do not currently own a vehicle, you probably do not have auto insurance at all. In this case, you will either want to quickly purchase insurance which you can do by comparing online quotes from multiple insurance companies or purchase as much coverage as possible from the rental agency.

Insurance for Antique and Classic Cars

Insurance for Antique and Classic Cars

People frequently seek insurance to protect the items they collect. This is especially true for people who collect antique and classic cars. When purchasing car insurance, collectors look at specific aspects of the coverage. The overarching concern is to maintain the value of the car at all times. Insurance helps protect the investment of money put into restoring and maintaining antique and classic cars. Defining Antique and Classic Cars There is no unifying definition of "antique" for insurance purposes. It is not unusual for insurance providers to establish specific guidelines for this group of cars. Some may actually lump antique and classic cars together as collector cars. A car is determined to be a "classic" from an insurance standpoint if the vehicle is at least 20 years old. Furthermore, to qualify for classic car insurance, the vehicle must contain all original parts from the time it was originally manufactured and be in good shape. Otherwise, standard auto insurance is sufficient for older cars. Classic Auto Insurance If you actually drive your classic car, even infrequently, your insurance premiums will be higher. The primary reason for this is because older cars have fewer safety features that make them higher risks for insurance companies. Classic auto insurance is very different from standard insurance. While each insurance company has individual qualifying requirements, there are several aspects that most policies have in common. Your coverage will limit the number of miles you can drive your car each year. The intent is to reduce risk. You will be allowed to drive the car to events such as car shows. Leisure driving should be kept to a minimum. To make sure you meet this requirement, you may have to prove you own additional vehicles for everyday use and have standard insurance on them. Classic cars that have been modified in ways that increase risk may not be covered. The insurance company will even have a say in how and where you store your classic car. Your car must be protected adequately when not in use. High-risk drivers may find it impossible to secure classic car insurance if they have had violations within the past five years. Most collectors prefer insurance coverage with an agreed value option for claims. This means that you and the company will mutually determine the value or worth of your classic car at the time the policy is being developed. This reduces the likelihood of disputes if something happens to your ca