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10 Oct 2015


Insurance
What you should look for while choosing auto insurance?

The most important criteria are the five "C"s. Here's a brief description of every:

� Claim settlement policy - The real test of your insurer reaches some time of the actual insurance claim. You could do to test by exploring the company's past records of claim resolution. It is now time to ascertain if the present insurance might be moved to another insurance provider without decrease of benefits already covered.

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� Coverage - What is the right coverage to suit your needs? Usually, car insurance policies cover third party liability and own damage. In accordance with the Motor Vehicles Act, it's mandatory to opt for vacation liability insurance cover while own damage is optional. Opting for both will be the standard procedure given that they cover any damage as a result of accidents and loss from third party mishaps. Most insurance providers offer "add-ons" together with the basic policy.

� Customer care - Because of technology, insurance policies are now issued instantly. Besides this, other concerns for example changes in policy or cancellations are processed quickly. In case of claims, cashless money is conveniently obtainable so that post-repair delivery is quick without incurring bills at the workshop. Phone connection, and to check the insurance company's network for this facility. The higher the network, the better the claimant's options.

� Communication access - The insurance company's details should be easily accessible. If you find a difficulty the client need to know whom to go into touch with along with the procedure to follow.

� Cost - Last but not least, is the price or premium. Auto insurance fees are based on "insured declared value" or IDV and the rate multiplier and is determined by the car model, age of the car, daily mileage along with the terrain with the location. You will need to declare the correct IDV and judge a policy that provides the maximum IDV even if you need to incur a slightly higher premium.

Besides the above, listed here are the advantages to look for:

� No claim bonus - if no claim has become filed through the insurance period, a no-claim discount emerged on risk cover against own damage during the time of policy renewal. For each consecutive claim-free year, the discount increases progressively. The actual to make note of is that the no claim bonus eligibility holds good even in the event of a new vehicle purchase or existing insurance renewal ahead of the deadline coming from a different insurance company.

� Opting for deductible - Drivers with a record can choose "voluntary excess" or deductible to lessen their premium payments, in addition to the compulsory excess. When it comes to a compulsory excess, the insured is likely to pay a quantity in case a claim is filed.

� Premium depending on car type - If the car has extra security features including anti-theft alarms the chances of theft is less and insurance comes at the lower premium.

� Timely insurance renewal - If auto insurance is not renewed ahead of the expiry date the renewal premium can result in decrease of coverage particularly when it comes with an accident plus mean no discount for that no-claim bonus.

� Selection of Add-ons- In addition to the basic auto insurance coverage, insurance agencies offer several optional add-ons. It is important to select the right ones and just pay for those. For instance, when there is a medical expense cover or hospital cash cover, determine in case you have a medical insurance plan that already covers these.

� To resume you aren't to resume - with the same insurer? If it is time to renew your vehicle insurance, compare insurance firms to view what they're offering prior to a decision. The car insurance industry is very competitive and for the same coverage, it is possible to probably obtain a better price elsewhere.

Some final precautions to be aware of are:

� Make sure that the insurance plan is trustworthy. Always buy your motor insurance straight from the insurer or looking at the authorized agent.

� Always have a premium payment receipt.

� Whenever you receive your policy document, look into the IDV, no claim bonus and deductible details to make certain it's whatever you opted for. Any discrepancies has to be notified and rectified immediately.

� Be sure you alone sign the proposal form and try to read before signing

� Tend not to go for monthly obligations because costlier than annual payments

Remember that auto insurance protects your occupants of your respective car on two counts: from accidental damage and from third party claims when you're in charge of the accident. Therefore, choose with pride.


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