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/]

Find the Best Car Insurance for You

Stop paying more than you need for car insurance. MoneyMax.ph gives you the power to compare premiums from different insurance companies so you can choose the best one for you. Whether it’s for personal or commercial cars, finding the right car insurance doesn’t have to be complicated. Read on for more information on car insurance, how it works, and how you can benefit from it.

What is Car Insurance?

Car Insurance is a contracted policy purchased by a vehicle owner where the insured pays a certain amount of premium in exchange for coverage given by the insurance company. The scope of coverage depends on the policy purchased. It can be as simple as coverage for bodily injury and death of a third party, to more complex protection against loss of property, personal injury, theft, and more.

Where Did Car Insurance Come From?

The concept of insurance was built to support society in times of unexpected and unforeseen events. It provides assistance in rebuilding homes, refilling food rations, or reimbursing merchants for gods lost at sea or along the road. Insurance has long been present in shaping civilizations and business.

Protect Your Hard Earned Money by Insuring Your Car

Accidents can happen regardless of how skilled a driver is. Having car insurance is the best way to manage risk. Its main purpose is to protect you from unexpected expenses in case your car gets damaged or stolen, or in case anyone riding your car gets injured. With car insurance, you don’t have to spend thousands on repairs or hospital bills. The extra protection gives you peace of mind every time you hit the road.

How to Claim Car Insurance

In cases of a vehicular accident, you can file a claim with your insurance provider for repairs or other forms of indemnification. Learn more about the steps and requirements for claiming car insurance at this page.

How Does Car Insurance Work?

Car insurance provides financial protection for vehicle owners, especially in cases where cars are involved in accidents, bodily injuries, and theft. Learn more about how car insurance works at this page.

What is Compulsory Third-Party Liability insurance?

Compulsory Third-Party Liability insurance (CTPL) is an insurance cover required by the Land Transportation Office (LTO) for all vehicle owners when they register a vehicle. Learn more about what CTPL insurance covers at this page.

What is Comprehensive Car Insurance?

Comprehensive insurance offers greater protection than CTPL insurance. It protects your cars from accidents that are not the result of a collision, such as flooding, theft, or fire. Learn more about comprehensive car insurance at this page.

Save Money on Car Insurance

It may be tempting to save money by sticking to CTPL insurance. But getting comprehensive coverage will keep you from spending thousands of pesos on repairs if your car gets damaged. Here some basic tips to help save you money when getting a policy:

·         Choose a cheaper car

Insurers consider the make and model of your car as indicators for repair and replacement costs. The more expensive your car is, the higher you pay for your premiums. If you are yet to buy your own car and wish to lower insurance cost, you might want to consider buying a more economic vehicle.

·         Keep a good driving record

Insurers partially base your risk level on your claims history and your driving record. If you’ve kept a good driving record, you are automatically entitled to discounts on car insurance rates. To make it simple, inexpensive car insurance can be a reward for careful driving.

·         Install safety equipment in your car

Get substantial insurance discounts by fitting your car with safety features such as driver alarm and anti-theft devices.

·         Pay your premiums annually

Paying your premium in an annual lump sum may reduce the cost of your insurance. Some insurers often charge you with additional fees if you choose to pay your premium on a monthly basis.

·         Shop Around! Compare Car Insurance Rates in the Philippines

MoneyMax.ph has all the information you need from leading car insurance companies the Philippines. Our powerful comparison platform lets you compare different premiums and spot the right one for your needs and budget. Click below to start comparing prices now. (Add call to action button below to go back to top)

[Source: https://carinsuranceonline2015.wordpress.com/2015/12/28/find-the-best-car-insurance-for-you/]

The Best Car Insurance for Credit Challenged Borrowers

Any new car purchase can test the stress of the buyer. After all, how do you know you are getting the best deal, and how can you make sure that your 2014 auto will be a good one on your budget? Some key questions can certainly help you along the way.

One of the most important questions you should ask is about insurance. When calculating the total cost to own a car – purchase price, maintenance, fuel, and others – the car insurance policy emerges as a big factor. Before you even consider a car, you should pay attention to anticipated policy costs as there can be a sizable difference with comparable new cars.

Shopping for Your Washington Car Insurance

Any car insurance policy is a legal contract and begins with declaration page. Every Washington car insurance has it’s own policy number, coverage limits, policy term and information about the insured and also a description of vehicles listed under your policy.

Every car insurance policy is unique and has it’s own identification. Your Washington best car insurance is a general agreement with a broad statement with all perils and risks covered listed under one form. This also has exclusions specific to events, states, policy types, forms and also circumstances which make them not be covered under your policy. If you have zero knowledge of insurance, the definitions make your concept of insurance clear and will avoid every misunderstanding.

Understanding Car and Co-Insurance

Rates comparison before buying a car insurance policy in Virginia is recommended with wide variety of policies and different companies giving you their best quotes online. All you need to do is take little time of yours and obtain the best quote by quotes comparison which can save your money and hence obtain the best deal for you. Your car insurance policy should define your needs and requirements, suitable for your budget. Opting for the best amongst many carriers in Virginia when made easy, roll out that time and get a car insurance of your choice.

Now Coinsurance

Do not do the mistake of signing up for just the face value or less than the face value if you insure something, be it a house or its content. Hence sign up for a co-insurance policy to know how and what exactly replaces the face value of a structure built or any of your prized possession.

When a claim is made and the amount is being paid by the insurance company, do not agree for anything less than what is required and instead pay for it out of your own pocket. Co-insurance has a clause where you will pay only a share of the expense incurred and rest will be paid by your home insurance policy. To end up obtaining 100% of your claim amount, talk to your agent today and get the best out of co-insurance and keep yourself updated with your policy.

Get A Good Rate

With a wide competitive insurance market in Virginia, you would enjoy your buy provided you shed out that extra time to gain certain knowledge on how a car insurance policy works and on how to make a smart choice when deciding on coverages. Having a car insurance is made mandatory, but opting for affordable and best policy is your choice. Get multiple quotes from different companies before you decide on any company and policy type. It is always better to talk to an agent, clarify your doubts and then proceed to obtain a Virginia car insurance policy.

[Source: https://blog.agentinsure.com/tag/car-insurance-policy/]

Compare Car Insurance in India

Car Insurance, also known as motor insurance. Car insurance provides protection against the major problem accoutred to your motor vehicle either due to an accident or theft. Here I want to mention the important line and the line is “The amount of premium for your car insurance is totally based on the Insured Declared Value (IDV) of the vehicle”. Now you got my point.

A higher IDV means an increase in premium. But always keep in mind a policyholder should always compare a range of options before opting a new policy and during the renewal of the old policy. Our aim is to compare car insurance online in India.

Why we need to do car insurance comparison 

In today’s world trusting on every insurance company can put you in trouble. Now days, when online sites are flooded with thousand insurance ads, choosing the right one and most suitable car insurance becomes extremely tough job for us. The one and only and best way to take the right decision is to compare quotes on car insurance, from the different insurance and verified companies before selecting a plan. That’s is why we need to compare car insurance online in India.

Here is the best platform called QUICKBIMA  (IRDA approved Insurance web aggregator). By taking the help from QUICKBIMA to compare quotes from various companies then we can pick the best premium available plan as per our needs. This is the way a smart costumer needs to compare car insurance and prefer to take the help of GIBL before choosing a policy.

Now you are at car insurance from. Where you have to fill all the information correctly, so that you can find the best quotes for you.  to open car insurance form to compare car insurance online in India.

Please fill the information required to generate car insurance quote and click continue , you will be taken to the comparison and quote table

[Source: https://carinsuranceonline2015.wordpress.com/2015/12/23/compare-car-insurance-in-india/]

Understanding Credit Score and Car Insurance

A credit score is a number indicating a person’s likelihood of paying his or her debts. Lenders in the financial industry such as the banks and the credit card companies use the credit score to verify the risk in lending money to the borrower. Use of credit score facilitates the availability of credit for borrowers. Credit score is not limited to borrowing but extends to auto insurance premiums.

Credit Score and Insurance Premium

Insurance Company usually provides the base premium rates for evaluating the insurance score for the vehicle. Car insurance score takes account of the credit history to predict the likelihood of involving in an accident or claiming the insurance for the vehicle. Research indicates that how the credit score and the chances of involving in an accident are inter-linked. Subsequently, the government ensures the car insurance companies offer fewer favorable terms for no credit or poor credit scores. The companies inform the consumers of their credit scores and maintain a record for future transactions.

Understanding Credit Score Calculation

The credit score calculation takes into account factors such as the number of accounts held by the borrower and the negative records in the account, including late payment penalty, or pending dues.

Here is a closer look at the credit-based insurance score.

Percentage of Credit Score Depends On  Explanation

10%        New Credit It includes the information on the new account you have opened and the proportions of the new borrowing account with the previous ones. It takes into account the number of inquiries you have made and any problems in repaying the loan.

10%        verifying the type of accounts you have and the current mortgage Factors such as revolving credits and loans paid in installments are taken into consideration. There is a good chance of achieving a favorable credit score, if you have different accounts.

15%        Time of your credit history Lenders track the activities since you first borrowed the loan until the recent status. A longer credit history favors your credit score.

30%        Current amount of debt the amount of money you will have to repay to the lenders including the current balance. It also verifies the current method of repayment and the consistency of the payments to the loan accounts. Having zero balance accounts will play a role in deciding your credit score.

35%        Payment history it checks how many accounts you are currently paying the loans and any negative records of the repayment. It also checks if any item went unpaid beyond the due date. The length of time you have delayed is one of the important factors.

Your payment history is the largest part of your credit score. Payment history alone can make a bigger difference in the credit score. If your payments are in time, you will have a higher credit score.

How Credit Score Can Lower Your Car Insurance Premium?

The credit score is inversely proportional to the premium amount. If you have a higher credit score, then your insurance score will be higher. Therefore, there is a greater chance of qualifying for a lower car insurance premium that offers wider range of cover.

However, if your credit score is low, you will have to pay a higher auto insurance premium, and may not be legible for greater insurance cover. In many cases, drivers have paid more than 80% for the same cover than the drivers with good credit scores.

Thus, keep your credit score higher and save money on car insurance premium.

[Source: http://www.policybazaar.com/motor-insurance/car-insurance/articles/understanding-credit-score-and-car-insurance/]

How To Lower Your Car Insurance Costs Once And For All!

With fuel costs escalating out of control these days, car running costs are becoming a serious burden for the average family, especially families with more than one car. Because of this reason more and more people are looking for ways to control the costs associated with their family transport.

One such cost is the cost of car insurance. Below are 7 tips for lowering your car insurance costs:

1. Drive carefully. It may sound obvious but as insurance premiums are related to risk then your manner of driving is related to your insurance premiums. Safer driver equals lower premiums. It may not seem so at the time but those traffic violations or speeding fines reflect in your bill.

2. Have a look at other insurance policies you have with other companies. Many insurers offer discounts for combining all your family insurance with their company. Find out who they are and get a quote on all your policies combined.

3. Also note the differences in premiums you would be paying for the type of car insurance you have. Different types of car attract different levels of premium because, in particular, different types of car are driven by different types of people, who may have different types of risk profile. Sports cars, for example, will usually show a higher rate of accidents than staid boring family cars.

4. Consider your deductible. This is the amount you pay first out of any claim, and the cost of your policy is directly related to the amount of your deductible. Higher deductible – lower premium. So consider carefully whether you could afford to pay a higher amount first from any accident and raise your deductible. If so, you will get lower premiums.

5. Safety and anti theft devices can reduce the insurance costs for a car. Talk to your insurance company and find out if there are any safety or anti theft devices that you can install to reduce your premium. Then consider installing them making sure that you notify your insurance company once you have done so. And why not ring up your company and make sure that they are aware of any safety and anti theft devices you already have, if they aren’t you may get a reduction.

6. Always look online for a competitive quote from other companies. Most of the major players and brokers are represented online and it is extremely competitive. Be sure to take advantage of this fact.

7. Don’t just pay your premium blindly without checking if you can do better. Car insurance rates vary all the time and so even if it was the best rate last year it may not be this year. Every year shop around to see if you can do better, you may be surprised.

[Source: https://carinsuranceonline2015.wordpress.com/2015/12/21/how-to-lower-your-car-insurance-costs-once-and-for-all/]

Car insurance secrets revealed

Car insurance commercials tout low rates but don’t tell you just how the companies set those rates. Consumer Reports’ two-year investigation found that many major insurance companies base prices in part on a hidden credit score that can take into account things like what type of credit card you have or whether you’ve applied for credit recently.

That cheapest car insurance credit score is different from your FICO score, and how it figures into your premiums varies depending on the insurer and your state. Companies use it to predict not whether you’ll be a good driver but whether you’ll file a claim.

Consumer Reports compared rates for hypothetical drivers who are single with clean driving records. In Florida, the average annual premium for those with an excellent car insurance credit score is about $1,400. With just a “good” score, it is more than $1,700, and with a poor score, more than $3,800. That’s a much higher premium than for those with an excellent score and a drunk-driving conviction.

Consumer Reports research shows that some insurers penalize you more for a poor credit score than others. For those drivers in Florida with a poor score, Amica Mutual charges $7,200, but GEICO charges $2,300. So GEICO is a better choice if you have a poor score in Florida.

You can get information for other states here.

California, Massachusetts, and Hawaii prohibit insurers from setting prices based on credit scores. Insurance premiums in those three states are based much more on how people actually drive, which Consumer Reports says is much more fair. But it does mean that if you have an accident in those states, your rates could go up higher than elsewhere.

If you suspect that your car insurance company has given you a low score, ask the major credit bureaus —TransUnion, Experian, and Equifax — for your credit report and correct any inaccuracies. That may help improve the score the insurance companies use. You can get your free credit report at annualcreditreport.com.

[Source: http://wwlp.com/2015/09/01/car-insurance-secrets-revealed/]

All you need to know about zero depreciation cover in car insurance

After a car accident, it can be extremely frustrating to realize that your insurance covers only part of the expenses incurred to replace expensive damaged parts, because the rest is eaten up by depreciation. To avoid such a situation, a Zero Depreciation Cover can be a worthy addition to the available add-ons in a standard car insurance policy. Read on to understand how the Zero Depreciation Cover works.

What does a standard car insurance policy offer?

Car insurance covers losses one might incur if a car is damaged or stolen. But there’s a catch. When a car is damaged, you are not entitled to 100 percent reimbursement of the expense incurred on the parts replaced. Depreciation, or the normal wear and tear that car parts undergo, comes into the picture. As per norms, only the residual value, i.e. the remaining value of the part after deducting depreciation, will be paid for by the insurance company. For eg: if a replaced part costs Rs 5,000, but 50% is the applicable depreciation rate, then you will only get a pay-out for Rs 2,500 only.

What are the rates of depreciation?

Depreciation means loss in the value of an asset due to use. Different materials and parts of a car have different rates of depreciation assigned by the insurance policy. The standard rates are:

50% for parts which have high wear and tear like as plastic/rubber parts of the car, battery, tyres/tubes etc.

30% for fibre glass parts

0-50% for metallic parts, depending on the age of the vehicle

Related: Car insurance: What is covered and how much? [Infographic]

What makes Zero Depreciation cover a good choice?

If you had a choice, wouldn’t you prefer to be compensated for the entire cost incurred on replacing damaged parts? High rates of depreciation will reduce the insurance claims, particularly for plastic parts that are prone to severe damage in case of an accident.

The Zero Depreciation Cover allows you to do just that. You receive full claim without any deduction for the depreciation on the value of replaced parts.

What is the additional premium payable for a Zero Depreciation Cover?

Premium paid for insurance depends on the Insured Declared Value (IDV) of the car, which is essentially the maximum amount you can claim in case of total loss or total constructive loss of your car, or in case it gets stolen or damaged beyond repair, within the policy period.

While car insurance premium generally depends on the car’s age, model and location, the additional premium for the Zero Depreciation rider could be up to 20 percent of a standard car insurance policy.

Does it make sense to pay a higher premium for this?

Zero Depreciation Cover makes sense –

If you have a new car - The minute your car comes out of the showroom, depreciation comes into play. So, if you damage your car the next day, you can only claim a fraction of the cost to replace plastic parts etc.

If you have a high end luxury car – Each spare part of a luxury car costs an arm and a leg. So, why not have the option of claiming the full value of a replaced part?

[Source: https://www.tomorrowmakers.com/articles/car-insurance/all-you-need-to-know-about-zero-depreciation-cover-in-car-insurance]

Car insurance: Finding cheap car insurance

Car insurance may be the ultimate grudge purchase but it doesn’t need to leave you out of pocket. 

Follow our top tips to slash the cost of your cover.

1. Use comparison sites to get quick quotes

Price comparison sites are a good place to start as they allow you to get multiple quotes quickly. The sites are not always 100% reliable, though, so make sure you double check the policy you're interested has everything you need when you click through to the website of the provider. Remember, not every provider appears on comparison site

2. Set the right excess

If you're willing to fork out more on your excess – the amount you have to pay yourself in the event of a claim – your insurer will reward you with lower premiums. However, make sure you select your excess carefully.

Setting the bar too high, especially if starts getting too close to your claims limit, might make claiming on your car insurance either pointless or too expensive.

3. Choose your occupation carefully

Insurers look at many factors when calculating the cost of cover including what you do for a living. However, the job categories used can be broad meaning that many drivers could fit into many different segments.

For example, if you work in publishing as a writer and put your occupation as journalist you're likely to pay more than you would if you put down editor, copywriter or even reporter. If you're unemployed, but are a housewife or househusband, putting yourself down as a homemaker instead can help you save money.

However, remember that you should never lie about job. Don’t say you butcher if you’re a baker. This is considered fraud and you could be prosecuted.

4. Avoid modifying your car

Don’t be fooled into thinking that insurers only consider boy racer cars as being modified. Even a small modification to your car, such as new alloys, can cause your premiums to rise. If you're going to make any changes to your car always discuss them with your insurer first.

Conversely, any modification to your vehicle that increases it safety could save you money. Installing an alarm, tracker or immobiliser – especially if approved by car safety research firm Thatcham – can set your car insurance premiums tumbling.

5. Pay for your cover annually (if you can afford to)

Insurers will give you the option to pay for you cover in two ways - on a monthly basis or in annual lump sum. While paying monthly might seem like a sensible way to spread the cost, it can cost £100 more than paying annually.

Paying for cover on a monthly basis involves taking a loan, usually at high interest, from your provider. APR can vary but it can be as high as 40%. Some insurers will also charge you a fee for setting up a monthly payment plan. Kwik Fit, for example, charges £35 for providing you with credit.

Always check pay-monthly fees and the compare the cost against annual cover. It's not always clear on comparison sites what APR you'd pay, so check with the insurer direct before accepting a quote

6. Avoid auto renewal

Insurers reserve the best deals for new customers and often push up the premiums for their loyal policyholders. Rather than just allowing your policy to roll into another year shop around and see if you can find yourself a lower premium. Even if you want to stay with your provider you can use this as a platform to haggle.

7. Check the specialists

Drivers over 50 and drivers under 25 are statistically more likely than other motorists to be involved in accidents, which mean that they'll still pay more for cover.

However, black box car insurance, also known as telematics, can be used by any motorist looking to save money. A black box is fitted to your car, monitoring how you drive. If you can prove that you are a good driver you're rewarded, usually with cheaper cover.

If you're an older driver there are specialist providers, such as Saga, Age UK and RIAS, you can get quotes from.

[Source: http://www.which.co.uk/money/insurance/reviews-ns/car-insurance/finding-cheap-car-insurance/]

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/]

All about Anti-Theft Device and Its Impact on Car Insurance

The number of car thefts in the country has been on a steady rise. Take for instance, the capital of India, Delhi. The city has recorded a 38% increase in motor vehicle thefts. Simply put, every day, 84 vehicles are stolen in the city. Consequently, protecting your vehicle from being stolen becomes all the more important. One of the safest ways to do this is to install an anti-theft device. The installation of an anti-theft device not only enhances the security of your vehicle, it also lowers your insurance premium. Let’s go in details to understand how anti-theft device impacts your car insurance.

1. Why do car insurers offer discounts to cars fitted with anti-theft devices?

Insurance companies consider those car owners responsible who have anti-theft device installed in their vehicles. It is believed that the number of stolen cars is bound to drop due to the installation of this device and it is in favor of car insurers as there are fewer cases of claim. Hence, insurers encourage car owners to install anti-theft devices in their vehicle by offering lucrative discounts on insurance premiums.

2. How much benefit can you get?

Usually, car insurance gives a 2.5% discount on the premium to a maximum of Rs 500 if the vehicle is fitted with an anti-theft device. However, the discount is available only for the damage caused to your vehicle during an accident and does not include the premium of the third-party cover. (Refer to the below table).

3. Do new cars come fitted with anti-theft devices?

Nowadays, many cars come fitted with anti-theft devices. Most luxury car manufacturers such as Toyota, Ford Motors and Mahindra have an inbuilt anti-theft system in their high-end models. Even mid-segment players such as Maruti Suzuki have introduced anti-theft devices in many car models. Insurers want to make anti-theft devices mandatory in two-wheelers and commercial vehicles also as it would help reduce the cost of honoring insurance claims.

4. What type of anti-theft device should you install?

Numerous car security options are available in the market, such as mechanical device and ignition cut off device, intelligent computerized anti-theft, satellite tracking system and engine control module. You can choose a device depending on your requirements and the risks you are exposed to. Note that irrespective of the anti-theft device you choose, it must be approved from the Automobile Research Association of India (ARAI). Some of the approved anti-theft brands in India are AutoCop, Minda, Nippon and Xenos.

You should install a good anti-theft device in your car if the area you stay or drive-in is unsafe and theft-prone. These safety devices come in different variants. Before picking one for yourself, consider which features are useful for you:-

Alarm: - In the case of vehicle tampering, audible warning sounds emerge

Keyless lock device:- To use the vehicle, electronic coding device is required

Electronic Immobilizers: - These built-in transponders send signals to the ignition and fuel pump system. The vehicle remains in an inoperable state if the ignition starters do not get correct signals.

Steering wheel lock: - This device goes over the steering of the vehicle and locks it in one place so that no one can drive it without removing the lock.

Vehicle tracking:- Even if a thief steals your vehicle, tracking technologies can help trace it. Tracking devices offer real-time location of the stolen vehicle with the help of the global positioning system (GPS).

Read Also-: 2 Scenarios When Not To Claim Car Insurance

5. Is any discount available if is the device is installed in the middle of the policy term?

If you install the safety device after you have bought the policy, the insurer will calculate the discount on a pro-rata basis for the remaining policy tenure as per tariff provision.

6. What is the cost of anti-theft devices?

The cost of anti-theft devices depends on how technology-enabled they are. A basic alarm device will cost you between Rs 3,000 and Rs 4,000, whereas, for a GPS or Intelligent Computerized Anti-Theft (ICAT) system, you will have to spend between Rs 6000 and Rs 17,000

[Source: http://www.policybazaar.com/motor-insurance/car-insurance/articles/all-about-anti-theft-device-and-its-impact-on-car-insurance/]

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/]

CAR INSURANCE

Obligatory third party insurance

If you intend to use a car, motorbike, moped or other motor vehicle on public roads you are obliged by law to take out third party insurance. The latter will pay for the damage you might inflict on others when using your vehicle. This way the legislator ensures that victims are not left high and dry. The term ‘victim’ is subject to a wide interpretation, i.e. ranging from the other party to the passengers in the vehicle that has caused the accident.

In fact only the person responsible for the accident is not compensated. In most cases this will be the driver. It is advisable, therefore, to take out physical accident cover in addition to the obligatory insurance, so that you (as the driver) receive compensation in the event of physical injury.

Who is insured?

Motor insurance provides third party cover for the driver of the vehicle and also covers the liability of any passengers in the vehicle. There is only one exception to this; if your car is stolen your motor car insurance will not provide third party cover for the thief. In fact motor insurance policies provide very extensive cover.

In some situations, however, the insurer has the right to reclaim a portion of the sum they paid to the victims from the insured party (e.g., when the latter was inebriated at the time of the accident or did not have a valid driving licence).

Comprehensive: is it really complete cover?

If you are involved in an accident and you are to blame your third party insurance will reimburse the other party. But what about your own car? You will have to pay for the damage yourself, unless you have comprehensive cover. Or, in the unlikely event that you are distracted and end up in a ditch or run into your own garage door, comprehensive insurance will also cover the damage to your own car. The same applies if someone else is driving your car and causes an accident resulting in damage to your car.

Your insurer will pay for the damage to your car and will not reclaim it from the driver. The latter will, however, have to pay the excess, which is always applicable to comprehensive insurance. The excess is a previously arranged amount, which the insured party will have to pay at all times. It has a dual purpose, i.e. to encourage the insured party to drive carefully to ensure that the premium is contained.

[Source: http://www.blbe.be/en/car-insurance]

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]