Auto Insurance is mandatory and thus it will help if one can find cheap auto insurance. Besides being compulsory it is one of the most important types of insurance these days, after health insurance, life insurance, and home insurance.
Automotive or Motor insurance is required by law and one should be purchased as soon as the vehicle is purchased if it is the first vehicle owned by the person.
If you already have automotive insurance then you can transfer your policy from one car to another without any problem so long as the car title is in the name of the insurance holder. Auto insurance can be costly for some people, especially if they have a poor driving record or a bad credit score, but most people without traffic tickets or accidents will pay considerably less than other drivers.
One of the major benefits of acquiring a cheap auto insurance policy is
• the ability to pay the premiums on time, every time, without worrying where the money for the payments will come from.
Paying your insurance premium on time can get challenging for few. One should be careful not to miss even one payment of a premium, as this can cause the policy to become null and void, which means you will be driving without a valid auto insurance policy. Some auto insurance companies will provide their customers with the chance to pay their premiums in blocks, divided up into four payments every six months, so that they do not have to pay the entire premium at once. Make use of the competitive market situation to get the policy most suitable to you as an individual.
Showing posts with label Auto Insurance. Show all posts
Showing posts with label Auto Insurance. Show all posts
Tuesday, December 28, 2010
Saturday, October 23, 2010
Auto Insurance Policy | Common Exclusions
The insurance policy jargon is such that most of us find it difficult to understand. In fact it is not surprising, that many people don’t even fully read their insurance policy. The reason is that all standard insurance policy contracts are long, boring, confusing, and actually, misleading. For example, in many cases a coverage is excluded in one section, only to be added back later on in the policy. It can get frustrating, that you need a lawyer or an expert, to help you understand what exactly is covered.
There are few common misconceptions about what is and what isn’t covered in an insurance contract, which can be cleared by understanding the policy exclusions.
1. Delivery for Commercial Purposes: If you pick up a job delivering pizzas a few nights a week, there will be no coverage from your personal auto insurance, if you happen to get in an accident while delivering. Commercial deliveries are excluded from the standard personal auto insurance policy.
Always check with the company you are working for, to see if they have a commercial auto policy, that will cover you, while you make deliveries.
2. Company Vehicles: The insuring agreement of personal auto policy excludes, “coverage for the use of a vehicle furnished or available for your regular use.”
For instance: Your employer supplies you a company vehicle. Suppose your spouse also has a car of their own, which is insured under a personal auto policy, which you are named under. If your spouse were driving your company car, she has no coverage under the commercial auto policy.
3. Vehicles not Considered Autos: Auto insurance doesn’t cover all things with a motor. Typical exclusions include boats, four wheelers, motorcycles, go carts, and golf carts.
Before adding this on to your auto policy, first check with homeowners insurance, to see if it’s covered through your policy. In most cases, you have to add a special endorsement, either to your home or auto insurance, or buy a separate policy.
4. Personal Contents: The gadgets we carry in our cars today are not cheap. The combined cost of even a cheap cell phone costs, your CD collection and iPod, you’re easily approaching Rs20, 000 of personal contents in the car. Unfortunately, if someone were to break into you car and steal these items, none of that is covered under your auto insurance policy.
However, personal contents are covered under your home/renters insurance policy.
Endorsements to Insurance Contracts: All of the above are excluded from the standard insurance contract. That doesn’t mean that individual carriers, can’t add them back in. Adding coverage to a policy is called an endorsement.
The next time you’re reviewing your insurance agreement, check to see what your policy is endorsed for. There are a lot of special perks, the better insurance companies will give, that often go unnoticed.
To conclude: It is a good practice to read your insurance contract. Set aside just a few minutes of your time, to get through your auto, home, life, and health insurance contracts. It is bound to prove beneficial and you will definitely learn a lot.
There are few common misconceptions about what is and what isn’t covered in an insurance contract, which can be cleared by understanding the policy exclusions.
1. Delivery for Commercial Purposes: If you pick up a job delivering pizzas a few nights a week, there will be no coverage from your personal auto insurance, if you happen to get in an accident while delivering. Commercial deliveries are excluded from the standard personal auto insurance policy.
Always check with the company you are working for, to see if they have a commercial auto policy, that will cover you, while you make deliveries.
2. Company Vehicles: The insuring agreement of personal auto policy excludes, “coverage for the use of a vehicle furnished or available for your regular use.”
For instance: Your employer supplies you a company vehicle. Suppose your spouse also has a car of their own, which is insured under a personal auto policy, which you are named under. If your spouse were driving your company car, she has no coverage under the commercial auto policy.
3. Vehicles not Considered Autos: Auto insurance doesn’t cover all things with a motor. Typical exclusions include boats, four wheelers, motorcycles, go carts, and golf carts.
Before adding this on to your auto policy, first check with homeowners insurance, to see if it’s covered through your policy. In most cases, you have to add a special endorsement, either to your home or auto insurance, or buy a separate policy.
4. Personal Contents: The gadgets we carry in our cars today are not cheap. The combined cost of even a cheap cell phone costs, your CD collection and iPod, you’re easily approaching Rs20, 000 of personal contents in the car. Unfortunately, if someone were to break into you car and steal these items, none of that is covered under your auto insurance policy.
However, personal contents are covered under your home/renters insurance policy.
Endorsements to Insurance Contracts: All of the above are excluded from the standard insurance contract. That doesn’t mean that individual carriers, can’t add them back in. Adding coverage to a policy is called an endorsement.
The next time you’re reviewing your insurance agreement, check to see what your policy is endorsed for. There are a lot of special perks, the better insurance companies will give, that often go unnoticed.
To conclude: It is a good practice to read your insurance contract. Set aside just a few minutes of your time, to get through your auto, home, life, and health insurance contracts. It is bound to prove beneficial and you will definitely learn a lot.
Monday, October 11, 2010
How to find cheap auto insurance?
YES, Cheap Auto Insurance is possible. But getting it cheap is synonyms with little extra work to take advantage of savings that aren't always advertised. Here is heads up to what you need to know to find the best deal on auto insurance:
Shopping ability
If you want to cut down your insurance costs, you need to do two things;
1. Understand exactly how much coverage you need. The question is how much you'll pay for coverage in these three categories:
a. Bodily injury liability for a single person,
b. Bodily injury liability for all injured parties and
c. Property damage liability.
2. Compare before you shop. When it comes to getting the best deal on your auto insurance, you have to compare auto insurance quotes. You can use online calculators available on www.bimadeals.com to streamline your search as well as reach out to our customer care representatives for a quote.
Cut costs
There are various ways to save on auto insurance but nothing beats to cutting costs. How?
• You can raise your deductible, but the downside is that you'll pay more out of pocket after an accident.
• Or reduce your coverage. You don't want to go below your state's minimum guidelines, but if you're looking to save, you need to ask if you're overvaluing your assets and the coverage you need.
• You may want to drop some coverage altogether. It may not add up to much, but you may not need coverage that provides rental car and towing coverage.
Look for discounts
Yes, its true the key to cheap motor insurance is to maximize discounts. Insurers have been known to offer discounts based on the type of work you do, your driving record and whether you're married. Insurers also offer discounts for those who pay their yearly premium in full, and there's usually a discount for insuring more than one vehicle on the same policy.
So, follow these basic tips and get the cheapest auto insurance easily.
Shopping ability
If you want to cut down your insurance costs, you need to do two things;
1. Understand exactly how much coverage you need. The question is how much you'll pay for coverage in these three categories:
a. Bodily injury liability for a single person,
b. Bodily injury liability for all injured parties and
c. Property damage liability.
2. Compare before you shop. When it comes to getting the best deal on your auto insurance, you have to compare auto insurance quotes. You can use online calculators available on www.bimadeals.com to streamline your search as well as reach out to our customer care representatives for a quote.
Cut costs
There are various ways to save on auto insurance but nothing beats to cutting costs. How?
• You can raise your deductible, but the downside is that you'll pay more out of pocket after an accident.
• Or reduce your coverage. You don't want to go below your state's minimum guidelines, but if you're looking to save, you need to ask if you're overvaluing your assets and the coverage you need.
• You may want to drop some coverage altogether. It may not add up to much, but you may not need coverage that provides rental car and towing coverage.
Look for discounts
Yes, its true the key to cheap motor insurance is to maximize discounts. Insurers have been known to offer discounts based on the type of work you do, your driving record and whether you're married. Insurers also offer discounts for those who pay their yearly premium in full, and there's usually a discount for insuring more than one vehicle on the same policy.
So, follow these basic tips and get the cheapest auto insurance easily.
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