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What Should You Look for in an Auto Insurance Company?

If you follow the above mentioned points carefully, you can definitely get the right auto insurance company and auto insurance plan for your car.

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Waymo, driverless cars, car insurance
New car buyers will compulsorily have to subscribe to third party liability cover for 3 or 5 years.

If you own a car, then you need to safeguard your car with auto insurance. The auto insurance covers you and your family in the event of accident. You need to know about the damages and other things that the auto insurance could cover. You should ask necessary questions to your auto insurance company ahead choosing the auto insurance plan for you.

We cannot say that, everyone gets hold of some experience in choosing the right auto insurance company or auto insurance plan. It is you that has to explore different types of auto insurance companies, its quotes, its plans and more to choose the right one for you. The following points will assist you choose the right auto insurance for you.

Car, insurance
The limits and coverage offered by the auto insurance companies will vary. Pixabay
  • Your first step in choosing the auto insurance company is that, you need to determine the type of the coverage you need. The scenario of people that choose to have auto insurance will vary from one to another. It is you that has to choose the auto insurance that suits you. Take, for example, if you have less than perfect driving records or past credit issues, then you need to compare the auto insurance quotes from companies who can afford customers a second chance to get discount on auto insurance.
  • Next is that, you need to go through the rewards that you can get if you possess good driving records. The best auto insurance company will customize its flexibility when it comes to choosing the coverage options and incentives. You need to go through the terms and conditions of the auto insurance company’s policy on discount auto insurance rates to those that possess a good driving record.
  • As you all know that, the rate of the auto insurance will vary from one plan to another, one country to another and one company to another. Yes, the American insurance companies may be less expensive while comparing to other insurance companies on other countries. It is your duty to compare the auto insurance rates by taking enough time. Make sure to choose the best company that could offer you the best rates for your auto insurance.
car insurance
You need to choose the auto insurance plan that offers the coverage what you actually require for your car.
  • Of course, there are different types of auto insurance plans to choose from, which include third party insurance, liability insurance and more. Among that, you need to choose the auto insurance plan that offers the coverage what you actually require for your car.
  • The limits and coverage offered by the auto insurance companies will vary. You need to ask or confirm about what the boundaries of the auto insurance company are in terms of coverage, so that, you can decide whether or not to choose this company for your auto insurance.
  • At times, if you are offered a low premium rate by the auto insurance company, then who knows the coverage could be minimal. To be on the safer side, you need to read through all such points and limitations of the auto insurance plan ahead choosing the one for you.
Car, insurance
It is you that has to explore different types of auto insurance companies. Pixabay
  • If you possess a recreation vehicle, then you need to have its own insurance. The insurance for the recreation vehicle and auto insurance are not same as you think. Your car may be comprehensively insured by the auto insurance company, but your recreation vehicle would not get such a coverage what you car gets.

Also Read: How to Choose The Best Term Insurance?

  • Make sure you gets hold of all such legal documents that you need to submit to get the full comprehensive coverage for your car. If you do not have any idea about what the documents are that you need to submit to the auto insurance company, you can explore those things on the internet and get handy of it.

If you follow the above mentioned points carefully, you can definitely get the right auto insurance company and auto insurance plan for your car. Make sure to choose from various auto insurance policies.

Next Story

Stay Ahead of Medical Inflation With The Top Up Insurance Cover

Health insurance basically aims to protect you from emergency hospitalization expenses to the extent of the sum insured

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Health Insurance
Top Up Health Insurance is an ideal instrument in your hand, by which you augment your sum insured, at a cost marginal to the base medical insurance plan. Pixabay

Health insurance is an intrinsic part of our life now. You necessarily allocate a portion of your income to secure protection for unforeseen medical emergencies requiring hospitalization through medical insurance plans. The quantum of the sum insured is solely dependent on your profile, which includes your profession, liabilities and your dependents. 

As a natural corollary, deciding upon the quantum of sum insured becomes crucial as modern health care is a costly affair with the profusion of super specialty hospitals that dish out the best that medical science can offer. Your normal health insurance cover can fall short of the requirements when it comes to the crux beyond the common medical expenses primarily and secondarily due to inflationary pressures.Top up health insurance is an ideal instrument in your hand, by which you augment your sum insured, at a cost marginal to the base medical insurance plan. 

Health Insurance and its necessity:

Health insurance basically aims to protect you from emergency hospitalization expenses to the extent of the sum insured. Hospitalization expenses can be prohibitive and lead to financial ruin, if not provided for by adequate health insurance cover. The primary advantages of health insurance are:

  • Providing financial stability: An adequate health insurance cover gives you peace of mind in the knowledge that you have a good financial back-up.
  • Riders and add-ons: You can enhance the ambit of your cover by means of riders and add-ons to satisfy your specific requirements. 
  • Flexibility: The insurance providers have to offer many innovative plans that allow cover for critical illness, daycare treatment, lifelong renewability and tweaking of the sum insured matching your requirements. On top of this, there are plans which cover for maternity, senior citizens and the best of all, top-up plans to increase your cover substantially, at a marginal cost as compared to the base policy.   
  • Tax benefits: There is generous provision for tax rebate under Section 80D of the IT Act, 1961 acting as an incentive. 
Insurance
An adequate Health Insurance cover gives you peace of mind in the knowledge that you have a good financial back-up. Pixabay

Types of Health insurance:

Basically health insurance plans cover for hospitalization treatments. There is a wide canvas describing in details of the inclusions and the exclusions within the overall limit of sum insured. Most plans offer pre and post hospitalization expenses for specific periods, ambulance charges and existing illnesses after a defined waiting period. Technological advances have resulted in some treatments that do not require overnight stay in a hospital but it suffices in a daycare facility. Most plans cater for such treatments.  There are riders and add-ons or specific disease cover plans to cater to special situations. Keeping a wide canvas of cover on the horizon, there are two other types of plans which need special mention.

  • Family Floater Plan: Unlike an individual plan, this type of plan covers multiple heads which is ideally suited to a family. The sum insured extends to self, spouse and the children and in most cases it covers four persons. Singly or severally all the members covered can enjoy medical insurance benefits to the extent of the sum insured.
  • Top-up Plan: When you fear that your health insurance sum may not suffice your need, you may opt for a Top-up plan which indemnifies you for the additional sum insured. For example, if you have a base plan of Rs.4 lakhs and you buy a Top-up for Rs.5 lakhs, you are effectively covered for Rs.9 lakhs in total, subject to the rules inbuilt into your plan. 

Top-up Insurance Plans:

Top-up is designed to augment your health insurance cover when you project a higher protection amount for medical emergencies. The sum insured in the Top-up plan kicks into play when the defined threshold or deductible limit is crossed. Though it is incumbent upon you to choose the deductible and the threshold as it impacts the premium, it is best fixed in harmony with your base health insurance plan. 

To cite an example, if your base insurance provides a cover of Rs.4 lakhs and the Top-up is for Rs.5 lakhs, the best scenario for use of the entire cover of Rs.9 lakhs is to fix the threshold at Rs.4 lakhs. Only when the sum insured of Rs,4 lakhs gets exhausted, does your Top-up cover kick into play. 

Advantages of Top-up health insurance:

There are certain inherent advantages of buying a Top-up plan. Some of the key ones are tabulated below:

  • You are covered for a substantially higher sum at a marginal cost as compared to the cost you would have to bear for the total cover in a single health insurance.
  • You have the flexibility to enhance the features at the time of renewal. 
  • You can purchase a Top-up plan even if you do not have a base health insurance.
  • If you have a base health insurance, it is not necessary to purchase the Top-up plan from the same insurer.
  • However, it is prudent to have the same insurance provider and ensure that the features are in sync in both to obviate future hassles. 
Health Insurance
Health Insurance basically aims to protect you from emergency hospitalization expenses to the extent of the sum insured. Pixabay

An important point to be noted in Top-up Insurance plans:

Normally the plan caters to a single bill for the treatment and the total combined sum insured cannot be invoked for different illnesses. To illustrate the point further, suppose your base sum insured is Rs.4 lakhs and the Top-up is Rs,5 lakhs with threshold the former; and you run a bill of Rs.7 lakhs. The entire amount is paid by the insurer. But if the bill is for Rs.2.5 lakhs for the first and Rs. 3 lakhs for the second after six months, you get a cover of only Rs.1.5 lakhs remaining in your base policy. The solution here is that you opt for a Super Top-up plan and the second case scenario is catered for where your second bill is fully paid. It is a superior plan as it considers bills in totality and does not segregate them as in Top-up plan. 

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Bottom Line:

When it comes to health insurance, no cover seems to be safe in the current scenario. The line separating the normal expenses for medical emergencies escalating into a family financial crisis is very thin. It is in this light that the option of Top-up insurance has come as a boon. For reasons already enunciated, the most sensible thing to do is to buy a Super Top-up plan that will not only look after your emergencies but also absorb the inflationary trends.