Motor Insurance for Commercial Vehicle Explained

Planning to purchase a vehicle for commercial use? Do you have robust commercial Motor Insurance in place? A commercial vehicle plan covers the financial liability towards the driver and the victims in case of an accident. This is applicable to vans, cars, trucks, motorbikes, and any other vehicle you use for commercial purpose. Regardless of your business size, if you deal in goods manufacturing, export-import, or services delivery across different industries that involves the use of vehicles, you need a commercial motor insurance. However, it becomes a daunting task to select the insurance cover, when all service providers claim their policy to be the best. In such a situation, you must seek assistance from a reliable portal that allows you to compare motor online plans.

Who Needs Commercial Motor Insurance?

You must have insurance, if:

 Your vehicle is used as a medium of transport for people or goods

 Your employees operate company vehicles and your company is liable for accidental mishaps

 Your vehicle transports heavy goods, equipment, or tools

Difference between Private and Commercial Insurance?

The coverage offered by private and commercial insurance is similar and includes medical, collision, and liability costs. Still, the risks associated with both are different, thus the design of these plans varies, as well. The differences lie in limits, eligibility, exclusions, and coverage. Personal vehicle insurance cover relates only to the insured individual and dependents. In a commercial scenario, the motor insurance belongs to the company and includes details of all employees who would operate the vehicles to be covered under the scheme.

Subsequently, the premiums are slightly greater in commercial vehicle insurance than private Motor Insurance. However, businesses can enjoy price reduction benefits on their policy, with lesser number of accident claims. Hire only experienced and responsible drivers to minimize the chances of damages of property and people due to accidents. A good business has an effective training program in place to ensure that their drivers are well versed with the traffic rules while out on the road.

Why Opt for Online Purchase?

When you Compare & Buy Insurance Online, you compare the benefits, price, and terms & conditions covered under the policy. Subsequently, you get maximum benefits for a low insurance premium. Now, that's what we all need, isn't it?

Pre-Requisites for Signing up Motor Insurance

Documents required for purchasing a commercial motor insurance include: vehicle registration certificate, pollution certificate, and a recent fitness test certificate. Submit a copy of these documents with receipt of road tax, driver's license, and information related to new employees.

http://www.sooperarticles.com/finance-articles/insurance-articles/motor-insurance-commercial-vehicle-explained-1456916.html

How to Get Online Car Insurance

Everybody who drives a vehicle needs to have vehicle insurance. There are a lot of car insurance businesses in every area it can be tough to compare their prices. There are a lot of large vehicle companies on the internet, providing competitive policy services prices. Purchase car insurance on the internet and save money and time for yourself. Here following are tips how to get it.
Instruction
1. Prepare a list of your information, together with data about your vehicle. Keep this at the front of you while you seek vehicle insurance companies. You required your driver’s license number plus driving history (also dates of any current accidents) and personal data, like your social security number and your address. For your car you required accident history, mileage, license plate number, VIN (vehicle identification number), model and make.
2. Search vehicle insurance companies on the internet by typing ‘’car insurance’’ into the search engine. A lot of car insurance companies turn up in the search results. Fix with insurance companies you have listened of and can ask family and friends about. Select a Online Car Insurance company that explains you a price comparison of their quotes with other large companies on the internet. You can input your information and car information in once and obtain quotes from a lot of different insurance companies online.
3. Decide what kind your insurance coverage you require. There are a lot of different type of insurance coverage options and coverage policies for vehicle. When searching at the online website of the vehicle insurance coverage, have a look at the insurance coverage policies they provide. A lot of can allow you know the least amount coverage your area legally permits.
4. Enter your date into the PC to obtain a free quote. Ensure the online website states you obtain an online free quote. A lot of smaller insurance companies may let you to enter your data but will not show the quote information on the internet. They offer to make call you and chat to your regarding your car insurance requirements. An online website
quote is much quicker, and you can get all of the price comparisons at front of you at the same time, with not force to buy.
5. Select an Online Car Insurance company by comparing the quote of the coverage policies and the insurance coverage offered. Select one vehicle insurance company and visit to their online website. Get the car insurance policy to would like to make use of a credit card. A lot of insurance providers let you to print a provisional insurance coverage card instantly and send other in the email at the later date.
6. As a final point, review your insurance contract prior to sign on the marked line. Ensure you are not offering anything important, such as the legal rights to take a legal action your insurance provider for nonpayment.

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

WAYS TO GET ONLINE CAR INSURANCE QUOTE

A lot of car owners have been trying to get online car insurance quote for their cars. It is their own way of maintaining the security of their car and also the safety of the people who are going to use and ride on it. It has been a great demand to get online car insurance quote that is a reliable choice to have in owning a car. There are a lot of ways to get an insurance quote for your car but they are more popularly taken online. 

There are still people who have difficulty on how to get online car insurance quote but it is already easily right now due to the number of options you can choose from. You can call an insurance company directly and discuss all of your negotiations regarding your car insurance quote, or you call an insurance agent who only sells one brand of insurance and tell him/her the kind of insurance quote that you want for your car, also you can get online car insurance quote for free. Among all of those choices the free one should be the best for people who are conscious of their budget towards their car insurance quote.

Before you can get online car insurance quote for your car you must secure requirements needed for the process of your car insurance quote. Insurance websites that offer these will let you fill up a form and let you answer some questions before you can get online car insurance quote for free. One must take time in answering them answers accurately to give accurate information and to also have an accurate price of the premium that they will offer you. You must also take note to compare quotes as possible to make sure that you will have a very efficient premium. If you will get online car insurance quote you need to consider the insurance website’s reputation in the industry. You need to conduct a background check yourself to ensure the safety of your transactions. One good thing also to consider when you plan to get online car insurance quote is to be aware of the type of the car so that you will also be aware of the type of insurance to avail for it.

 It is better to make sure that you have not missed any single detail of the contract before signing yourself to something that you haven’t made sure that you are going to benefit out of it. Also you need to cancel your last vehicle insurance and try to compare the insurances that you have taken. There are many ways to get online car insurance quote that can help more people to be informed about it. If you get online car insurance quote it is a good advantage in protecting your very own car. You can also protect the people who will be reading and using your car if you are rest assured to get online car insurance quote especially for free. 

[Source: http://carinsurance-forum.weebly.com/37/post/2013/02/ways-to-get-online-car-insurance-quote.html]

Ad on Cover for luxury Cars

With India being an emerging economy, demand for luxury or high-end vehicles has been on a steady rise. A little-known segment, luxury cars have come a long way from a meagre 4,000 units in 2007 to selling 33,000 units in 2014. And, with this growth, the niche segment of insurance for high-end vehicles has also expanded.

The recent incident of a Lamborghini Gallardo going up in flames further stresses the need for motor insurance, more specifically for high-end vehicles.

Car insurance is an absolute necessity, more so when you are talking about Mercedes, Jaguars, Audis, and the like.

While insurance for all vehicles is essentially the same, what sets luxury cars apart is the premium you pay for them. But first, let’s look at the two types of motor insurance:

Third-Party Liability Coverage: It covers damages or injuries that you inflict on someone (or something).

Comprehensive Insurance: It is an extensive coverage spanning car damage, theft and personal accident cover.

Third-party coverage is mandatory but not adequate; so, comprehensive insurance becomes a must. You need coverage for both the actions — damage done by you and to you! But when buying a high-end car, don’t just be limited to these two basic covers. You should also opt for additional covers (or add-ons), specifically:

i) Engine and Electronic Circuit Cover: An EEC cover is extremely useful when driving in India, given the severity of rains. When submerged in water, the engine and electronic circuits of the car can get badly damaged and your regular insurance won’t be of help. For example, for BMW 3 series, getting work done on your engine can typically cost you anywhere between Rs 5 lakh and Rs 8 lakh.

ii) Consumables Cover: If you take this cover, you don’t have to be worried about the damage that can be caused to consumables (parts that can be replaced) due to accidents or normal wear and tear. The cover gives you protection for items that are unfit for further use.

For instance, replacing a set of four tyres for a luxury car can cost you anywhere upward of Rs 60,000. Similarly, replacing the car’s bumper can leave you poorer by at least Rs 65,000.

iii) Registration/Invoice Cover: This add-on cover is useful in case of car theft or significant damage to the vehicle. The insurance company will pay the invoice value of the car, including first-time registration charges and road tax.

Insurance Premiums and Claims

Insurance premiums for luxury cars have been on a steady rise over the last couple of years.

Most recently, for cars exceeding 1,500 cc, insurance premiums for third-party cover have been raised by nearly 30 per cent, effective April 2015. Insurance in premiums is also driven by increase in claims.

According to an IRDAI circular dated April 15, premiums will be decided based on several factors, including average claims, frequency of claims and inflation. Consider this: In March 2013, the ratio of claims to premium paid posted an unprecedented increase of doubling to 80 per cent over the previous year.

To choose the best cover, compare rates and look for a comprehensive cover rather than just low premium. After all, when you buy an expensive car you may as well go for a slightly higher insurance package.

[Source: http://www.policybazaar.com/motor-insurance/car-insurance/articles/ad-on-cover-for-luxury-cars/]

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http://www.bajajallianz.com/Corp/motor-insurance/car-insurance.jsp

How Is The Car Insurance Premium Calculated In India?

Car insurance in India is mandatory for every vehicle, which is running on the roads. Generally, all new cars arrive with an auto insurance policy, which is valid for about a year and then needs to be renewed. 

There are a number of government and private firms in the nation that deal in auto insurance for each and every model. All the buyers of the nation are aware of the fact that after

availing an auto insurance policy, they have to deposit a certain amount of premium each year. This car insurance premium ensures that the policy is continued without any problems. However, most of the people will be unaware on what basis is this premium calculated by the concerned insurer.

There are basically two types of car insurance in India – a third party insurance and a comprehensive package. Former covers damages for a third party, which has undergone injuries in case of any collision, while latter is dedicated to covering damages for the insured vehicle as well as the liability (third party).

The premium for car insurance in India is calculated on the basis of Insured Declared Value (IDV) of the specific model, No Claim Bonus (NCB) and any other discount/offer included in the scheme. Interestingly, all these 3 factors are used to calculate the comprehensive premium/package and are not applicable for the liability or third party. The Insurance Regulatory and Development Authority (IRDA) decide the insurance premium for liability and may change it accordingly.

To calculate the car insurance premium, first the IDV of the model is examined by the insurer. The IDV is based on the ex-showroom of the car and changes annually as per the depreciation rate of a certain model. This depreciation rate for cars is as follows:

·         5 percent for a car not exceeding 6 months

·         15 percent for a car exceeding 6 months but less than 1 year old

·         20 percent for a car exceeding 1 year but less than 2 years old

·         30 percent for a car exceeding 2 years but less than 3 years old

·         40 percent for a car exceeding 3 years but less than 4 years old

·         50 percent for a car exceeding 4 years but less than 5 years old

For the used cars, which have exceeded 5 years, the insurance premium is calculated on a mutual consent between the insured and the insurer. After calculating the IDV, the NCB of the car is calculated on the basis of claims made by the insured person in the previous year.

A person is entitled to a No Claim Bonus if he/she has not made any single claim in the previous year of the auto insurance policy. In case, the NCB gets accumulated for more than a year, chances are that a person might avail a staggering 50 percent discount on the overall premium amount.

There are also few other discounts and offers an insured buyer is entitled to apart from the NCB. These benefits are given to a car owner in case he/she integrates the vehicle with an anti-theft device or obtains a membership of Automobile Association of India (AAI) or opts for a voluntary deductible.

Also, if there are any additional accessories in the car that are not involved in the selling price or catalogue of the manufacturer, the premium of such features will be calculated separately. After maintaining and calculating all these records, the car insurance premium for each model gets generated every year.

[Source: http://www.cartrade.com/blog/2014/car-finance/how-is-the-car-insurance-premium-calculated-in-india-665.html]

Don’t overlook General Insurance!

Generally, we are very cautious while taking a loan or a life insurance policy to save those last minute surprises. But most of us have a misconception about general insurance that choosing a tailor made policy will take care of you and your belongings. Besides the required coverage and sum insured, it is important to ensure that the final policy document of a general insurance should comply with all the terms that the agent / insurer has agreed with you.

A few things that should be cross checked in a GI policy

Personal Details-

In case of health insurance policies even a misspelled name or a wrongly entered age can cause rejection of a claim. For others, a full description of the property has to be given to the financier. Commercial policies should have correct door numbers if the insurance is for a building and correct serial numbers in case of machinery.

Vehicle Details-

Vehicle models or seating capacity can be entered wrong if the software of the insurance company is not updated with that particular vehicle model. If you have made any alterations in the vehicle, like seating, LPG kit etc, check whether it has been entered in your policy. Errors in registration numbers can also cause disputes when claims arise.

Hypothecation-

If your belongings are hypothecated to any bank or financial institution, the details of the same should be mentioned in the policy. This is because in case if the property is lost, the claim has to be settled against the financier and not to the insured.

Address-

The address of the insured to which all communications in respect to the car insurance India contract should be sent is important. There is a practice among agents to direct the communications of their clients through them. It is better to make communications direct than routing through agents, as there are chances of delay or failures in passing them on the right time. For example, a renewal notice if not reached on time can put you in trouble if a claim comes during the lapsed time or you can lose your No Claim Bonus.

Period of Insurance-

Always check the date of issuance of the policy. Delay can happen in policy issuance even if you had paid cash for renewal to your agent. Always ensure that your policies are renewed at least a day before the date of expiry. Because, in case if an event occurs even in an hour’s gap between policy expiry and renewal, the claim will not be considered.

Sum Insured-

Ensure that correct estimate of the assets are made, to avoid the risk of under insurance or over insurance. For commercial policies, the average value of the products in your premises and their possibilities of wear and tear should be mentioned. Don’t ever compromise on asset value for getting a lower premium. Cross checking the insured amount and value of your assets on a regular basis is highly recommended.

Things Covered and Not Covered-

Insurance companies today sell products in combinations as package policies, both pre underwritten and underwritten after considering the needs of customers in different segments. Ensure that your policy covers all your needs, considering all risk factors associated with your product service or belongings.

Third Party Insurance

The obligations of the insured in relation to the subject matter of insurance to those who are associated with it in case of occurrence of a claim are covered under the third party section of the policy.

For example, if a fire damages a customer’s car in your workshop, you are liable to your customer also. In auto-loans third-party component is compulsory. But in others we can make a choice considering the possibilities.

Carefully choose them in consultation with an expert in the field and check with the policy documents whether all are covered.

[Source: https://blog.bankbazaar.com/dont-overlook-general-insurance/]

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Different Types of the Car Insurance in India

Accident protection or the insurance in India manages the protection or the insurance covers for the misfortune or harm that is created or caused to the auto or its parts because of regular or natural and man-made cataclysms or the calamities. It gives mischance spread to individual proprietors or owners of the vehicle while driving furthermore for passengers and outsider legitimate risk. There are sure general insurance agencies who likewise offer online protection and insurance administration for the vehicle.

Accident protection in India is a mandatory and compulsory necessity for every single new vehicle utilized, whether for business or individual or personal utilization. The Hyundai car insurance agencies have tie-ups with the driving and the leading auto producers and the manufacturers of the auto mobiles. They offer their clients the instant auto quotes. Auto premium is dictated by various variables and a numerous factors, and the measure of premium increments with the ascent and an increase in the cost of the vehicle. The cases and claims of the Accident protection in India can be coincidental, burglary cases or outsider cases. Certain records and documents are needed for asserting and claiming the Accident protection and insurance in India, as rightfully marked case structure, RC duplicate of the vehicle, driving permit duplicate, FIR duplicates, original appraisal and policy duplicate.

There are distinctive sorts of Accident coverage or the Car insurance in India, that are as follows:

Private Auto Protection or insurance:

In the Maruti car insurance in India, Private Auto Protection is the quickest developing division as it is said to be necessary for all the new autos. The measure and amount of premium rely on upon the make and estimation or the value of the auto, the state where the auto is enlisted and the year of assembling and manufacturing.

Bike Protection and insurance:

 The Bike Protection and insurance under the Accident coverage and cheap car insurance in India covers unplanned protection for the drivers of the vehicle. The measure and amount of premium rely on upon the current showroom cost reproduced and multiplied by the deterioration rate settled by the Levy Bulletin Board at the season of the start of approach and policy period.

Business Vehicle Protection:

Business Vehicle Protection and insurance under the Accident coverage in India gives spread and cover to all the vehicles which are not utilized for individual purposes, similar to the Trucks and HMVs. The measure and amount of the premium rely on upon the showroom cost of the vehicle at the initiation of the protection period, make of the vehicle and the spot of enlistment of the vehicle.

The Mahindra car insurance by the large incorporates and agencies:

•          Loss or harm coincidentally or accident, fire, lightning, self-ignition, outside blast, robbery, house breaking or burglary, pernicious or malicious act.

•          Liability for outsider harm/passing or death, outsider property and risk to paid driver

•          On installment and payment of fitting extra premium, misfortune/harm to electrical/electronic extras

The collision protection does exclude:

•          Consequential misfortune, deterioration, mechanical and electrical break down, disappointment or breakage

•          When the vehicle is utilized outside the geological zone

[Source: https://www.reliancegeneral.co.in/Insurance/Blogs/Car-Insurance/Different-Types-of-the-Car-Insurance-in-India.aspx]

Cheap Car Insurance Tips

Cheap car insurance is basically the forte around these parts and we’re always happy to pass on the savings we discover to you. Some new, some just worth a revisit, it is important that you read and absorb all the tips we supply you with, if you’re in saving money on your car insurance. Here are this weeks cheap car insurance tips:

Give EFT payments a chance!

We understand the appeal when it comes to mailing in your car insurance payments. It helps you readily balance your check book, you feel like you’re more in control, and it just seems like less of a hassle. In actuality, it’s not a productive way to pay ANY bill, far less, your car insurance bill.

Some companies actually charge for this method of payment, and while it may seem like just five dollars, that’s five dollars of your money that could be better utilized. Check for your provider’s online payment platform options, and investigate their EFT options. 

Electronic funds transferal makes payments clean and automatic, freeing up your time and in some cases your cash flow. If you choose to have your car insurance payment deducted from your credit card, if means your actual cash-in-hand is available to you for other important things. EFT payments are also an easier way for car insurance companies to determine your level of commitment or ability to commit to the policy.

Times change, circumstances change, and when you were initially assessed when procuring your cheap car insurance, you may have been considered low-risk. If things have changed since then, or you miss a couple consecutive payments, you could be revaluated as high-risk. Essentially having an active, validated credit card on file means that your payments will be processed and more importantly, you have a pre-established ability to pay consistently.

Thinking of renting? You may just be able to forego that bit of coverage!

Sure you’ve got yourself a brand new whip and you’ve gone ahead and invested in comprehensive and collision coverage (as well you should for a more valuable vehicle). But there may come that inevitable time when your lifestyle finds you in a position that requires that you rent a vehicle. Luckily, many car insurance companies offer extended coverage to rental vehicles, if the policyholder has comprehensive and collision coverage on their newer/more valuable personal vehicle.

This is an excellent way to save on what can often be a bit of a nagging cost. This particular tip isn’t something that any and everyone can benefit from. We’ve specified newer-car owners or those who have more expensive cars on their policy. These cars usually require more insurance considerations, and a moderate benefit of said considerations is that certain car insurance companies will cover rental insurance as well. if your car’s more worse for wear and less valuable by comparison, you should go ahead and fork out the extra for rental insurance.

Do you have car insurance questions that we haven’t already covered in this or our previous posts? Feel free to post a comment, and we’ll be sure to provide you with direction to the most appropriate resources. In the mean time, read this week’s post and keep the info in mind!

[Source: http://www.insurancequotesfast.com/blog/cheap-car-insurance-tips/]

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Things to know before buying a car insurance policy

In case, you want to buy car insurance policy, it is crucial to ensure that you know about the plot. There are many motor insurance india plans available on the market these days. You need to know what each plot offers and how exactly the features will benefit you. Also compare a lot of quotes to know what each insurance company is offering you. Choose on a plot that fulfills your specific requirements and budget plot.

Car insurance india is one of the most crucial legal aspects when buying car. There is no dearth of vehicle insurance corporations that present you with a selection of car insurance policies. One requires being extremely cautious while buying a car insurance india for the reason that it will determine the extent of cover under the event of any mishap that hurts the car or the driver. Stated below are a few things that you must consider before you buy car insurance policy.

Cover Requirement

It is crucial to know the type of cover you want. You should also know the minimum cover requirement as per the law. You can get this info on various insurance company sites.

Shopping

Do not buy car insurance policy from the first company that encounter with. It is suggested that you indulge in obscure shopping for quotes with different companies. You should compare the quotes in conjunction with features provided by each plot before small listing the prospective insurance india service provider.

Background check

This is crucial and highly recommended read and know the market standing of insurance company in your prospective list. Try to visit a number of review forums and consumer forums to avail a first-hand feedback about financial standing of the company and their service patterns.

Declared value

Your insurance cover majorly depends on the insurer’s declared value or IDV. This value is determined by your insurance corporation. It is suggested that you investigation and know the limit that influence the IDV.

Know your policy

It is crucial that you know the exact nuances of your car insurance india policy. It is best to elucidate all your uncertainties before you sign the dotted line.

Fine print

Consumers usually tend to ignore the fine print. It is vital that you read the fine print carefully. Most of the disclaimers are in fine print. Hence, make sure you don’t miss out on them.

Claim calculations

You need to check with your agent about the claim calculation procedure. Claims are usually paid on downgrade value of the car hence it is significant to verify what are standard depreciation slabs as stated by the law.

[Source:https://carinsuranceonline2015.wordpress.com/2015/12/30/things-to-know-before-buying-a-car-insurance-policy/]

How to choose the right car insurance company?

Choosing which insurer to purchase a car insurance policy from is a decision that cannot be taken lightly. Even though you can end or renew the policy a year later, there%u 2019s no telling the extent to which you may need the insurance cover you are paying for.

Here are the factors you must evaluate before deciding upon a particular insurer.

Premium: For insurance policies, the lesser premium you pay, the smaller the amount you can claim. There are some inextricable parts of any robust insurance policy you shouldn%u2019t do without, even if they cost a little more.

Essential riders: There are 7 major car insurance riders every car owner must consider including in their insurance plan. These riders provide additional yet essential benefits at an additional cost. These include:

The personal accident cover, which financially safeguards you against unforeseen events causing bodily harm, such as Accidental Death or Permanent Total Disability arising due to a road accident;

Rental reimbursement rider, which covers the cost of renting a car when your own vehicle is being repaired;

Road side assistance rider which offers facilities like fuel refilling, battery jumpstarting, lost key replacement, legal advice, etc.

Andmany more

Check reputation and financial standing: Motor insurance is a two-way street: you pay for the coverage and your company provides the coverage. You need to make sure your company can pay your damages when required. Going through online reviews, speaking to friends and relatives, and staying abreast with financial news can help you keep track of the motor insurance company's reputation. To check an insurer%u2019s claim settlement ratio history, you can visit IRDAI%u2019s website.

Convenience: The insurer you opt for must have a well-established digital presence so that you can file claims online. A mobile app is a huge plus, especially if it lets your renew your car insurance policy instantly. This would also make it easy to get a car insurance plan online as you get a digitally signed policy through their portal.

Cashless garage network: One of the worst parts of getting into a car accident is having to find a garage that can fix it efficiently and without delay. Some advanced insurers offer a cashless garage facility wherein, if you get your car serviced at a garage that is part of your insurer%u2019s network, you can get it fixed under a cashless claim.

Customer service: Beyond getting yourself an insurance policy, what%u2019s equally important is how responsive your insurer is to any issues or questions you may have. One quick way to check this is to visit the insurers%u2019 websites and contact them via social media or online contact forms and assess how quickly and helpfully they respond.

Is there something else you%u2019d want to know about a car insurance company before deciding to buy an insurance claim from them? Comment below and we%u2019ll help you out.

[Source: https://carinsuranceonline2015.wordpress.com/2015/12/11/how-to-choose-the-right-car-insurance-company/]

5Types of Car Insurance Coverage Explained

So you’re walking back to your car after a long day at work and you find that there’s a big scratch on the side of your car door. You’re pretty sure someone vandalized your car while you were away. It’s natural to get pissed in situations like these and if you’re like most drivers, would ask whether your car insurance will cover the damage to your vehicle.

Nightmare situations like these are what make car insurance important to car owners. It’s not just a scratched or dinged car door that could happen to your car. Having your car stolen, or worse, getting involved in a car accident that puts you and the lives of your passenger in mortal danger are other events where a car insurance can be really useful.

To know whether you’re protected financially by your insurance company should these events happen to you, you need to know about the different types of car insurance coverage. This can help you decide on what coverage to get when you apply for car insurance or have it renewed. Here are five types of car insurance coverage you should look into.

1. Liability Insurance

Most countries make liability insurance mandatory for car owners so this is a pretty basic car insurance coverage that you could get. Should you be involved in a covered car accident that you are responsible for, liability insurance will cover the cost of the damaged property or the medical bills of people injured in the accident up to a certain amount as specified in your policy.

2. Comprehensive Coverage

If you get a car insurance with comprehensive coverage, you can make a claim should you fall victim to someone scratching your door while you left it parked outside. This type of coverage covers a wide range of losses that are not caused by an auto accident. If you’re still paying your car, your lender could require you to get comprehensive car insurance.

3. Collision Coverage

As its name implies, you can make a claim from your insurance company for the cost to repair your car should you get into a car accident. If the cost of the repair exceeds the value of the car, (or in other words your car is “totalled”)  then this type of coverage will pay the value of the car.

4. Personal Injury Protection

Road accidents are one of the major causes of death in many countries around the world. The medical bill for drivers and passengers involved in car accidents can be quite significant so getting a car insurance with personal injury protection cover can help protect your finances should you get into an accident.

5. Rental Car Insurance

If you fly frequently and drive a rental car, you might want to consider getting a car insurance that has rental car cover. This is usually an optional cover so if you don’t see yourself driving a rental car in the future, then you might want to leave out this cover to bring down your premium.

A car is an important investment. By getting comprehensive car insurance, you do more than protect that investment—you also spare yourself from the stress and the worry in case of unexpected events.

[Source: http://blogs.rediff.com/carinsurance/2015/12/08/sanjay/]

How to negotiate lower Car Insurance

With each call, you should say, “AAA (or whoever) is offering to insure me for $XXX less” (silence). See what they do. (Note: Negotiating lower insurance using this technique is much harder to do with car insurance companies than banks, so don’t expect very much from this.

How much would I save if I insure my car and house with you?

What about renewal discounts? How long have I been a member with you? What can you offer me as a discount for long-term membership?

Can I save money by pre-paying my entire year up front?

Let’s check my car. I know other firms offer discounts for features like anti-lock brakes. What about you?

What kind of low-mileage discounts do you offer?

If I enrolled in a defensive-driving course, what kind of discount would you offer? Oh, really? Which courses qualify?

What about discounts for my employer? (Tell them the specific name of your employer?)

Some car insurance companies offer discounts for low-risk occupations (engineers). What kind of competitive rates do you offer?

Am I paying for roadside assistance? What other additional “benefits” am I paying for? (If you already pay for AAA, you don’t need roadside assistance through your car insurance. Also, check your credit card: They may offer roadside assistance (but call them and ask how much it really costs if you have to use it.

Can you walk me through the deductible changes I could make to save money? (Deductibles are what you pay before your insurance policy kicks in. By requesting higher deductibles, you can lower your costs substantially. For example, increasing your deductible from $200 to $500 could reduce your collision and comprehensive coverage cost by 15 to 30 percent. Going to a $1,000 deductible can save you more than 40%. Before choosing a higher deductible, be sure you have enough money set aside to pay it if you have a claim. More details here.

AAA, Costco, credit cards, and large employers, associations (AARP, teachers’ union): Many of these offer discounts on car insurance. Log onto their website and browse to “perks.”

Read more ways to save on car insurance.

It seems like a lot of work, but the savings are substantial. I took screenshots of the different rates that different insurance companies were offering me:

[Source: http://www.iwillteachyoutoberich.com/blog/tip-13-negotiate-your-car-insurance/?utm_referrer=https%3A%2F%2Fwww.google.co.in%2F]

Compare Car Insurance Online

Even though, you can do your utmost to keep your vehicle safe, you cannot avoid damages due to some unavoidable circumstances. Auto insurance or car insurance in India can provide the insurer several benefits and can help keep it up and running. In India, third party motor insurance is mandatory under 1988's Motor Vehicle Act. Online car insurance or auto insurance plans provide financial support to the insurer in the event of damages because of accidents, fire, explosion and the likes. At GIBL, you can compare car insurance online and choose the best plan available in India for your vehicle with latest tools and techniques available.

What is covered under Car insurance in India?

·         Third party liability: This online car insurance policy provides compensation for damages caused to third party vehicle due to your fault.

·         Accident coverage policy: The coverage is against all types of accident that cause damage of your insured vehicle.

·         Comprehensive coverage policy: This is one of the most profitable types of auto insurance policy. In this online car insurance policy, thefts or accidental damages are compensated. Moreover, the policy also provides coverage for personal accidents.

Why should you compare online car insurance plans?

All auto insurance companies in India provide plenty of benefits at a reasonable price. GIBL's comparison site brings forth all those renowned insurance providers to facilitate a flawless car insurance comparison experience in car insurance. Here, you can compare car insurance features of various insurance policies and buy the best car insurance online the best possible plan that suits your requirements and budget. As a consumer you can rightfully gather knowledge on various car insurance online policies available in the market and understand what is covered and what's not. GIBL's blog posts and articles can help you understand the terms and clauses of online car insurance policies in a better way.

Benefits of choosing Car Insurance policy from GIBL

·         Get best quotes of top car insurance in India

·         Insurers can avail information about newly added benefits

·         Latest information on offers and discounts to assist you save money on annual premium

·         Get the best car insurance comparison within few minutes

·         Purchase motor insurance plans online instantly

·         Free consultation with GIBL's auto insurance experts to get most comprehensive car insurance policies

·         Get the best comparison rates directly from the insurer

·         Availability of support and reminder service for renewal of car insurance

Car Insurance Renewal

When the time of your car insurance renewal comes, it is best to reconsider your existing auto insurance company. You should assess if the plan was able to deliver all the promised benefits or not. If you are unsatisfied you can choose not to renew your current auto insurance policy; instead you can search and find better car insurance in India and opt for the one that is worth spending your hard-earned money. You have to renew your car policy as per the expiry date of your policy. GIBL offers unique renewal facility online to facilitate policyholders' quick renewal just by submitting policy details and making payment. It takes just a few mouse clicks you to renew your motor policy from the comfort of your home. When it comes to car insurance in India, GIBL is your one-stop solution.

[Source : https://bestcarinsuranceblog.wordpress.com/2015/11/10/get-the-best-car-insurance-renewal-plans-online-in-india/]

Is Vehicle Insurance Tax Deductible?

If you are self-employed, are an independent contractor or if you use your vehicle for any business purposes beyond commuting to and from work, your auto insurance premium is likely tax deductible. However, if you use your car for both personal and professional reasons, only the portion of expenses associated with business use are tax deductible and must be prorated accordingly.

Tax Deductible Premiums: 3 Scenarios
those who receive non-employee compensation are required to submit a 1099 form to the IRS. If you receive income as a business owner or as an independent contractor, you’re receiving non-employee compensation and may be eligible for a tax deduction on your auto insurance. Likewise, if you are a full-time, salaried employee and use your car for work, you may also be eligible for auto expense-related tax deductions. Let’s look at three different scenarios in which deducting a portion of your insurance premium would be applicable:

Business Owner – You’re the sole proprietor of a home remodeling business. 60% of the total miles you drive are spent traveling to and from clients’ homes and back and forth between materials suppliers. Thus, 60% of your auto insurance premium payments will be tax deductible.

Contractor or Freelancer – You’re a freelance photographer and drive 15,000 miles a year, 7,500 miles of which you spend traveling to and from assignments or scouting locations. In this scenario, 50% of your auto insurance premium is tax deductible.

W-2 Employee or Salaried Employee – You are a full-time, salaried executive assistant and run frequent errands for your employer using Vehicle Insurance for your own car. The errands you run for work comprise 15% of your total miles driven. If your employer does not reimburse you, 15% of your total car expenses is tax deductible, including 15% of your insurance premium.

Standard vs. Itemized Deductions
you can choose to deduct driving-related work expenses by using either the standard per-mile deduction rate (for 2014, the rate was .56 per mile) or you can calculate the total cost of your actual expenses.

The standard rate makes calculating expenses simple for self-employed taxpayers. The typical costs of fuel, insurance, depreciation, repairs, tolls, parking fees, licenses and other vehicle expenses are factored into the calculation of this rate. Many Americans who frequently use their vehicles for business purposes elect to use this standard mileage deduction.

Drivers who use relatively expensive vehicles for business purposes may be better off electing to deduct their actual expenses. For example, if you own a 1-ton diesel pickup truck and use it for business-related winter activities such as snow-plowing, you may determine that the per-mile cost of operating this truck is much more than the average vehicle and therefore more than the standard per-mile rate. However, if you choose to itemize your actual deductions, be sure to keep track of your mileage, as well as comprehensive records of all auto-related expenses.

Use the Most Advantageous Option
The IRS encourages taxpayers to calculate their deductions using both methods. The IRS website says: “If you qualify to use both methods, you may want to figure your deduction both ways to see which gives you a larger deduction.

Non-Eligible Expenses
you can only deduct expenses for which your employer does not already reimburse you. If you have a home office, you can deduct all work travel during the day except your first and last rides to and from home. These trips are considered your “commute,” and expenses related to your regular commute to and from work are not tax deductible.

You may also wonder whether or not the premiums you pay for the medical expense portion of your policy can be used as a medical deduction; they cannot.

Not All Vehicles Qualify
The IRS defines a vehicle for the purposes of work-related driving as a four-wheeled vehicle designed for use on public roads. This eliminates motorbikes, scooters and bicycles. The IRS also specifically excludes certain specialty vehicles like taxis, moving vans and ambulances. Vehicles that weigh over 6,000 pounds are also excluded.

For more detailed information, talk to your local tax specialist and give us a call at (800) 258-5101 to find the auto insurance policy that best fits your personal and professional driving needs. You can also find us on the web at AnswerFinancial.com.

[Source: http://www.answerfinancial.com/insurance-center/is-auto-insurance-tax-deductible]