Why is it Mandatory to Have Vehicle Insurance?

Tags

buy online vehicle insurance, motor car insurance policy, motor insurance online, vehicle insurance

Vehicle insurance can seem like an expense when buying a vehicle. However, as per the Motor Vehicles Act, 1988, it is mandatory for every vehicle owner to have vehicle insurance. This makes vehicle insurance an unavoidable expense. The owner has to bear it lest they pay fine for it.

Vehicle insurance ensures that the vehicle is covered against physical loss or damage, natural or man-made causes, theft or loss, etc. Also, a vehicle insurance policy covers for personal injuries or death and third-party liabilities in the event of any mishap involving your vehicle.

Therefore, it should not be treated like an expense. However, this has confused many vehicle buyers that why it has been made a mandate. Well, for your perusal, it becomes important to answer as to why it is needed in the first place. Let us take a glimpse at them:

1. It’s the right thing to do

The laws concerning vehicle insurance are for good reasons. Mishaps can happen with anyone anytime when you are on road. And when it happens, the financial liability in several cases gets very high and in such situation, a vehicle owner certainly needs a safeguard against it. It acts as a financial back up in case of an accident. This helps and provides cover against the damages endured by the vehicle and reimburses the repair cost. Further, it also covers your hospitalization cost for the injuries received by you which require professional medical care.

2. Accidents happen

No person voluntarily crashes their vehicle into another. It may be that the driver was distracted for some reason or may be any mechanical issue in the car because of which the accident happened. No one causes it but in some cases, it may happen owing to the negligence as well be it yours or third-party. While you have no control over accidents expect following safe driving tips, if in case it happens, there is a financial blanket over you which can help you in minimizing the financial and physical damages.

3. It’s unwise to not have it

Unless you are from an opulent family which has unending money at their beck and call, it would be an unwise decision to not have vehicle insurance. In case of an accident, you might have to bear three expenses: the repair cost of your car, hospitalization charges for your injuries, hospitalization charges for the injuries received by third party because of your vehicle. This is already a high expenditure. Within the duration of 24 hours, it may badly hit your savings. Thus, to safeguard yourself as well as your savings, get vehicle insurance.

So these are the reasons as to why vehicle insurance is mandatory to have. It is for the better safety of the vehicle owners. To get a vehicle insurance policy, you do not even need to step out of your home now. You can now easily buy vehicle insurance online. Just make sure you read all the terms and conditions before finalizing the one for your vehicle.

Take a look at these 3 Motor Vehicle Insurance Policy Covers

Tags

motor insurance, motor insurance online, road assistance, vehicle insurance policy

Motor vehicles are often considered to be one of the most prized possessions of an individual and damage to them may often prove to be detrimental. That is why a motor vehicle insurance policy is so widely used to cover repair expenses in case of damage. But, it is not just to mitigate vehicle damage expenses. In fact a motor vehicle insurer provides a number of advantages, some of them being –

• 24/7 on-site road assistance
• Widespread garage network spread all over India
• Provides medical cost coverage in case of any accidental injury to personnel

3 motor vehicle insurance policy covers that are most commonly opted for

Insurance providers offer certain add-on covers on their motor insurances purchased by motor vehicle owners. These are useful in a number of scenarios, from getting a discount in the insurance premium, to adding additional coverage benefits to the policy. Here are those 3 additional motor vehicle coverage options that are most commonly opted for-

1. Depreciation waiver – Over time, the value of the insured vehicle is likely to decline. Therefore, the insurance claim is likely to not be as much as the initial amount. To avoid this, the depreciation waiver option can be opted for in your motor insurance policy. This will ensure that no penalty is charged when the depreciation amount is deducted during claim.
2. NCB protection – NCB or No Claim Bonus is a special discount applied on the insurance premium (ranging from 20-50%) that is awarded to the policy holder if no insurance claims have been made for a prescribed insurance period.
3. Towing charges coverage – In the event that the insured motor vehicle suffers an engine failure, a breakdown, or any occurrence that immobilizes it, the insurance policy covers any towing charges incurred.

These 3 insurance add-ons guarantee some of the best benefits for insured vehicles. Be sure to take a look at them while purchasing motor vehicle insurance for your vehicle.

 

 

Benefits of Opting for a Commercial Vehicle Coverage Policy Online

Commercial usage of vehicles is mainly either for transportation of goods & services or to carry and drop passengers on fare paying basis. Considering their purpose, commercial vehicles play an integral role in corporate organizational entities as part of their business or for individual indulged in driving/owning such vehicles.

But their constant usage makes them more prone to damage or regular wear and tear, than conventional vehicles. Generally the risk factors that a commercial vehicle is exposed to are:

• Natural environmental disasters – Flood, storms, rain, etc.
• Man-made disasters – Explosions, roadside accidents, etc
• Vehicular defects- Engine breakdown, brake failure, etc.
• Malicious third-party activities – Theft, burglary, sabotage, etc

While damage and loss due to these are unavoidable, the cost incurred can be recompensed through a commercial vehicle insurance policy.

Through a thoroughly laid out plan, the commercial vehicle insurance policy provides multiple options to mitigate the expenses incurred. In return, the insurance policy holder is required to pay a certain monetary amount to the insurance company for a fixed period of time as prescribed by the policy guidelines.

Sounds like a great offer, doesn’t it? It certainly is. So why don’t we take a look at some of those advantages that come with a commercial vehicle insurance policy –

• Reimbursement of damage-related expenses
• Income tax deduction
• Quick and easy insurance payouts
• PAN India insurance policy claim

How to opt for a commercial vehicle insurance policy?

Primarily, there are two main ways through which a commercial vehicle policy can be adopted – online and through the local insurance provider branch office.

But the most popular method by far has to be the online insurance policy application, due to its ease and convenience. Let us know how to do that –

1. Access the insurance provider website
2. Select the commercial vehicle insurance policy option
3. Fill out the application form while mentioning the subsequent details
4. Go through the policy guidelines and specifications, before confirming that you shall adhere to the terms and conditions
5. Ranging from a few hours to a couple of days, the insurance policy will be renewed

Benefits of applying it online –

The online application process ensures an easy and hassle-free policy while also ensuring a number of distinct benefits. These are –

• Discounted insurance cost–As an incentive to the online insurance buyer, the insurance may offer a certain discount on the insurance price.
• Convenient application procedure –The prospective insurance policy buyer is able to easily obtain the insurance policy from the convenience of his or her residence.
• Detailed policy quotations –The policy buyer is readily informed about the different insurance specifications related to the policy and is also able to see a comparison between various others.

With these advantages, the insurance buyer can be sure to get a better insurance policy online.

3 Reasons Why you Should Consider Investing in Car Insurance

No matter what the brand or body type, cars are always seen one of the owner’s most prized possessions. Which is why the thought of it being damaged due to accident or otherwise is always unsettling. For this reason, car insurance becomes necessary. By paying a sum of money known as premium to the insurance company, a policy holder can get his/her car insured for insured vehicle’s damage, third party liability, and personal accident cover, to name the common few. The costs, benefits, and advantages of car insurance policies, bought online or offline, vary greatly, but the fact is that having one in place is of vital importance if you happen to be a car owner.

Reasons to get a car insurance policy

Car insurances provide a number of benefits for car owners. The 3 reasons why you should get car insurance are –
1. Compensation for vehicle damage
The primary purpose of car insurance is to cover car damage costs due to accidental damage. Whether it is due to environmental effects such as landslides or a tree falling on the car, or man-made effects such as collisions or vandalism, or other circumstances, any accidental damage to the vehicle is covered and compensated. The damage cover varies in accordance with the policy but compensation is guaranteed.
2. Cover for third party liability
Reduction of damage liability is an integral aspect of car insurance. As per government regulations, the TPL or the Third Party Liability insurance is mandatory. This implies that your insurance policy will pay for any damage or treatment cause by your car to a third party.
3. Hospitalization charge coverage
In case of an accident involving your vehicle, the car insurance company will cover any hospitalization charges for all the vehicle passengers.
Opting for online car insurance
Through just a few clicks, a car insurance policy can be purchased online these days. Buyers should bear in mind that while the terms and conditions of the insurance remain unchanged, vehicle insurance bought online is certainly more cost-effective.

Why Should You Go for a Family Health Insurance?

Tags

Health Insurance Online

Our lifestyles have changed over the years and with rising pollution, food contamination, and sedentary lifestyle; it has become all the more vital to have a health insurance. This sudden rise in health issues is a cause of real concern. Moreover, the cost of treatment of the diseases can be quite high. Therefore, to cushion the blow in such a scenario, it is imperative to have a health insurance.

A personal health insurance covers the expenditure of hospitalization, surgery, treatment, organ transplantation, etc. of only a single person. It is crucial that the whole family is insured, and buying a different insurance plan for each person can be demanding. A family health insurance, on the other hand, covers the health-related expenses of the whole family including you, your spouse, dependent parent(s) or children. Even your sister, brother, brother-in-law or any other person or relative who is dependent on you and lives with you.

What does a Family Health Insurance Cover?

Each health insurance, family or personal, covers different expenses. Hence, make sure that if you are buying a health insurance online or via an agent, read all the documents and Terms & Conditions of the policy beforehand. However, an ideal family health insurance covers:

• Room rent of the hospital or the nursing facility, including the registration charges.
• Nursing expenses during the time at the hospital as per advised by the medical practitioner.
• Fees of doctors
• The expenses related to medication and other surgical equipment needs during the hospitalization.
• Medication of all sorts, including allopathic, homoeopathic, or Unani or any other.

How can you avail the insurance amount?

This, too, varies from policy to policy. Most insurance companies follow two methods:

1. Daily allowance: If the hospitalization stay is for more than one day, then certain insurance companies provide daily allowance as per the policy.
2. Reimbursement: You can also choose to get your treatment done and then get the whole expense reimbursed from the insurance company.

Why Should You Consider Opting for Car Insurance Online?

Tags

Car Insurance, Car Insurance Online

Even people do not hesitate to buy clothes, furniture and TV online; but when it comes to buying insurance online; they get cold feet. So, if you are one of those who hesitates to buy insurance online; then you should know the benefits of buying online insurance:

1. Just like other products and services, the car insurance policy when purchased online is comparatively much cheaper than offline. This is because the online procedure has several operational savings and involves less paperwork.

2. Unlike the offline process; buying a policy online involves less documentation and the entire process can be done in just few steps.

3. With the car insurance policy online; you do not need to go out and stand in queues, as it can be done easily from the comfort of your office or home, or even from your smartphone, while you are on the move.

4. Unlike the offline policy, the online policy can be processed instantly and you do not need to wait for days to get your insurance policy issued.

5. For online endorsement, one just needs to submit a self-declaration form that can be done just by clicking on the mouse. While in case of offline endorsement the particulars need to be submitted to the insurance company with an endorsement form.

6. Before finalizing on the insurance policy that you want to buy online; you can review the feedback provided by the customers and can compare the features of the policies and the quotes of the insurances as well.

7. In addition to this, renewal of the policies is quite easy as unlike the offline policy, you do not need to fill the entire form again. Moreover, you can also get reminders so that you do not forget to renew your policy.

All these benefits explain why buying online car insurance is beneficial.

3 Instances Where Your Travel Insurance is a Saviour

A travel insurance is a necessity whenever you are travelling to a foreign country. Described below are the three instances where your travel insurance plays your saviour.

1. In case of loss of baggage

Loss of baggage or delayed arrival of baggage is a common scenario with the airlines these days. In such a scenario, the insurer helps you with some amount of money so that you can buy the essentials. To ensure that one is helped when needed, one should consider a company for travel insurance only if it has a good market reputation. A similar help is rendered to you in case of theft. The insurer will arrange some amount of cash and the important documents that you need to stay legally in the country.

2. Loss of Passport

Losing the passport is the worst thing that can happen to someone. This is because going around in a foreign country without a passport is a crime and if caught, you would be put behind the bars immediately.
But if you buy a travel insurance, you will not face any trouble just in case you lose your passport. This is because as soon as you inform the insurer, the concerned executive would ensure that you get your passport and visa at the earliest.

3. Personal accident and medical cost

Many a times, it so does happens that the weather of the new country does not go down well with a lot of people. They fall sick and are not always able to seek medical assistance due to high costs. In countries like the USA where the medical services cost an arm and a leg, travel insurance is a necessity. This is the reason why most people travelling there for a short period of time look for travel insurance for the USA.

Three Most Important Advantages of Commercial Auto Insurance

Tags

bus insurance, Commercial car insurance

Vehicles like cars and buses are used for commercial purposes also and when you buy vehicles for such a purpose, it is advisable to get a commercial auto insurance done.So, if you own a fleet of cars or a bus that is used as means of public transport, you must get commercial auto insurance.

The discussion below will help you identify the advantages of getting commercial insurance:

1. Commercial car insurance not only covers your vehicle against damages, but also the business equipment or people that you may be carrying in your vehicle. For example, if you carry catering equipment in your car and the car, unfortunately, meets with an accident, then the insurance company will also provide you with a compensation for this catering equipment as well as your car.

2. If the vehicle that is being driven by your driver meets with an accident injuring people and property, then a commercial auto insurance will help you meet the medical expenses, the attorney’s fees and the punitive damages that may be involved in such mishaps.

3. The commercial auto insurance also saves you from paying your driver’s hospital bills, in case he/she gets injured in an accident involving your vehicle.

So, if you are new in the travel and transportation business, the discussion below will help you understand why it is important to get commercial auto insurance for your vehicle. In fact, if you own a vehicle like a bus, it becomes all the more important to get bus insurance, as in such vehicles you not only carry goods but people too, and any damage to either of these can lead to huge monetary loses.

Here’s why you Should Buy a Car Insurance from a Reputed Company

Tags

Car Insurance, Car Insurance Online

Buying a motor insurance from a reputed company helps in providing security to your vehicle. In the unfortunate event of your car meeting with an accident, the insurance will cover the damages that are caused to the car due to the accident.
If you are interested in knowing the benefits of buying a car insurance from a reputed company, then given below is a list of the same:
1. A reputed insurance company will help you to get an insurance online right from the comfort of your home. Online motor insurance helps you in getting a policy document that is digitally signed and is immediately issued to the policyholder.
2. A reputed general insurance company provides you service at your doorstep. So, if you have a motor insurance policy, that needs renewal, then you can give a call to the company, and they will make arrangements to get your policy renewed by sending their representative to your house.
3. Motor insurance done from a reputed company will help you to get a hassle free cashless settlement.
4. A reputed insurance company will also make sure that they have a number of trained surveyors present to attend to claims immediately.
5. A reputed insurance company will also have a 24/7 customer service help desk available, which will help you in getting all your queries related to insurance resolved in the most efficient way.

Therefore, it is quite clear from the above discussion, that buying a car insurance from a reputed company will help you in getting hassle-free insurance coverage at an affordable rate.

4 Ways to Save Money on your Auto Insurance

Tags

Car Insurance Policy, Car Insurance Renewal

For most of us, paying for car insurance seems like a burden. It is mandatory to have a car insurance in India as these policy documents are very helpful when your car meets with an accident or theft.

A lot of us make the mistake of considering a car insurance as something that has a relatively fixed cost, however, it’s not so. It can be lowered which will help you save money. Once you are aware of what exactly affects your auto insurance rates, you can figure out a way to save on a four-wheeler insurance and get adequate coverage without.

1. Drop car insurance you don’t need

If you have an older car, it is time to drop comprehensive and collision coverage. Comprehensive coverage pays in case your car is either stolen, damaged by natural calamities, vandalized or hits an animal. Collision insurance, on the other hand, pays for damage to your vehicle in case it flips over or crashes into another vehicle or object.

If your vehicle is worth less than your deductible along with the amount you pay for annual coverage, then it’s time to not buy these coverages. Consider whether it’s worth paying for a coverage that may repay only a small amount and then get car insurance renewal accordingly.

2. Improve your credit and maintain a clean driving record

Your credit score plays a very important role in the rates you are quoted for car insurance. Car insurance companies use credit scores as a tool to gauge how risky a customer might be. You can improve your credit score by timely paying your bills and managing credit accounts responsibly.

You driving record is another deciding factor in setting the premium amount. Having multiple traffic violations and vehicular accident record will lead to higher insurance premiums.

3. Raise your deductible

Keeping your deductibles high can considerably lower your car insurance premiums. A deductible is the specific amount of money you have to pay before insurance benefits begin. When buying online car insurance, just make sure to select a deductible that is affordable. This is because you need to pay this amount when you have a car accident and make a claim. So raise your deductible only if you are confident that you have ample cash to cover it, in case you ever make a claim.

4. Take advantage of car insurance discounts

Insurance companies offer a plethora of discounts, however, they don’t always advertise them. Here are some ways you typically will get a significant discount for:

• Purchasing more than one policy from a single insurer, such as your auto and home insurance, or having more than 1 car insured.
• Driving a car with safety features, like airbags, anti-lock brakes and anti-theft devices like alarm systems.
• Having a good driving record with few or no minor accidents
• Being a student with high grades
• Completing an accident prevention or defensive driving course