Here is Why You Should Compare Home Insurance Policies before Buying

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Home Insurance

Your home is one of the biggest financial investments you have made in your life. But you just cannot deny the fact that it is also vulnerable to burglary, vandalism or natural disasters. To ensure the safety of your home and belongings, you need a home insurance policy.

You will find a good number of home insurance policies offered by different insurance companies. But to choose the one that is most suitable for your needs, doing policy comparison is important.

Here is why comparing home insurance policies is important while buying one –

1. You will Get to Know About Coverage and Inclusions

By comparing home insurance policies you will get to know what is included or covered under these policies. It is possible that one insurer is offering coverage for man-made calamities or personal accidental injury etc. under its policy, while others aren’t. With policy comparison, you will get to know which policy offers maximum coverage at the best price.

2. You Can Better Decide the Coverage You Need

All homes are different, in terms of size, belongings, and similar other parameters. The home insurance premium that your neighbor is paying may be different from what you need to pay, even though the two houses look identical, and have the same size/area of the plot. Comparing policies will help you decide the amount of coverage you need to secure your home completely.

3. You Can Compare Prices

Choosing an insurer without doing enough research may require you to pay more for the coverage offered under the home insurance policy. To make a wise decision, you should compare premium quotes offered by different insurers for the same coverage. Choose the one that offers maximum benefits to you at the most reasonable price.

4. You Can Get to Check The Reputation of the Insurer

 While buying a home insurance policy in a hurry, you may forget to check the market reputation of the chosen insurer. This can be avoided with detailed policy comparison, in which an insurer’s reputation is one of the factors to be considered.

Home insurance will keep you at the safe side from an unexpected financial setback that may come your way in case of an unfortunate incident. So, make sure you buy a policy that provides coverage against risks that your home is highly susceptible to.

The Importance of Buying Two-Wheeler Insurance Policy

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bike insurance, Bike Insurance Online, insurance, policy, two wheeler insurance

Since two-wheelers are extensively used for transportation purposes, it becomes important for people to safeguard their vehicle. And that is when two-wheeler insurance comes in the picture. Two-wheeler insurance provides two-wheeler protection against any natural or man-made disaster. While this is the basic need of a two-wheeler insurance policy, here are some points that will highlight the importance of buying one:

It is Mandatory

Third party liability insurance is mandated under the Motor Vehicles Act, 1988. Thus, it is extremely important for a two-wheeler owner to buy an insurance policy in order to abide by the rules and regulations put forward by the Government of India.

Provides Personal Accident Cover

Accidents are very common these days and this makes the personal accident cover extremely important. This type of insurance cover will provide you with financial assistance against the loss or damage caused to the vehicle as well as the insurer. Also, with an added premium amount in your two-wheeler insurance policy, one can even avail personal accident cover for the co-passengers.

Provides Third-Party Liability Cover

As already mentioned, third-party liability cover is categorized as a mandatory cover by the Government of India. This coverage offers assistance against legal liability in case of an accident that may cause injury, permanent loss or even death of the third party. This policy also provides coverage against any damage caused to another party due to the accident.

While all the above-mentioned things provide coverage against various aspects of an accident, it must also be noted that a two-wheeler insurance policy gives an immense amount of financial assistance. Moreover, two-wheeler insurance also provides a sense of peace as a vehicle owner can be free of worries once he/she has bought a two-wheeler insurance policy.

Also, with the introduction of online portals providing insurance policies, you can easily research a bunch of online platforms and buy bike insurance or any other two-wheeler insurance policy that fulfills all your requirements.

3 Benefits of Buying Insurance Online

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insurance, online, online insurance

With the advancement of technology, the online medium is used more frequently to buy things. Therefore, it is no surprise that people now buy insurance policies online. For many reasons, it is beneficial to buy insurance online. Let us now briefly look at these benefits:

 

1. Quicker process

One of the advantages of buying online insurance is that it is a quicker process. All you have to do is fill in your details on the insurance company’s website. After that, they will send you the quotes on your email. Then you have to choose the policy that bests suits you and pay the premium. And that’s it, you now have insurance. It is an instant process, and the hard copy of the documents is delivered to you within a week.

 

2. Easier payment process

Insurance companies make sure that the process stays secure for the buyers. Companies give preference to security over everything else to ensure that your payment is safely transferred. However, it is never at the cost of your inconvenience. You do not have to write a cheque or pay in cash. It is an online internet transaction that is done immediately.

 

3. Make Comparisons

Another aspect of buying insurance online is that you can ask for quotes from various companies at the same time. You are under no compulsion to receive quotes from only one company. In fact, this is the benefit of buying insurance online. You can compare prices and choose a policy which is the most affordable to you.

 

The option of buying an insurance policy online has made it convenient and easier for people to choose the best policy for themselves. Now, they can buy an insurance anytime and anywhere without any hassle to stay well-covered.

Why You Should Always Remember Your Car Insurance Renewal Date?

All car owners know well that the car insurance policies they have bought need to be renewed after certain period of time. Having an active insurance policy bought in place for your car safeguards it against accidental damage or any third party liability. But it often happens that people forget to get these policies renewed on time.

Failing to get a car insurance policy renewed may make you face a number of complications. It is not just important, but necessary to get it renewed timely. These days, you can even get the car insurance renewal done online easily. Using online premium calculator, you can get to know the premium to be paid.

What Will Happen If Your Car Insurance Policy Gets Expired?

• In case you meet an unexpected road accident without having a valid car insurance policy, you will need to pay for the damage repair work by yourself. Your insurer will not help you in any way.
• You will lose the No Claim Bonus (NCB) for the previous accounted year.
• You may have to go through the process of getting the vehicle inspection done again, which is cumbersome in nature.

To prevent it all from happening, get your car insurance policy renewed online timely using your smart phone or computer system.

Process of Getting Your Car Insurance Policy Renewed Online

• Visit the official website of your insurer, and log into your user account. If you do not have a user account yet, get it created in just a few simple steps.
• Apply for online renewal of your policy within your user account.
• Calculate the premium to be paid online for policy renewal by using car insurance premium calculator.
• Pay the premium online.
• Get the receipts downloaded for future needs.

It is always good to be on the safe side by getting your car insurance policy renewed well in advance. Make sure you follow the guidelines issued by your insurer in this regard.

Situations Where your Motor Insurance will not Provide Coverage

Motor insurance or car insurance is compulsory by law and it is mandatory for you to have at least third party car insurance before you start driving your car. When it comes to insurance policies, some things come with an asterisk mark. The things that are covered are given a bold font, but most terms and conditions are mostly in fine print. Regardless of the fact that the coverage includes third-party motor insurance and own damages cover, getting a hang of the terms and conditions can be complex. So, here is a list of some situations when damage or loss to your car is not covered, to help you better understand the exclusions:

Expired policy

If your policy is not in force and needs a renewal, you won’t be able to access the insurance cover.  Motor insurance needs to be renewed without any break (some companies offer a grace period for a predefined period of time to let you renew the insurance) because it is an annual contract. If your car gets damaged after the expiry date and before its renewal, the damage won’t be covered.

Drunk driving

If the insured is driving under the influence of drugs or alcohol, the loss won’t be covered.  Also, if a situation occurs where some other person is drunk driving the same insured car and this is known to the insurer, then also the coverage isn’t provided.

Contractual liability

If a policyholder has a contractual liability towards the insured asset, in this case, the car, then also, no coverage will be provided. Contractual liability is the claim that can arise if the policyholder has entered into a contract. For example, if the policyholder has pledged his or her car to a person (like against a loan) for a specific period of time, and if a situation occurs where the pledged person damages the car while driving, the loss to the car at that time, if any, won’t be covered by the insurance.

The above mentioned situations are some instances where the loss and damage to your car will not be covered. It is important that you know about the situations where you know the cover will not be provided.

3 Important Things to Consider While Buying Travel Insurance

A lot of people traveling overseas from India face the problems related to loss of baggage or flight delays. Whether they are traveling for business or personal reasons, unexpected contingencies can cause a lot of worries to them. That’s the reason why a majority of Indians traveling abroad buy a travel insurance policy, to avoid hassles of almost any kind while traveling.

But because you need one such policy while traveling, it also means that you need to buy it wisely. You may find some policies that does not meet your needs and thus, should not be bought.

Now that you acknowledge the importance of travel insurance make sure to buy one wisely. Although with a lot of impressive options available in travel insurance policy, you must look for the one which avails you with maximum benefits at budgeted premium/deduction.

Here are three things you should consider before you buy travel insurance:

1. Know About The Maximum coverage Under The Policy

Unexpected bills and expenses can pile up during emergency situations, while traveling. So, it is important for you to know the maximum insured amount covered under the travel insurance plan you are buying. Always keep in mind that the maximum payable covered under travel insurance should be enough to avoid possible financial burden to you.

2. Know About The Medical Coverage

Most of the travel insurance policies include medical coverage along it. Still, it is important to know what exactly will be covered as medical coverage benefits in the policy such as hospitalization expenses, doctor’s fee or others. Also, it will be best for you to buy travel insurance from a renowned insurance company in India.

3. Know About Coverage of High Risk Activities

A lot of people travel abroad to enjoy adventure activities, like skiing, bungee jumping, paragliding and similar others. Since there is high-risk involved these activities you need to be clear on the scope of coverage of chosen travel insurance policy. So, you need to choose a policy that fits your travel plan maximally.

Following these simple points can help you make an informed choice with the travel insurance policy.

Why do you Need Commercial Vehicle Insurance?

It is a known fact that for any vehicle plying on Indian roads, at least a third-party insurance policy is a must under the Motor Vehicles Act, 1988. The same rule applies to commercial vehicles as well. Commercial vehicles are the ones which are used for commercial purposes, such as buses, vans, taxis, school buses, trucks, mini trucks, cranes, loader, excavator, etc.

Since commercial vehicles are driven more, they are at higher risks of accidents or loss. To deal with such uncertainties, commercial vehicle insurance is a must.

Commercial vehicle insurance is specifically meant to provide you cover against any kind of damage/ loss to your vehicle. It also protects you against third party liability involving your vehicle. So if you happen to run a business and have a commercial vehicle, it becomes really crucial to opt for commercial vehicle insurance. Let us check out the reasons to go for commercial vehicle insurance:

Legal Shield

Having a proper commercial vehicle insurance implies that you are following the law in letter and spirit. Also, by opting for a suitable commercial vehicle insurance policy, you gain protection from any third-party liability that may arise due to bodily injury/property damage caused to the other vehicle involving your vehicle.

No Financial Woes

If you have commercial vehicle insurance, then you don’t have to pay for the third party liability in the event of any damage or loss caused to your commercial vehicle. With a comprehensive commercial vehicle insurance policy, you get adequate financial coverage. For instance, if you run a logistics company, and your vehicles carrying precious goods get damaged or robbed during transit, commercial vehicle insurance of yours can come handy in such situations.

Protection for Employees

The commercial vehicle insurance of yours can be useful, if any of your employees/drivers gets injured while driving a vehicle during the working hours. It also provides protection against any legal liability in the event of death and/or injury caused to the passengers by your vehicle.

Useful for Vehicle Repairs

By choosing a commercial vehicle insurance policy, you can easily get the repairs done at an affordable or no cost under the scope of your policy. With timely repairs, you can also maintain the resale value of your vehicle.

So, a commercial vehicle insurance policy is an ideal tool to protect your precious vehicle from damage or loss. It is something businesses should not ignore.

4 Reasons It Is Important to Buy Travel Insurance

When you travel, you should have travel insurance. Its prime role is to safeguard you against any mishap that you may have to endure on a foreign land. Travel insurance has several benefits, which justify why it is important for every individual whenever they are travelling. Let us check out the 4 reasons as to why it is important to have travel insurance:

1. Compensates for the Delay

When you travel through an international flight to Europe or the America, it is most likely that you will not have a non-stop flight, but a connecting one. In case there is a delay in flight, it may jeopardize your whole schedule. The travel insurance would cover for the loss occurred due to the unexpected flight delay, whether it is because of bad other condition, technical issue, or any other factor.

2. Covers for Luggage

Another important reason to buy a travel insurance policy is that it provides coverage for your luggage and important documents. This is also one of the key reasons why many people buy travel insurance. The insurance company pays compensation if your luggage and documents gets stolen or misplaced.

3. Covers for Medical Emergency

While you are on a foreign land, you might encounter a medical emergency which may prolong your stay. For this, you need a safeguard which not only covers your medical treatment, but also pay for your prolonged stay. Travel insurance covers all medical emergencies that you may face when you are travelling. Furthermore, even if you go for a regular health check-up, your travel insurance will help you pay for it.

4. Covers for Unexpected Termination of the Trip

It might happen that while you are on a foreign land, you may have to finish your trip and go home because of some medical crisis at home. Travel insurance will come handy in a time like this because it will cover for your journey back home.

The aforementioned points underline the 4 key reasons why it is important to have travel insurance. Each insurance company offers different insurance plans. Whichever insurance plan you choose to buy, ensure that it is comprehensive and fulfills your requirements.

Critical Illness Insurance: Myths & Facts

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critical health insurance

Critical illnesses are chronic health disorders or diseases which require prolonged medical treatment. These diseases include heart disease, liver or kidney failure, cancer, etc. As these illnesses require prolonged medical care, it is important to be financially capable in order to meet the treatment costs. Hence, having critical health insurance is essential.

Critical illness plans provide a lump sum amount in the event of diagnosis of a critical illness listed in the policy terms and conditions. Incidence of critical illnesses is increasing due to the paradigm shift in our lifestyles, which is why having insurance protection is important. Despite this fact, many people are still hesitant about purchasing critical health insurance.

To help clear the mist of the myths from the facts, here are the top myths about critical illnesses and the corresponding facts –

1. Myth – Critical illness plans have high premiums

Fact – It isn’t true, as not every critical insurance plan is expensive. But, obviously as the associated risk is high, the premiums are on a higher side. However, you can compare various plans to get the best quote.

2. Myth – I will be covered for all critical illnesses

Fact- Having critical illness insurance doesn’t necessarily mean that you will be covered for all types of critical illnesses. However, you will be covered for the illnesses of specified severities, as mentioned in the policy document. Hence, it is important that you read the policy document carefully before making a purchase.

3. Myth – I have pre-existing medical illnesses, so I cannot buy critical illness insurance

Fact – False! There are different critical illness insurance plans and you can buy one as per your requirements and health conditions. If you have a pre-existing illness, you may have to pay a higher insurance premium.

4. Myth – If diagnosed with a critical illness, the claim amount will be given immediately

Fact – Upon diagnosis of a critical illness, the claim amount won’t be disbursed at once. The time of settlement varies from one provider to another. So, before buying a policy, you can ask your insurer about the settlement process and time.

5. Myth- I am covered for all types of cancer as the policy covers cancer

Fact – It is not necessary. Every covered disease listed in the policy document is covered only for a specified severity. Hence, it is necessary to read the policy document to know what types of cancer are covered.

If you want your critical illness policy to work for you, it is necessary that you read your policy document carefully.

Reasons that make Buying Motor Insurance all the more Important

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buy motor insurance, Car Insurance, Car Insurance Online, motor insurance online

Owning a car has become a necessity these days. It reduces the dependency on public conveyance. However, the unfortunate fact cannot be negated that the vehicle as well as the driver is prone to some perils. There are times when one gets involved in mishaps on road, sometimes due to his/her own negligence and sometimes because of the other driver. In order to overcome these, and stay safe from the legal ramifications, as well as relevant expenses, one needs to get his/her car insured after buying it.

Here is a mention of 3 reasons that make buying motor insurance important:

1. Motor insurance pays for the damages

One often has to pay a huge cost for the repairs, if the car gets damaged or involved in any unfortunate road mishap. The damage might be due to someone else’s mistake as well; nevertheless, in such situations, paying a heavy cost can become a real burden for you. In order to avoid these costs, having a car insurance is a must. When you have the insurance, you need not pay these bills from your pocket.

2. It decreases the liability

According to the Motor Vehicles Act, having the Third Party Liability (TPL) car insurance has been mandated by government of India. This safeguards you from the legal actions which may occur after the road accidents. For instance, when a third party meets with an accident involving your vehicle, the insurance company will pay the expenses as well as protect you from the legal action, if any.

3. It safeguards you from the hefty medical expenses

Well, in certain unfortunate cases, even a minor accident might result in hefty medical expenses. In that case, having an insurance policy saves you from incurring medical expenses on your own.

There are many types of insurance policies available these days, and one can easily compare and choose the most suitable one, depending upon several factors like requirement, affordable premiums, hassle-free claim settlement process, easy online payment of premiums, and many more.