policyadvisor-blog

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1. Plan and Invest for your child

2. Maintain an emergency fund 

3. Ensure the purchase of an adequate insurance cover

4. Start investing for your retirement

5. Use credit cards to build a credit history 

https://www.policyadvisor.in/life-insurance-quotes/compare-investment-plans/

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Tips to Keep in Mind Before Buying Car Insurance for First Time?

Buying the right policy needs to have basic information about how car insurance works. It becomes very simple if you familiarise yourself with this knowledge.

Here are some tips for buying car insurance for the first time:

Tip #1: Get Familiar with Jargons:

Understanding commonly-used terms used on the car insurance policy will help you know your coverage better.

So, when you start searching for the best car insurance policy or insurance company, go through the following list of auto insurance jargons:

First-party and Second-party: The very first thing you will come across when you buy car insurance is your role as a buyer. The owner of the car, who is buying insurance, is referred to as First Party. Similarly, an insurance company which is insuring the car becomes the Second Party.

Third-party: The Third party is any person or an organization who is affected by the insured car, say, in an accident. For example, during a collision, owner of the other car in question becomes the third party.

Own Damage: Any damage to the insured car or injuries to the owner of an insured car is termed as Own Damage.

No Claim Bonus (NCB): If the owner of the insured car or third-party does not raise a claim in an active policy year, the owner will be entitled to a discounted premium on the next renewal.

Insured Declared Value (IDV): The current market value of a car is the Insured Declared Value. IDV includes depreciation.

Add-on/Rider: Additional coverage options available with a Comprehensive Car Insurance Policy.

Claim Settlement Ratio (CSR): The ratio of a number of claims settled to the number of claims received in one year by an insurance company.

Claim: Requesting an insurance company to pay for the insured damage or compensation with respect to the purchased insurance policy.

Depreciation: Reduction in the monetary value of the car with time.

Tip #2: Understand Policy Types: A car insurance policy can be of two types – a third party liability only policy and a comprehensive package policy.

Third Party Liability Only Policy: this policy is also called Act only policy as it is mandated by the Motor Vehicles Act. This policy only covers any damages which are caused by a third party or property. The damages include any sort of bodily harm or injury caused to any third person (i.e. a person other than the car and the car’s owner) and also any sort of damage caused to the surrounding property. These policies do not cover damages or losses incurred by the car or the car owner. The premium for these policies is fixed by the Insurance Regulatory and Development Authority (IRDA) depending on the engine capacity of the car and it is uniform.

Comprehensive Package Policy: also called a bundled policy, package policy or a comprehensive cover, this policy provides dual coverage. It covers the mandatory third party liability and also provides coverage for any damage incurred by the car and its owner. This additional coverage is also called ‘own damage’ cover. Premiums are based on the insurer’s pricing policy and they comprise of two parts. One part of the premium is for the third party liability coverage while the other part is for the ‘own damage’ coverage. While the first part is fixed by the IRDA, own damage premium depends on the Insured Declared Value (IDV) of the car. The IDV of the car is the current market value of the car after depreciation. The calculation of the car’s IDV varies from one insurer to another and so the premium rates of comprehensive plans also vary across insurers.

Tip #3: Choose the Right Add-ons

Depreciation Reimbursement: It is the most commonly recommended add-on feature, which entitles you to claim the full cost of replacing car parts damaged in accidents without having to pay from your pocket. Usually, a Zero Depreciation add-on feature is valid for a period of five years from the date of purchase of the car, up to a maximum of two claims during the policy period. Indeed, receiving a full claim on any part of the car that has been replaced after an accident is a great situation, is it?

Roadside Assistance: This is a very useful add-on that provides certain round-the-clock services such as refueling, towing, change of flat tyre, battery related technical problems, arranging for a mechanic’s services and so on, in case of a car breakdown. In a situation like that, the company will send help wherever you are. Also, you will be eligible for taxi service, assistance in an arrangement of emergency accommodation and other utility benefits if you are stranded in a remote destination.

Return to Invoice: In case of total loss of the car, the amount mentioned on the invoice will be compensated to the policyholder.

Engine Secure: This add-on is essential for owners of new cars, especially high-end cars, that are up to three years of age. It compensates for even those repairs in an engine that is not related to accidents. It could be particularly useful for those living in flood-prone areas where frequent waterlogging during the monsoon increases the chances of damage to the engine. It comes at an added cost but it’s totally worth it.

NCB Protect: Helps in retaining the No Claim Bonus even after making a claim. The number of allowed claims depend upon the insurer.

Consumables Cover: In the standard car policy, small consumable expenses such as screws, nut, and bolts, oils, etc. are not covered and you will have to bear the cost if the need arises to repair or replace them. With this add-on, however, your insurer will make a payout for the value of such consumables.  As the cost of consumables is much higher in high-end cars, it is advisable to purchase this to tackle such expenses. Generally, vehicles older than three years are not eligible for this add-on cover.

Loss of Personal Belongings: If you lose expensive personal belongings like a smartphone or laptop, you can raise a claim under this add-on.

Tip #4: Compare Policies

Before you buy car insurance online, compare insurance policies online. Choose a similar type of coverage offered and compare various features offered by the company.

Tip #5: Track Renewals

Once you have bought the right car insurance policy and add-ons, you need to keep a track of the renewals. This is important as timely renewals help in getting a discount on the car insurance premium if no claim is raised against the policy. If you buy car insurance online, it will be easier to track renewals as well.

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Buying health insurance for senior citizens? 5 tips for you

While it may be costly to buy a medical insurance scheme at a later stage, the idea of not taking an insurance is not just a choice. Here are five points to assist you to choose the most effective health insurance plan for elders.

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Make A New Year Resolution To Retire Better. Our Calculator will help you estimate the future value of your #retirement savings and determine how much more you need to save each month to reach your retirement goal. https://goo.gl/sFbjiV

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3 things to consider at the time of health insurance renewal

Health insurance renewal is a simple and easy process, especially when done online, there are few things to keep in mind before renewing the existing policy

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Tips to determine the right insurance cover

Choosing the right kind of insurance cover not only determines the care that we receive should our health take a wrong turn, but it can be the wild card in your financial plan. One should always consider these basic aspects while choosing the sum assured. Compare Life Insurance

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The cost of #education in #India is rising at an unprecedented rate.parents are paying staggering amounts to get a decent education for their #children. read to know more https://goo.gl/h6bSZ4

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5 Simple Guidelines To Buy A Used Car In India With No Regrets

Buying a used car in India - Learn the top 5 things to check before before buying a used car in India.Read on to get some useful tips for buying used cars in India.

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Secure your family's Future with Life Insurance. Compare & Buy Best Life Insurance Plans - https://goo.gl/xFNGLz

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Linking certain documents with your Aadhaar card has now been made compulsory by the government. These measures are being put into place to ensure that benefits from all government schemes reach the people. The process is relatively simple and can be done both, online or offline.

Documents that must be linked to your Aadhaar:

• Bank account details • PAN Card • Voter ID Card • LPG Connection Card • Ration Card • Mobile number

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Dos and Don'ts While Filing a Car Insurance Claim

Filing a car insurance claim, while seemingly easy, is never fun. And if you ever make a mistake, there is a good chance to have your claim rejected. Follow our advice to file a compelling insurance claim.

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5 Things You Must Consider When Buying Health Insurance For Senior Citizens

If your parents have been without an insurance plan, then you must look for an appropriate Health Insurance cover immediately. Though there are limited options available in the market, you can still get a decent policy for them by taking care of some important points that we are going to discuss here.

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5 safety tips to keep in mind this Diwali

While celebrating festivals, people tend to get carried away and forget to take these safety precautions. One must be extra cautious during festivals and should consider safety as an utmost priority. While enjoying the moment is important, staying alert and attentive is also critical.

http://www.policyadvisor.in/

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Planning to Buy a Health Insurance? Look for These Things

points mentioned above are important things to consider but should not be looked in isolation only. Premium, other key benefits, claim settlement ratio, claim processing mechanism of the insurer, etc. are other vital things to consider as well. Don’t forget to read the policy wordings or the fine print.

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Things to know while insuring parents

Insuring your parents is one of the best gifts a son or daughter can give to their parents. Senior citizens policy, life insurance, and health insurance are few ways to insure your parents. http://www.policyadvisor.in/

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Compare Moneyback Insurance Plans-Compare Online and get info on best Money Back Policy of top insurance companies in India.

http://www.policyadvisor.in/life-insurance-quotes/compare-moneyback-plans/