Best Car Insurance Policy-Meeting All Your Needs!

In order to get the best car insurance one needs to be adept at selecting the right coverage for his car. This can be quite a riddling task. In this article you will get some essential inputs on selecting the best car insurance in India.

Carefully read the documents-

One needs to carefully read and clearly understand the details as written in the insurance documents. It’s because the insurance policies perform as per the very definition as written in the insurance documents. This helps a person to get the best car insurance.

Compare car insurance quotes online-

It’s always advisable for buyer to do a thorough comparison. One must compare quotes online to benefit from the bestcar insurance plan. The online mode lets a person to easily compare thousands of quotes online. One can easily browse through quotes online and choose from the insurance company which gives maximum coverage at lowest premium. In this way you will be able to get the best car insurance in India from an insurance provider who is offering the best deal.

Getting a greater IDV is always better-

This is another important to keep in mind. There are several insurance companies in India which offer lower IDV and higher IDV rates. IDV is “insurance declared value”.

There are people who get a lower IDV just to save money on premium. However, they don’t realize one important factor. Experts state that it’s always ideal to get a policy which gives maximum IDV for the vehicle. This ensures complete financial coverage during any unprecedented event which can damage your car and the people involved including third party. This may require one to pay just a little extra premium. However, the benefits which it covers are worth the extra amount. Hence, purchase a policy which offers maximum IDV on your car for complete protection against all odds.

Prevent skipping or delaying premiums-

Some people tend to skip of delay premiums whether intentionally or unintentionally. This habit of skipping or delaying premiums can land the insured in trouble. When this cycle becomes a frequent one, the insured may also forget to pay the premium. As a result, his/her policy will lapse. This refrains the person who is the insured to be able to receive further benefits as offered by his/her insurance company. Hence, one must avoid skipping and delaying premiums which can further lead to forgetting of payment of premium. This will lead to the policy to lapse.

There are companies which after the lapse of policy, grant the insured weekly grace period. However, post this period, one will be at the risk of driving his car with no insurance and therefore is no longer eligible to get benefits like lower premiums & discounts on car insurance.

The above points will help you to select the bestcar insurance in India form a legitimate company.

Why there’s a need for general insurance

Who does not want to live risk-free? Getting a general insurance from a credible general insurance is one sensible step ahead to live a risk-free life. How? Life is full of risks. When you’re driving your car, there’s a risk of accident. This is even considering if one is driving with utmost safety as another person can bump into your car. For this reason car insurance is a necessity which is a part of general insurance companies’ offerings.

When you’re travelling there’s lot of risks like theft or loss of luggage, emergency treatment if your fall ill which can be really high in a foreign country. Also there can be health risks associated which may occur in future, which can be prevented by health insurance and life insurance policies.

Hence, there are risk factors linked with almost everything. Therefore, it’s important to insure all our valuable property. Getting a general insurance from general insurance companies in India helps you to secure all your valuables thus enabling to live life without any worries.

In this article I will talk about the need to get general insurance and its importance.

General insurance-Explained

Insuring anything other than human life is called general insurance. General insurance comprises insurance of property against fire or burglary, personal insurance such as accident and health insurance, and liability insurance that covers legal liabilities. There are also other covers such as errors and omissions insurance for professionals, credit insurance, and so on.

One of the main reasons why one should go for insurance is to protect one’s belongings and assets against financial loss. When one has earned and accumulated property, protecting it is prudent. The law also requires us to be insured against some liabilities. That is, in case we cause losses to another person, that person is entitled to compensation. To ensure that we can afford to pay that compensation, the law requires us to buy liability insurance, so that the responsibility of paying the compensation is transferred to an insurance company.

What’s the need for general insurance?

People own so many valuable possessions like house, business assets and vehicle. All these are vulnerable to different hazards. Also, emergency medical expenses can put one under serious financial stress. Even an otherwise mundane act like traveling too involves risks, such as accident, loss of baggage and passport, and medical expenses.

So, have you given any thought to securing the family's health, or insuring your vehicle or home against any future uncertainty? If not, then it is time to focus on it now.

Who must get general insurance?

Anyone who owns an asset can buy insurance to protect against losses due to fire or theft, and so on. Each one of us can insure our and our dependents’ health and well-being through hospitalization and personal accident policies. To buy a policy, the person should be the one who will bear financial losses if the said events occur. This is called insurable interest.

The amount you insure for is called the sum assured. Normally, a policy should cover the value of the asset — either the market value while insuring, or the cost of replacing the asset should it be lost or destroyed. The premium will depend on the sum assured. You can avail of a range of products to suit your insurance needs.

Why Choose Comprehensive Health Insurance?

Comprehensive Health Insurance is like a boon which keeps you and your family secured from several unprecedented events. Let’s look at various reasons why you should choose comprehensive health insurance?

Comprehensive health insurance- an essential cover for an individual as well as group

The individual has an option to be secured from several health hazards. And when the person is married the number of dependents increase. Hence, it becomes necessary for the person to ensure protection of his/her dependents as well. During such cases, the most viable option available is comprehensive health insurance.

The Family floater option of this coverage, covers the insured as well as his/her dependents against various health hazards.

Flexibility of options

One can select from an array of premiums & plans as per your convenience. For instance, choose a premium plan offering from Two Lakhs to Ten Lakhs as per your convenience.

No age barriers

One receives a policy with life-time renewal plans when you purchase one from a legitimate insurer. Also there are no age barriers to sign up for the policy. One can select from limited period plans for 1-2 year period.

Coverage of one’s pre-existing diseases

You get facility which covers pre-existing diseases based on the plan you opt for. Apart from that, one can receive concession of 10% on the particular 2-year policy.

Receive important extra benefits

Who does not like extra? With a comprehensive health insurance, you receive additional benefits like add-on covers which cover critical hospitalization costs along with free accommodation in the empanelled group of hospitals covered by the insurer. Also avail cashless claim facilities and treatment from reputable network of hospitals.

Save Tax

Tax saving forms an essential part of one’s life. And this policy helps to save tax as well.

The benefits are two-fold-

1)   You save tax as per Income tax rules.

2)   You’re liable to get further benefits from this plan.

Further are the kinds of income tax benefits one can receive under this policy-

·        Get yearly tax rebate at year end under Section 80C, Sec 80D and Sec 80E

·        Under Section 80D, you can avail premium amount rebate of maximum Rs. 15,000 yearly. For a person of 60 years and above, maximum limit is Rs. 20,000/ year.

·        If you’re paying your parents' medical insurance then you can also claim additional rebate of Rs.15, 000/ year as per section 80D.

·        If your parents are senior citizens, you get rebate of Rs 20,000.

P.S. -Your brothers, sisters and in-laws cannot benefit from the above rebates.

Inference-

·        Comprehensive health insurance helps people to save tax

·        It helps one to avoid higher treatment costs when faced by certain illnesses

Purchase of health insurance policies are generally overlooked even after marriage. However, one important thing to consider here is that it’s always better if a person buys comprehensive health insurance plan at an early age.

In this way you and your family will be guarded against higher financial costs of medical treatments if any.