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Car Insurance Regulations and Required Coverage in Lake Charles

An accident happens while driving an auto. It is surprising, in some areas of the USA, for example, Alabama, Mississippi, Iowa, Pennsylvania, and New Hampshire, it isn’t mandatory to have car insurance. These states have their own ‘financial responsibility’ laws which need to have cash deposit, bond, or approved self-insurance with the state covering damages if you’re involved in an accident. Before going into auto insurance Lake Charles, take a quick look at what happens in other states. In other states, car insurance is mandatory. Lake Charles is a city of the state of Louisiana. The state has a mandatory requirement regarding car insurance. Any of its drivers compulsorily need to have a car insurance policy to meet financial responsibility while driving a vehicle. Louisiana follows strict adherence to car insurance law in a tort manner. It means, it always places the driver under the scanner to find fault when an accident happens and he has to pay for the damage incurred.

Required Coverage

Auto insurance Lake Charles needs the following liability coverage requirements:

Bodily Injury Liability

According to the statute, Louisiana residents having a car need to cover a minimum limit of $15,000 / $30,000 for bodily injury liability. It means, if it is seen in an accident you are at fault, this policy will pay a compensation up to $15,000 per person for their injury and $30,000 in total per accident. It means if two or more persons cause injury in an accident, the policy will pay up to and not more than $30,000 in total. Your bodily injury isn’t covered under this policy. This liability coverage is for others to whom the physical injuries are caused due to an accident within the terms and meaning of the plan.

Property Damage Liability

Property damage liability refers to damage caused to another automobile or any other property such as a fence, a home, etc. The law demands you need to cover a minimum limit of $25,000. It states that in case of an accident, this policy will pay a maximum up to $25,000 towards compensation of other property damage.

However, $15,000, $30,000, and $25,000 are the minimum requirements that your car insurance policy should have. While purchasing auto insurance Lake Charles, it advisable to consider the present price of the luxury cars or trucks which are well above $50,000. You can increase your coverage, adding an affordable increase in premium.

Medical Payments or Personal Injury Protection (PIP)

You can purchase personal injury protection (PIP) to cover for medical expenses, which may be necessary after an accident. Unlike other health policy, the personal injury protection part of auto insurance Lake Charles pays for medical costs incurred. You will get these benefits even when you and your family members travel in someone else’s car and have fallen in an accident. The policy also covers an accident when you’re hit by a vehicle while walking.

Comprehensive Insurance

Comprehensive policy covers for loss of car resulting from theft, vandalism, fire, riots, explosions, storms, floods, falling objects, collision with animals, etc. The comprehensive policy does not cover collision with other vehicles or purposes for which you need additional collision insurance coverage. This policy has a lower excess than a collision cover.

Collision Insurance

Collision insurance covers only damage caused due to the collision to your vehicle irrespective of the person who was responsible for the loss. Auto insurance Lake Charles reimburse you the cost repair less the deductible. The higher the deductible, the lower is the premium. However, the collision coverage premium depends on the value of your car.

Failure to Maintain Insurance — Penalties

If you are not able to show proof of insurance, you have to face the following penalties:

Immediate loss of registration, license plates, and impoundment of the vehicle

Motor vehicle office can suspend your license and registration if you can’t show any proof of insurance and impose penalties at the rates as applicable according to the law.

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Insurance

Cash Value of a Life Insurance Policy: What and Why?

A life settlement is a process of selling an existing life insurance policy to third-party institutions for an amount which is much more than the cash surrender value of the policy. This amount is known as the cash value of a life insurance policy.

This amount is usually less than the death benefit of the policy. Usually, the people who choose life settlements are 65 years or older and own insurance policy with a face value of a minimum of $100,000.

It all began in 1911 when the United States Supreme Court gave a revolutionary decision in the case of Grigsby vs. Russell. The court recognized the right of the policy owner to assign his/her life insurance policy to someone else. The Justice working on this case- Justice Oliver Wendell Holmes, announced that a life insurance policy is similar to any other property. Therefore, it can be transferred without any limitation by its owner.

Life settlements became common in the 1980s as the AIDS and Cancer epidemics drove many young, terminally ill policyholders to sell their insurance policies prior to their death. Hence, life settlements started gaining popularity among consumers.

Prior to the existence of this decision, a policy owner who wished to give up his/her life insurance policy had only two options:

  • He/she had to surrender the policy and receive the cash value. Surrendering the policy terminates the policy and all the benefits associated with it.
  • He/she had to allow the insurance policy to lapse. This would forfeit the policy and make it worthless.

There are basically two types of life insurance: Term life and Permanent life.

Term insurance provides coverage for a specific period of time such as 10, 15, or 20 years and can be renewed after the terms lapse. Permanent life insurance provides lifelong financial protection. Usually, term insurance premiums increase with every renewal whereas permanent life premiums remain the same.

The cash surrender value is the amount of money an insurance company pays to a policyholder or an annuity contract owner in the event that his or her policy is voluntarily terminated prior to its maturity or an insured event occurs.

Only permanent life insurance– such as whole life, universal life, and variable life- has a cash value account that grows over time called tax-deferred growth. A term insurance policy can be converted to a permanent policy, but permanent policies cannot be converted. Term life insurance is simple to understand and is less expensive when compared to a permanent life insurance policy. Hence, it’s widely popular among consumers.

The cash value of a life insurance policy is the cash amount offered to the policy owner by the policy provider upon the cancellation of the contract. This cash value can be borrowed as a loan by the policy owner. Universal life insurance, whole life insurance, and variable universal life insurance policies have a cash value, unlike term life insurance. The cash value is what makes an insurance policy a valuable investment. One can save money, receive quality returns and also protect our loved ones.

A policy owner needs to understand the cash value of a policy in order to make an effective decision.

This cash value of a policy can be used in the following ways-

  • Borrowing against cash value: In an emergency, a policyholder may wish to borrow a portion of the policy’s cash value. This loan, taken out of the cash value of the policy, has consequences; interest on the loan and repayment without a stipulated amount of time.
  • Surrendering the policy: The policy owner may choose to surrender his/her policy at will, and he/she has a less expensive alternative or may no longer need the policy. Surrendering the policy removes the death benefit; hence, this step must be chosen with caution.
  • Withdrawing from the policy’s cash value: This is an alternative option for borrowing money from the cash value of the insurance policy. Depending on the policy and its terms and conditions, policy withdrawals may have several effects on it.
  • A life settlement is one of the most widely popular options which involves a third party institution buying the policy for a one-time cash settlement.

Each of these options has its own pros and cons, and a policyholder may choose any one out of these depending on his/her own requirements. I hope that this article gave a better insight into understanding the meaning of the term “cash value of a life insurance policy.” Thank you for reading!

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Insurance

Knowing Aflac and the Insurance Plans Covered – Auto, Disability Insurance and Health Care

There is virtually no way to avoid being bombarded by commercials and advertising aimed at selling you the latest and greatest car, truck or SUV. Whether you choose what you drive for “status” or if it is merely a transportation necessity, the automobile is a part of daily life in North America.

And for every automobile ad you see or hear, there is likely to be an auto insurance ad nearby. After all, if you have a car, there is a very good chance that you have car insurance. But do you have enough? And do you have the right insurance? Far too often we discover the deficiencies in our insurance coverage after it is too late.

For a family living on a fixed budget, with little or no savings, a major automobile accident can be a significant setback. Even if your auto insurance covers damages to property and your liabilities, there are often collateral expenses that are not covered and can be a significant financial burden. Fortunately, Aflac, an insurance carrier, has an insurance product which helps policyholders in time of need when their primary auto insurance is not enough. Aflac car insurance, however, is not your typical auto insurance policy, which can create confusion for those trying to understand exactly what insurance options they have with Aflac.

To help you better understand, Aflac is a known as a supplemental insurance company, meaning, Aflac covers what typical insurance coverage exempts. These exemptions might include lost wages. Therefore, the Aflac auto insurance policy supplements disability insurance policies. As such, an Aflac auto policy may only be purchased as an addition to insurance from a typical carrier. Such a safeguard may be a wise investment for those unforeseen extra liabilities that you may encounter after an accident.

Understanding Aflac Car Insurance

Vehicular accidents are unpredictable and sometimes fatal. The bills that come thereafter can be financially crippling, affecting your family’s economic stability. You may require time off work to recover, during which you still need to pay your bills. In the long run, if not well prepared, the stress of juggling between paying hospital bills and meeting your family’s everyday needs can make your present and future financial stability. In extreme circumstances, bankruptcy may be the end result.

To help reduce that stress and burden, Aflac provides a lifeline by providing disability insurance policies, including an auto insurance supplement – that is why there is no Aflac auto insurance, per se. The Aflac car insurance policy is like an insurance for your insurance. It kicks in when the policyholder is incapacitated after an accident and unable to return to work in a timely manner. The Aflac policy provides additional financial resources to keep the bills paid and the bank account balanced when income stops as a result of an accident.

Aflac has become a globally popular supplemental insurance provider and there are several reasons customers are finding Aflac auto insurance worth the investment.

To start with, several Aflac car insurance plans include rider insurance

A rider insurance option comes in handy as it addresses any extra medical costs resulting from the accident and gives the victims a recurring income. The accident victim still receives an income while recuperating. The rider insurance is very expensive not offered by most insurance companies that alone should help you see why Aflac’s plan is so popular.

Since the rider insurance is not affordable to all, Aflac has a supplemental insurance provision which extends to what other auto insurers will not cover. That is, the Aflac car insurance takes care of dental care, daily income expenses, intensive care, short-term lost wages, ambulance services, emergency room costs and extended hospital stays. With all these being included in the insurance plan, why would a policyholder opt out of Aflac?

Aflac Claims – Car Insurance

With a better understanding of the Aflac car insurance policy, one can’t help but wonder how effective Aflac is in terms of paying out a victim’s claim. Some insurance providers manage their policyholder claims through third party companies, which can be a great inconvenience to the policyholder. Aflac does things a little differently. Once an Aflac car insurance claim is made, Aflac makes payment directly to the customer with no third parties involved. This reduces delays in payment and frustration on the part of the insured party. Additionally, Aflac has a great deal of care for its customers, demonstrating this through offering immediate benefits to a victim’s spouse in case of serious bodily harm.

Aflac’s ability to pay claims quickly and efficiently not only saves the victim and family members a great deal financially but also provides them peace of mind while the afflicted receive necessary medical attention.

Disability Insurance

Notwithstanding the unique Aflac car insurance, this insurer differentiates itself from other insurers particularly in its mode of operation. Instead of your typical insurance coverage, Aflac treats companies, non-profit organizations and individual clients to the disability insurance coverage. Their product ensures that the policyholder does not endure financial struggles after being injured while on the job or if they fall ill which leads to an inability to work.

Aflac’s medical and disability plans protect companies as well. Aflac offers plans that can be purchased in terms of group coverage. The group policy covers all employees in circumstances of illness or injury. The coverage comes into effect if they are incapacitated while on the job. All an employer has to do is to file a claim and will be ensured that their employee will be handed a financial lifeline.

The Aflac disability insurance plan is everything you will need, not only for your vehicle. Whether you are an individual or a group, this coverage will be your solution in times of accidents.

Healthcare

One might assume that since Aflac’s services are aimed at helping people meet their medical needs, there must also be an Aflac health insurance plan. Sadly, there is none. Aflac has, however, designed the disability insurance to work together with a policyholder’s health insurance coverage. Thus, there is no Aflac healthcare coverage.

A policyholder may only be eligible for Aflac’s insurance with an existing health insurance plan. In fact, many insurance providers will present their own policyholders with Aflac’s policy option as a way to supplement the purchased health insurance plan. The wide range of medical costs covered by Aflac is definitely worth supplementing the standard health plan.

About Aflac

There is no argument that the Aflac duck is the best corporate mascot ever. But the duck alone is not the star of the show. Founded in 1955, Aflac has gained worldwide popularity as a result of consistently meeting their customer’s needs and keeping their promises. Aflac has millions of satisfied customers with policies that include vision, dental, accident, cancer, life, short-term disability, hospital indemnity and hospital intensive care covers.

Aflac’s claim-handling procedures set them apart from their competitors. Policyholders can file their claims on their website or over the phone. Claims are typically paid within a few days and, in some instances, on the same day, reducing stress and financial burdens for their customers. Aflac’s world-class customer service has made it a trusted name in the insurance industry. This is, after all, what defines a good insurance company and customer relationship. Although Aflac is not the only option for supplemental insurance, it has built itself a name through exemplary service.

Through the decades Aflac has extended its services across the United States, Canada, Japan, and other nations, proving that supplemental insurance can ease people’s financial struggles in times of accidents and illnesses.

Aflac’s excellent customer service and unique delivery of insurance plans makes it a top option for your supplemental insurance needs. Do yourself a favor by insuring yourself against unexpected accidents and financial stress with Aflac automobile insurance or disability insurance.

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FinanceInsurance

Why Renewal of the Term Insurance Policy is Important?

We all are aware of the fact that life is full of uncertainties, so at a very young age itself, we start planning for different things that keep our family and our loved ones protected. Out of all uch initiatives, one of the most common strategies is investing in a life insurance plan. A life insurance can easily help you a lot in safeguarding the future of the family.  A life insurance plan will provide the needful financial support to the nominee as the death benefit in case of insured’s demise.

While investing in a life insurance plan, it is important for the buyer to be sure that he/she is paying premiums of the same regularly. In case of any failure regarding the premium payment then your policy will lapse and it will be of no use. However, there are many life insurance companies that offer the renewal as a plan’s feature. This should be there in your plan to get the option of renewal which is really beneficial. Investing in a life insurance plan is important but paying premium or renewal of the same is also vital. In this article, you will come to know that Why renewal of term insurance policy is important.

Renew for a Similar Term?

Let us assume that you own a term insurance that comes out with the option of renewal, for a term period of 5 years. When the same tenure comes to an end, then the insured must be having the option of renewal for an additional 5 years.

Why is Renewal of Term Insurance Policy Important?

Well, it is a common question that most of the customers asked, Let’s assume that there is a person who has a term insurance policy but suffer from the heart attack, just prior the policy expires. In such cases, if the policy is not renewed then the insurance company might face many problems to buy a new plan

The renewal feature comes along with the opportunity of extending the coverage. Moreover, you don’t have to go through the medical test for the renewal of the policy.

There are a few cons that a person can face if he/she fails to renew the policy.

  1. It defeats the Purpose of Insurance- The biggest drawbacks in such a situation is that the coverage that the benefits that you are getting will get lapsed. And in case of any eventuality that takes place during this phase then the policy will be liable to offer any benefits to the nominee. Well as discussed above, to secure the future of your loved ones timely renewal of existing term insurance policy is equally important. Just put your best efforts for your family’s future.
  2. It May Cost you more Expensive- When it comes to investing in a life insurance plan, you pay a regular premium to the insurance company. Prior to zeroing in on the premium, there are a few factors to consider is age, medical history, family check, etc. In case, where the policy gets terminated because of non-renewal then the policy will not be liable to pay any benefits to the nominee/beneficiary. If you decided to renew the policy later, then for sure it will cost you more.
  3. No tax Benefit- We all know that investing in an insurance policy is the most efficient ways of safeguarding the future of your family. It also acts as a great tool to achieve different financial goals. It also offers tax benefits while filing income tax return.

So from the above detail information, it is clear that if you don’t renew the life insurance plan on time then it will surely lapse and no benefits will be applicable.

In today’s world, owning a life insurance plan has already become a necessity for every person but don’t forget the importance of renewal. It is true that not all insurance plans come with the option of renewal, you have to check the same at the time of purchase itself. You must check the option at the time of purchase and ask insurer about the same as well. You can take help of an online insurance web aggregator such as PolicyX for your term insurance purchase.

Just choose the best one for yourself today, it is not about you only it is about the future of your family.

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Insurance

When should you sell your Life Insurance Policy For Cash?

If you don’t really want your life insurance policy, but you’re worried about the loss you’ll be bearing when you surrender it, you may want to sell it to a life settlement company. When you sell your life insurance policy, the amount that you receive will be of course lesser than the death benefit amount your beneficiaries will receive but this amount will be much higher than the money that you will be getting from your insurance company when you surrender your policy.

If you have an option to get more money when you get rid of your unwanted insurance policy, why not go for it? A life settlement is a concept where you sell your life insurance policy to a life settlement provider for money. They evaluate your policy, your age, health conditions, and a few other factors to put a price on your policy and buy it from you. After the sale is done, they pay the premium for your policy and receive the death benefit amount once you pass away. So, this is how it works and now you may wonder when “I should sell my term life insurance policy for cash?” Below are the situations in which you can sell your life insurance policy:

Medical expenses

If you’re suffering from a chronic or terminal illness, you may want to sell your life insurance policy to use the money for your medical expenses. You never know when you will get sick and after a particular age, age-related illness is a common visitor no matter how health conscious you are. If you have a full-fledged health insurance policy you may not need to sell your life insurance policy. However, such health insurance policies that cover almost all of your medical expenses are very expensive and only a few people sign up for it. So, if your medical expenses are on a roll and your health insurance doesn’t cover it, you can sell your life insurance policy to a life settlement company for a good amount of money.

Premiums too expensive

After you retire you will not be earning the same amount of money like you used to when you were working. This is for the people who are entitled to pension plans and for those who aren’t receiving any such retirement benefits; it’s going to be even more difficult to pay their insurance premiums with a low income or no income at all. People who suddenly face financial loss in their business will also find it really difficult to pay for the premium plans if they are expensive. In such a situation, you can sell your life insurance policy and use the money to start a business or invest it somewhere lucrative. You can also use the money to sign up for a new life insurance policy that will not cost you a lot.

You found a better policy

The insurance industry is constantly evolving and you get better offers and lucrative deals every now and then. Since there are new companies emerging all over the world and globalization has opened all the doors for them to penetrate even foreign markets, the competition in the industry is on the rise. In such a situation, the customer or the policy buyers are at the better end and you may want to sell off your old insurance policy to get a better new one.

Business or estate sale

If your life insurance policy is signed up under your business or your estate you may want to sell it off once you’ve sold your business or estate. In such cases, your insurance premiums are directly paid through your business account and with the business no longer there with you, you will have to pay for the insurance premiums from your personal account. You can sell the policy off if it’s not worth after you’ve liquefied your business or estate under which you’ve been paying for the premiums.

Your family is financially safe

By the time you enter old age, if your children and partner are in a financially healthy position, they no longer need your death benefit amount to be financially safe. In such a situation, you can sell your policy and use the money to invest, travel, charity, or do anything you want as long as you’re health expenses are covered.

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Insurance

Things You Didn’t Know About Renters Insurance

With increasing cost of owning homes, more people are settling for rented properties. Rental prices are still affordable, and you can continue to save for your dream home. However, if you live as a tenant, you should consider renters insurance. Here are some of the things you need to know.

Knowing the basic things

Renters insurance is a kind of property insurance meant for the tenant. It covers all the personal belongings and liability claims of the policy holder, as per the terms and conditions, against certain situations.  Let’s say you live in an apartment, where there was an unexpected fire. While the house is protected by the owner’s policy, how will you deal with your losses? Renters insurance is getting increasingly popular, and many homeowners and landlords won’t let out their property, unless you own a policy.

Besides protecting your personal goods, renters insurance also covers for liability claims. For example, if an electrician got injured owing to a small water leak at your home, the insurance will help in covering your liabilities. However, for structural issues and reasons that are related to other factors, the owner’s policy will be considered.

Buying a policy

There are many known companies, including State Farm renters insurance, that are available in the market, but choosing one will take a while. You can check websites, where the options are compared in a comprehensive way, which will help in understanding the inclusions and cover. Before choosing a renters insurance cover, you should make a list of your belongings with expected costs. Also, keep the list of inventory handy and accessible at all times. Most renters and tenants don’t know the things they must do in an emergency. Needless to mention, you should talk to the insurance provider to understand the process of filing a claim.

The costs and premiums are largely dependent on the policy and its inclusions, but you won’t pay a massive price for sure. Also, for certain things, such as jewelry, expensive electronic gadgets and appliances, you might need additional coverage. Check with a few insurance companies to know their policies better, and don’t hesitate to pay for a better cover, because you will have huge in case of losses. Also, you can read the reviews of other customers before choosing a company. Renters insurance might not be compulsory, but it’s something that you should consider for your own benefit. Check for options now!

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FinanceInsurance

Chasing Your Dreams with the Help of Mortgage Financing

There is hardly anyone in this world who doesn’t want to live a lavish lifestyle. Even though many people have this dream, hardly few of them manage to chase them successfully and live a life they desire. In case you are also one such person who has dreamt of becoming financially independent, then make sure you forge ahead in the right manner.

Here is how you can do that-

Assess Your Objectives

Each objective requires a different set of planning. You cannot simply manage to buy a real estate with the same sort of planning which you would otherwise use to buy a four wheeler. So, before even you begin the process, assess your objectives clearly and then take an appropriate step.

Planning Matters A Lot

Once you are clear with your financial goal, then you can start with the planning process and move further. Take the example of real estate purchase. If you wish to buy a land even when you have one already, then you’ll need to make certain arrangements well in advance. Among all the arrangements, the most important is funds arrangement. You can either use your savings or take the personal loan from any financial institute only to pay it back at a huge interest rate or use your existing real estate as collateral and apply for a mortgage loan. The best thing about going with the latter option is that you get flexible payment options and low-interest rates. Moreover, there are many tools available in the market which can help you make the right choice in this direction. In case you feel stuck at any stage, you can simply use mortgage calculator with taxes and insurance and select the best among the many options available in the market.

When you decide to take a step like this, you need help from someone who carries a good experience in this field. That’s where a good loan consultant can come in handy. Make sure you get in touch with a renowned financial planner and take his help to shortlist the best mortgage option. The process may sound lengthy in the beginning, but every moment spent in here will pay off really well in the future. So, don’t dishearten yourself. You have all the rights to chase your dreams and get ample funding support from the available resources for the same purpose. Keep in mind the above-mentioned points and have a great experience while chasing your dreams.

Author Bio – Scott writes about home financing, mortgage and other forms of consumer lending on various platforms.

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FinanceInsurance

Renewing Bike Insurance Online VS Offline: A Process You Must Understand

Bike insurance for many in India is a one-time phenomenon, but they forget that this insurance policy protects the liability of the rider from any natural disasters, protects from manmade calamities and more. You must renew your bike insurance every year so that you do not bear the cost of repairing the damages, the service cost or any replacement charges caused due to a third party, or as may be the case. In addition, you get to earn your discounts, perks and NCB (No claim bonus) when renewed on time.

Online Vs Offline Insurance Renewal

For many, bike insurance renewal is often a herculean task due to, what most think is a sluggish renewal process. The tiring traditional renewing process is no more mandatory. You do not have to take a day off your work to visit the insurance offering for renewing your bike insurance waiting for hours standing in a queue. You don’t have to entertain pushy agents at your doorstep.

Thanks to the internet, you can now renew your bike insurance online without actually going through the long conventional process of renewal.

Benefits of Online Bike Insurance Renewal

From the Comfort of your Home: Online renewal of two-wheeler can be done at leisure, sitting on a cozy couch, sipping your favorite hot coffee and filing in the forms. This is unlike the offline process, where you take a half day off from office to visit the insurance company (9:00 AM to 6:00 PM mostly are the working hours), wait for the officer to come and call out your name. It often happens when your turn comes, you are short of the required documents for submission and you need to start the process afresh by paying a visit the next day. In many a case though the representative may take the initiative of renewal. Honestly, there are very few executives who actually take the liability of this after sales service as a ritual as their major focus is mainly on sales. You got to move as per their whims and fancies. Thus, for those who have limited time to spare and looking for quick renewals, online mode is the best option. On the click of a mouse, your bike insurance renewal policy is delivered at your home.

Fast, Cheaper and Easy: If you opt for online renewal you should do it 60 days prior to the expiry of the policy. It can be done by anybody. You just have to log onto the official website of the insurance company, log in with your user id and password, click on the renewal button and fill in the details required. Select your choice of combination if any, pay the renewal fees with a debit card or credit card or net banking and you get your receipt and renewal is done. You also have an option of comparing the rates, services and plans.

Final note

Online renewal is the fastest and cheaper mode (as you can compare and select a quote from a range of insurance companies) of renewing your two-wheeler insurance, whereas offline renewal of two-wheeler insurance is time-consuming (owing to the documentation formalities) and you may not always get the best deal.

Unlike offline renewal of bike insurance, in online renewal, it is cost efficient as there is no middleman involved. This saves on the commission to be paid to the agents, besides, since paperless, it reduces the cost further offering you lower premium rates.

Therefore, the primary reasons for renewing your two-wheeler online would be the simplicity, time saver, easy renewal and security. In simple words, with the renewal of your bike insurance online you are independent, vigilant and smart.

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Insurance

Tips to Decide a Car Insurance That Suits You Best

Selecting a suitable Car Insurance policy is a tricky task, as there are many tidbits that should be looked into while availing the right car insurance policy. What makes the decision even more confusing are the intricate policy features and numerous companies providing multiple car insurance options.

So let us consider some tips that are useful to compare car insurance and decide on the best policy that suits your requirement too.

  1. Know Your Type:

Primarily, Car Insurance Policies are availed to secure the damages caused to your assets. Insurance providers classify the damage caused in two types: 1) Damage to own asset and 2) Damage caused to third party asset.

Based on the type of damage the General Car Insurance Provider Companies broadly classify the insurance plans under two categories:

  • Third Party Liability Insurance Plan: As the name suggests this plan only covers the damages caused to the assets of other people i.e. third party. The liability aroused is claimed to settle the damages done by you to third party assets although this plan does not cover for the damages caused to your own vehicle.
  • Comprehensive Insurance Plan: This Insurance Plan as the name suggests is kind of a umbrella plan which covers all kinds of damages i.e. damages to own assets, damages to third party assets and it also covers damages caused due to unforeseen events like fire, earthquake, theft of the asset etc. So buying a comprehensive insurance plan is a more preferred option.
  1. Premium you are willing to pay: Premium of Car Insurance Policies is based on various factors like the type of vehicle, make, model, age of the asset, fuel type etc. and all General Insurance companies provide very competitive insurance premiums. However one should not always go after low insurance premiums. By spending a little more for extra benefits like ‘Car Insurance Riders’ the deal would surely be value for money for the consumer. The riders like Personal Accident Cover, Zero depreciation cover, Engine Coverage rider, Road Side Assistance, Ambulance and Medical Expense rider etc. are few examples which will cost more to the consumers but are worth the cost of the premium.
  2. No Claim Bonus: This is an important aspect while comparing all car insurance policies available in the market. As the name suggest No Claim bonus is the bonus one gets if the buyer has no history of claiming insurance on the vehicle. Bonus is received as a discount on the policy premium for next year. The discount keeps on increasing; also in case the asset is sold then this facility can be transferred to the new vehicle under new policy.
  3. Discount for Safety Features: Insurance Policy covers for the theft of cars but now-a-days some cars come with inbuilt safety features so the chance of theft is very less, so while buying Car Insurance for Cars with such enhanced security systems buyer can buy the policy accordingly.
  4. Claim Settlement Process: Consumer should always opt for policies of only those companies whose claim settlement process is quick and the settlement ratio is good. The details of which companies have good settlement ratio can be obtained from IRDA website.
  5. Cashless Claims: General Insurance Companies are offering cash less claim policies where if any policyholder repairs the damages of the car at authorized car dealer center the bill is settled between the Insurance Company and the authorized car dealer. This is a new and hassle free process. So while selecting a suitable policy it is preferred that you compare car insurance online and then opt for one with such facility.
  6. Customer Support: While buying an Insurance Policy always buy policies of only such companies who have a large network of affiliated garages under its umbrella. Also always buy policies of established companies who have a 24*7 customer service center.
  7. Customer Review and Feedback: Buy Insurance Policies of companies who have received good customer feedbacks and reviews. These feedbacks and reviews can be checked online and/or from friends and relatives about the customer service and credibility of the insurer.
  8. Compare Policies: Compare car insurance policies by choosing from at least 3-4 types of policies of different general insurance companies before finalizing the best suitable policy. While comparing policies make sure that the policy covers all types of damages. Also compare the premium of all policies. Buy policy which provides maximum protection at an optimum premium.

Choosing a right Car Insurance Policy is a difficult yet important task, so above are some tips which you must consider before purchasing any policy.

So Choose wisely and drive safely!

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FinanceInsurance

Compare car insurance policies online and invest in the best suitable car insurance

Many residents in our time are eager to compare various options regarding the car insurance online. They have an objective to find out the most suitable car insurance and invest in it. On the other hand, they do not aware about how to compare car insurance policies in detail. They can make contact with the most reliable general insurance company Youi Pty Ltd and begin their step to get the customized car insurance policy. This insurance company is known for its professional guidance from the beginning to end of the insurance policy selection among an array of options.

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The most appropriate car insurance 

It is the right time to get online car insurance quotes and compare all these quotes based on your car insurance requirements in recent times. Once you have planned to identify and buy the most outstanding car insurance policy, you can feel free to visit this leading company online on the go. You will get the complete support and the most expected car insurance policy within your budget. A smart way to get a customized car insurance policy saves your time and overall efforts to invest in the right policy. You can consult with car insurance experts and make a good decision about your car insurance selection successfully.

Many people who have bought a new car or a used car at the first time confused with how to decide on the car insurance. They do not have focused on car insurance policies before now. They require the best guidance about the car insurance and compare car insurance as per their overall requirements. They can feel free to get in touch with a committed team of car insurance experts in this reliable company and realize their wishes about the most competitive price of the first-class car insurance online.

Choose the car insurance online

All clients of Youi in our time are satisfied with the following issues.

  • 24/7 emergency claims assistance
  • Free car hire soon after theft
  • Dedicated claims advisor
  • Emergency roadside assistance
  • Flexible excess
  • Customized car insurance policy
  • The prompt support
  • Transparency
  • The most secure payment system
  • Regular updates

Once you have decided to get the first-class car insurance Australia within your budget, but beyond expectations on insurance benefits, you can contact Youi directly. You will be satisfied with the best collection of car insurance policies and customized car insurance solutions at the most competitive prices.

All users of car insurance quote comparison websites these days are confident and happy to visit Youi. They are satisfied with the prompt support and the most excellent car insurance policy from a committed team in this reputable company.  They can take advantage of the comprehensive car insurance coverage and get rid of all problems caused by flood, hail, storm, theft and fire. They will be happy to get the most outstanding car insurance within the budget and use this insurance policy beyond their expectations.  Many clients of this company suggest car insurance policies for their friends nowadays.

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