skip to main |
skip to sidebar
Given the fact that the economy is still struggling to improve, it has
seldom been more important to ensure that you get the best deal possible
on your car insurance premiums. This article is designed to show you
the best ways of doing this.
This is the one piece of advice that any article on reducing your car
insurance premium will undoubtedly give. Many insurance companies will
offer lower premiums to new customers, and thanks to the internet these
deals have seldom been easier to discover. So when your car insurance
renewal arrives, don't just accept the amount quoted. Do your research,
and make certain that you are on the best tariff for your needs.
This goes hand in hand with the above point. There are several
possibilities for saving money on your car insurance if you take a
closer look at the clauses contained within it. One of the biggest ways
of saving money is by paying the full year's car insurance premiums in
one go, as it is invariably the case that paying in installments is far
more expensive than paying the yearly sum in one hit.
Another way of possibly reducing your car insurance premiums is to look
into whether or not your insurance company offers lower premiums for
restricting mileage. If you choose to do this, you need to take care not
to go over the mileage limits, however. If you do, and then you need to
make a claim, you may find yourself in trouble when it comes to making
the claim.
The no-claims discount that most car insurance companies offer is easily the biggest one-hit way of saving money on your car insurance premiums from companies such as http://www.montycarinsurance.co.uk.
Of course, it is not always possible to avoid accidents entirely, but
most insurance companies will allow you to keep the no-claims discount
should you be in an accident where it is clear that you are not at
fault. It is important when you are looking at taking up a new policy to
double check the rules around this, because losing the no-claims
discount can increase what you are paying by up to 75%.
Some companies will offer a slightly higher premium so that it is
possible to make one or two claims in the year without losing your no
claim bonus, and if you think that you are in an area which makes the
need for a claim more likely, paying a little extra to keep the no
claims bonus intact can be a very good idea.
This is one of the most commonly overlooked ways to save money on your
car insurance premiums. If you keep your car in a locked garage
overnight and in a secure car park during the day, let your insurance
company know. Insurance companies look at the areas you leave the car
in, and will usually charge extra if you are leaving your car in an area
where theft or criminal damage is more likely. Lowering the risks by
taking sensible precautions can significantly reduce the costs of your
premiums.
However, this does not augur well for the car owner, who parts with such
big bucks to pay for the service. As much as you need car insurance,
there is no reason as to why you should pay for it more than necessary.
Here are some of the ways you can use to cut down on the
premiums.
• Don’t stick to one company: car insurance premiums
can vary greatly from one company to another. It is important to take a
little time and call a few companies and you’re likely to get different
quotes. Compare what you already have against other quotes and make a
wise decision. The time you take to shop around can make a big
difference in what you pay for your car’s coverage
• Increase
deductibles: Remember, the lower the deductibles, the higher the
premium. This implies that if you can increase your deductibles say from
$500 to $1000, you are likely to reduce your premium by a significant
margin. It has worked for many car owners and you can apply it in your
situation as well.
• Safer cars are less expensive to insure:
However, you should be careful not to drive a model that is likely to be
stolen or totaled. To avoid such incidences, you can get adequate
information by calling Highway Loss Data Institute, or checking online
at http://www.iihs.org for more information.
• Eliminate any coverage you don’t need: Review you policy regularly and get regular car insurance quotes
to determine any coverage that you may not need such as collision or
comprehensive covers. This way you can reduce the amount you pay in
premiums. When dropping unneeded coverage, the best way is to drop
collision coverage when the premium it generates annually exceeds 10% of
the car’s market value. You can get reliable information about your
car’s market value from the National Automobile Dealers Association
price book.
• Make use of discounts: Many people pay more on car
insurance simply because they don’t get the credits they deserve. For
instance, if you insure all you vehicles and your home with one company,
you can get substantial discount in your premiums. Similarly,
installation of advanced airbags, security systems and rearview cameras,
can cushion you from paying heavy premiums.
Other ways to help
you reduce your car insurance premiums include not smoking, being a good
student, and being a safe driver. All these can make you qualify for discounts, which can cut down on what you pay for coverage in the end.
Everyone should have insurance of some kind to cover the risk of losing
their assets or their health. If you own a business or any buildings you
certainly need to have insurance. However, when disaster of some kind
strikes and you need to make a claim, it is not as easy or simple as it
might have first seemed. Often, you need the services of a public
adjuster to help work out the cost of your loss and to make the claim.
While you will surely have read the terms of the insurance policy before
you signed up, that does not mean that you fully understood all the
jargon it contained. Insurance policies are notoriously difficult to
understand the way they are written and the actual meaning of many legal
terms is not easy to understand or work out.
In addition, putting in an insurance claim means you need to know a
great many details about what was lost or destroyed, the value of it,
whether it was included in the policy and so on. You have to fill in
form after form and keep all of it in triplicate just in case. This
requires a clear hear and an alert mind, but when you have suffered
trauma of this kind that is the last thing you have. Rather, clear
thinking seems to fly out the window, especially if you have been
injured.
Often, an insurance claim problem
arises simply because you didn’t fill the forms in the right way, or
because you didn’t get them signed by the right doctor or specialist –
or hospital. That claim can be sent back to you as unacceptable, making
it even more difficult to do all over again successfully.
But if you have a public adjuster
who is working for you and not for the insurance company, they will be
able to smooth things out and ensure that your claim is right first
time. They have the clear head to use on your behalf and will make sure
that everything is included in the claim that should be there. And they
know exactly what all those legal terms mean.
Adjusters often work for an insurance company and they work to make sure
that the company does not pay any more than they can get away with. But
a public adjuster works for you; not the company. They work to ensure
that you get all that your policy states you will get – all you have
paid for - making the whole process much easier on you.
For the passionate bike riders who love to venture out riding on their
bikes, the bike insurance renewal premium is paid without a miss!
Obviously, you do not want any hindrances riding high on your passion.
The bike insurance renewal premium must be paid on time to avoid any
legal issues and top most to ensure that you are riding safe. Two
wheeler insurance is mandatory and provides you and your vehicle
protection against accident, theft and third part liability. The purpose
of two wheeler insurance is to provide coverage for the potential
losses that may occur in case of advent of any unforeseen tragedy.
Can I pay my bike insurance renewal premium online? Would paying premiums online cost my pocket more?
You can pay your renewal premium online via Debit cards/Credit cards and
Net Banking. Payment via credit card may invite some extra fee
depending upon your insurance provider.
Can I change my service provider while paying Bike Insurance Renewal premium?
Yes, you can change your service provider. You must have copies of
previous insurance premium paid. Before cancelling your association with
previous carrier, just ensure that your new service provider has
accepted your application and your initial premium.
If I change my service provider would it result in high Bike Insurance Renewal premium?
Changing service provider for bike insurance renewal premium may not
necessarily result in high premium. You may even have to pay low premium
as compared to the earlier one. The premium may vary on various factors
such as condition of your bike, accidental history, number of insurance
claims and safe practices being followed by you etc.
What if I plan to sell my bike after paying renewal premium?
In this case, the insurance policy can be transferred in the name of the
buyer. The buyer generally has to intimate the insurance provider of
the same and provide an application indicating transfer of insurance in
his name within a stipulated time frame provide by the insurance
carrier. In case you decide to retain the insurance policy in your name
and want to substitute another vehicle of yours, this deed can also be
materialized. However, the buyer would have to apply for fresh bike
insurance policy.
Due to online options, paying bike insurance renewal premium is just a
matter of minutes. The service providers intimate their customer around
28 days in advance before there renewal premium is due, thus giving them
sufficient time to drive safe and sound.
Today the market is flooded with different health insurance plans.
Instead of helping the user which plan to opt for, the user may be
stranded in the midst of medical insurance, accidental insurance,
critical illness insurance and so on. With so many healthcare providers
and so many health care products, with variation in premiums how would
you decide upon which health insurance is the best fit for you? !
Instead of purchasing multiple health insurance policy go for a
comprehensive health insurance plan which would cater to all your health
care needs. It would provide you cashless health insurance coverage
thus reducing your burden arranging for immediate finance in case of
medical emergency.
What is Comprehensive Health Insurance?
The comprehensive health insurance is one which would cover your basic
medical insurance, would provide coverage against accidents and would
provide you insurance against critical illness as well. Basically it
would be single policy which would cover each and every aspect of your
health care. You just need to pay a single premium annually instead of
multiple insurance premiums if you purchase comprehensive health
insurance. This would be cost-effective too and would be hassle free as
you won’t have to maintain two-three different policies. It would give
you the benefit of cashless facility in a network hospital and
reimbursement facility in a non-network hospital.
What all is covered under Comprehensive Health Insurance?
• Regular medical check ups
• Reimbursements till certain extent towards outpatient treatments (depending upon your service provider)
• Hospitalization expenses
• Day care treatments wherein 24 hrs of hospitalization is not mandatory
• Cashless Health insurance
• Easy settlement process
• Reimbursement benefit in case of non-network hospital
• Pre and post hospitalization expenses
• Accidental coverage
• Critical Illness Insurance
• Lumps sum compensation as per the survival clause in case of critical illness
• Tax saving
• Renewal Discounts
• 24*7 assistance in case of any query
• 5% renewal discount every year maximum up to 25% on a progressive scale
Would there be any exclusions in Comprehensive Health Insurance?
The exclusions may vary depending upon your service provider. Some
providers do not provide for any hospitalization expenses occurred
within 30 days or one month of policy inception.
Apart from that generally following procedures are excluded:
• Cosmetic surgeries
• Dental treatments
• Birth Control procedures
• Treatment related to HIV or AIDS
It is always advisable to check for inclusions and exclusions of a
health care plan before going in for any service provider. Your
comprehensive health insurance should cover all your requirements under
its wings.
A wise person always saves for the rainy day! But at times your savings
might just not be enough if suddenly you or your dear ones are diagnosed
with any critical illness. In that case, you will have to shell out
every single penny of yours to meet the treatment expenses. No doubt,
that would be a testing time for you but it would also pose a difficulty
in managing your other financial expenses. To reduce the hefty burden
in time of emergency, the best decision is taking critical illness
insurance cover for yourself and your family members. The Critical
Illness Insurance would come to your rescue in paying hospitalization
expenses and also the lump sum money received towards recoup would help
you fulfill your other financial liabilities with ease.
Coverage extent provided if I go for critical illness insurance
Keeping your financial position in mind you can take a critical illness
insurance cover up to the extent of Rs 2 lac, 3 lac, 5 lac or even more.
You can buy critical illness insurance plan either as a benefit cover
where you get treatment and hospitalization covered by your health
insurance provider for the coverage amount or as a lump sum benefit
cover where you are entitled to receive the complete amount on diagnosis
of a critical illness as per the plan taken.
Do I require Critical Illness Insurance if I already have a Medical Insurance?
It is advisable to have critical illness insurance if your medical
insurance policy does not have critical illness coverage. The medical
expenses towards critical illness are very high and even after meeting
your hospitalization expenses money would be required for post illness
treatment/recovery. If you take critical illness insurance you would
receive lump sum money for recovery post treatment which you won’t be
entitled to receive in case of medical insurance policy. You can take
Critical Illness Insurance coverage as a stand- alone product or you can
also take a rider of Critical Illness Insurance Coverage in your
existing medical policy by paying some additional premium.
What are the benefits of Critical Illness Insurance?
• Cashless inpatient treatment
• Lump sum compensation up to sum insured till the survival period as mentioned in your plan
• Easy settlement and claim process
• Renewal provision for lifetime
• Tax Benefit under Section 80(D)
• 24x7 health care assistance over phones to get any information
Remember, critical illness insurance would relieve you of your financial
burden to a great extent in case misfortune strikes you. As there is a
saying “Hope for the best but be prepared for the worst”, so it is time
to think and take the first step to fulfill your family needs!
Cashless Hospitalization is one of the best benefits that health
insurance offers. Through cashless hospitalization the settlement
procedure of the hospital is taken care of by the healthcare provider on
behalf of their customers and the affected party does not have to
settle the expenses occurred in the course of treatment at the time of
discharge. This helps a great deal in reducing the mental and physical
exertion at time of the crisis and the affected party can devote the
precious time taking care of their loved ones!
Keeping in mind today’s busy scenario where everyone is for themselves
cashless hospitalization to undergo medical treatment comes as a real
boon. The healthcare providers generally cover all the reputed hospitals
on their network keeping in mind easy accessibility to the nearest
hospital in case of dire emergency. What could be the most relieving
factor than not having to think before rushing to hospital in case of
medical need!
How to avail cashless hospitalization?
The healthcare providers issue a healthcare card the moment you take any
health insurance policy from them. They also provide you with a list of
all the hospitals on their network. At the time of inpatient
treatment/admission in the hospital, you need to show your healthcare
card to avail the cashless hospital service. This health card helps the
insurance company settle all your health insurance claims with the
hospitals. The card displays your name details and also carries the
numbers of TPAs in case of any assistance for seeking medical benefit.
During the policy period you can avail any number of claims provided you
do not exceed the maximum limit of the sum insured. For example, if
your coverage is for Rs 2,00,000 a year then you can avail cashless
hospital service for Rs 2,00,000 in one go or any number of times
amounting to Rs 2,00,000.
How to claim health insurance?
In cashless hospitalization health insurance claims are settled directly
by the health insurance provider. However, it may be possible that the
hospital where the treatment is ongoing may not be a part of coverage
network. In that case, you can claim reimbursements of the expenditure
incurred up to the sum assured. You need to submit the bills and
discharge summary to your insurer at the earliest so that they may start
the reimbursement process as soon as possible. The insurance claim
process generally takes 2 months depending upon your service provider.
Just remember, go with the healthcare provider that has repute in the
market in terms of providing hassle free insurance claims, cashless
hospitalizations and dedicated staff to cater to the medical
emergencies!
