The purpose of any kind of insurance, whether it is home insurance, life insurance or auto insurance, is to protect your peace of mind. Auto or motor insurance is primarily meant to secure you and your car against possible damage and to cover any damage caused to a third party in an accident. However, while you do need to secure your assets, it is equally important to buy affordable insurance that will cover all your needs.
However, it is difficult to pick the best auto insurance policy with so many players vying for your custom in the insurance market. You need to compare the available options in order to identify the most cost-efficient one. Here are a few tips to help you compare auto insurance quotes:
1. There are plenty of insurance aggregates on the market who will assist you in comparing insurance quotes. You will be able to save a substantial amount of money on your insurance premium.
2. When you compare policies, make it a point to compare both auto insurance rates as well as all the features.
3. Watch out for:
• IDV - This is the maximum amount you will get if there is total loss. By opting for a lower IDV amount, you can reduce the amount of the insurance premium.
• Voluntary Excess - This is an optional clause in your insurance policy that reduces your premium if you agree to pay a certain amount of money in case of, say, an accident. However, make sure your agent does not do this without informing you. Watch out because this happens in a lot of cases.
• The No Claims Bonus - You need to ensure that you get the right amount of no-claims bonus and not more than you are entitled to. This is because your auto insurance claim may not get processed at all if you get a bigger amount than you are entitled to.
• The Cover Note - Keep in mind that the cover note is only valid for the first couple of months. At the end of this period the policy document. Your insurance policy may be invalid if you do not receive this. Talk to your broker or agent in this case.
• Cashless Payment - Before you get too excited by this, do remember that most insurance companies have tie-ups with multiple partners in most cities for offering cashless settlement to their customers. Ask your broker to guide you through this.
4. Make sure you buy an auto insurance policy from a broker. Brokers receive the same amount of commission, irrespective of what company's policy they sell. But do ask for his license number and check it out on the IRDA (Insurance Regulatory and Development Authority) website. On the other hand, an insurance agent is authorized to sell only one company's policies and will therefore always try and sell you that.
5. It is also possible to buy extra accident insurance for your driver and passengers. This is a good way to cover the people who travel or commute with you.
Never buy an auto insurance policy without comparing it with at least four or five other competitors.
However, it is difficult to pick the best auto insurance policy with so many players vying for your custom in the insurance market. You need to compare the available options in order to identify the most cost-efficient one. Here are a few tips to help you compare auto insurance quotes:
1. There are plenty of insurance aggregates on the market who will assist you in comparing insurance quotes. You will be able to save a substantial amount of money on your insurance premium.
2. When you compare policies, make it a point to compare both auto insurance rates as well as all the features.
3. Watch out for:
• IDV - This is the maximum amount you will get if there is total loss. By opting for a lower IDV amount, you can reduce the amount of the insurance premium.
• Voluntary Excess - This is an optional clause in your insurance policy that reduces your premium if you agree to pay a certain amount of money in case of, say, an accident. However, make sure your agent does not do this without informing you. Watch out because this happens in a lot of cases.
• The No Claims Bonus - You need to ensure that you get the right amount of no-claims bonus and not more than you are entitled to. This is because your auto insurance claim may not get processed at all if you get a bigger amount than you are entitled to.
• The Cover Note - Keep in mind that the cover note is only valid for the first couple of months. At the end of this period the policy document. Your insurance policy may be invalid if you do not receive this. Talk to your broker or agent in this case.
• Cashless Payment - Before you get too excited by this, do remember that most insurance companies have tie-ups with multiple partners in most cities for offering cashless settlement to their customers. Ask your broker to guide you through this.
4. Make sure you buy an auto insurance policy from a broker. Brokers receive the same amount of commission, irrespective of what company's policy they sell. But do ask for his license number and check it out on the IRDA (Insurance Regulatory and Development Authority) website. On the other hand, an insurance agent is authorized to sell only one company's policies and will therefore always try and sell you that.
5. It is also possible to buy extra accident insurance for your driver and passengers. This is a good way to cover the people who travel or commute with you.
Never buy an auto insurance policy without comparing it with at least four or five other competitors.
Sameer Ujwal is an expert on insurance issues in India. If you want to get best auto insurance quotes with a great price, visit http://www.myinsuranceclub.com/. Article Source: http://ezinearticles.com/?expert=Sameer_Ujwal |
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