Necessity or Compulsion 0 Comments

“Anything which can go wrong will go wrong” – Murphy’s Law.

It’s often said that one among five young drivers will face a crash within the first six months. Often car insurances are neglected because the probability of being in a car crash is quite low and people doesn’t want to spend a good amount of hard earned money towards the premium of any car insurance. Car accidents are not always because of you but often caused because of an error someone else committed. As a result having a relatively good car insurance eases out the headaches related to the compensation for life and property caused by the accident.

Car insurance or auto insurance as its commonly known as, deals with compensation or insurance packages for a motor vehicle ranging anywhere from a car, bus, truck to two wheelers such as scooters, bikes, etc. It protects the vehicle owner as well as any third party involved in the case of an accident. It generally compensates for the various bodily damages and provides the money for repairs. It also provides compensation for the damages caused to the third party in terms of loss of life or property during the accident your car was involved in.

Types of Insurance Policies:

  • Third Party Policy: The owner of the vehicle in order to save up a bit of the premium can opt for this type of policy. It only includes the damages caused to any third party who was involved in the accident along with you. It takes care of the compensations involved due to loss of life or cost associated due to certain injury, as well as damage to property both private and public. The word third party means anyone other than the insurer or the insured.

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  • Comprehensive Cover: This includes both Third-party as well as own damage. This is generally the type of insurance which is recommended as it compensates for any damage caused by the particular accident to the owner or the insured as well. It takes care of any bodily damage to the vehicle, repair costs involved in the case of any gruesome accident, injury or damages caused by the driver or its co-passengers, as well as any legal costs needed to deal with the lawsuits involving the accident. Car insurance also protects the owner in case of any natural or man-made calamities such flood, earthquake, landslide, thunderstorm, hailstorm, electronic accident, mobs, riots, theft or robbery.

Is it a Compulsion?

Based on the motor vehicles act, it is mandatory for any vehicle to have the third party policy insurance to be eligible for the road. Failure to attain any such insurance policy makes the vehicle illegal to ply on public roads. So, to some extent, yes having an insurance policy is a compulsion, but it is always advisable to get a comprehensive policy from any reputed insurance provider.

Prior research should be conducted to check for the best insurance provider, at the lowest possible price. Customer reviews should be taken into consideration while selecting any insurance policy. Also, make sure to check for the claim settlement ratio for any particular insurance provider. Lastly, I would like to say it’s always good to be safe than to be sorry.

Reasons For Car Insurance Goes Up 0 Comments

A car insurance document is filled with a lot of technical lingo. So, when your car insurance price suddenly goes up, you are usually baffled because you do not know why it went up. When your car insurance goes up, it is mainly because of a surcharge, and this can come in from different places. In many cases, surcharges come in from accidents or damage that is your fault or any traffic violations that you have made. Not all the surcharges are the same, and if one applies to you, you can look up your car insurance policy to find it. Knowing what is a surcharge and how it is applied will help you to save more when it comes to car insurance.

Understanding A Surcharge

Often the term surcharge and penalty are used interchangeably. Therefore, if you are looking up your insurance policy, you can also look up for penalties in case you do not find anything under surcharge. Surcharge or penalty usually refers to an increase in premium if anything was done intentionally or while the car was within your control. For examples, traffic violations are one thing. People usually violate traffic laws while the car is under their control. So, when you have a traffic ticket, you need to pay a surcharge or a penalty. The higher price of the premium will be dropped once the ticket is cleared off. The surcharge or the extra money is charged to the policy.

The surcharge widely depends on what state you live in because the state laws will govern your traffic laws. The state fee is a requirement of the state and therefore, it is not under your control. In some cases, when the state is a no-fault state, then there is a surcharge for medical coverage. The no-fault laws exist only to avoid costly lawsuits.

Reasons for Surcharge

So, what are the reasons for which you may have to pay a car insurance surcharge? These will include traffic violations, accidents that are your fault, or in short, at-fault accident, late payment of the fees, lapse in coverage, bad insurance credit score, and state fees.

How A Car Insurance Surcharge Is Charged?

For a car insurance company to charge a surcharge, the company will first review your driving record. This is done when you purchase your policy first and then afterwards at regular intervals when you will renew your policy. Traffic violations like reckless driving, over speeding and at fault accidents will be taken as driving offenses and more these pop up in your driving record, the higher surcharge you need to pay. Some insurance companies will use their own recording device to track your driving skills and will provide you with surcharges when deemed necessary. Contact the Ingenie Customer service for more information.

If you think that the insurance company is charging you surcharge unnecessarily, then you should contact the insurance agent an immediately. If you want to keep your insurance rate to the minimum, then you must make sure that you need to pay no surcharges.

Purchasing Car Insurance 0 Comments

Purchasing best car insurance policy for your car is the crucial job as you car insurance will cover the physical damage of unwanted accident and some other aspect such as loss from man-made calamities or natural and Of course you don’t want to compromise with your life as well. There are many dealers either online or offline you can check for their quotes and compared them. Here in this post, I am going to help you when it comes to choosing the best auto insurance policy.

Way Of Buying An Auto Insurance

You can purchase auto insurance from the dedicated dealer from where you bought your car.

You can look for the individual dealer and compare the quotes.

At the last, you can purchase auto insurance online.

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Auto Insurance From Dedicated Dealer

Purchasing auto insurance from the dedicated dealer is a good idea though  are tied up with insurance companies that pay them a higher commission. Since the dedicated dealer deals with only one insurance company, they have a good idea about different packages offered by the company and different type of coverage you need as per your requirements. When comparing captive dealer with the individual dealer, dedicated dealer may take a time to respond your needs and question.

Auto Insurance From The Independent Dealer.

Buying car insurance from the independent dealer has its own pros and cons. Independent dealer works with many different insurance agencies, not with the just single firm. So it might be possible that an independent dealer will have right insurance coverage package in your budget by assisting you to buy the expensive package with other extra offers. Ingenie customer service can help you in getting the best car insurance at the best price.

Online Insurance

Last and least option is to buy car insurance online while ignoring the agent completely and stipulate the deal directly with the company. You have to sweat yourself for this one as you have to go through a lot of research on different coverage providers, their insurance rate and other benefits that their policy covers. Purchasing car insurance online have an advantage of saving money as you will not have pay higher commission to agents and you will be able to get inexpensive and easy insurance.

Defining The Type Of Coverage Your Want And Type Vehicle Insurance

After deciding which companies to go with there are certain parameters that decide the premium such as the make of the vehicle, driving history, profession of the person, financial affairs of the person and age of the person.

Generally, Policies Offered By Insurance Companies Are Two Types-

  1. Third Party Liability Insurance

This plan usually covers the accidental death, damage to the property and injury to the third party. It also includes the accident coverage for a driver. This policy is mandatory of every driver and all type of the vehicles plying on the road.

  1. Comprehensive Insurance Plan

The comprehensive plan is normally preferred by many as it covers the third party insurance plans and own damage such as financial losses of the damaged vehicle, theft of the insured cars, etc. It also covers theft or damage caused by natural calamities such as cyclone, earthquake, Tsunami, fire explosion,etc.& men made calamities like riots and strike, terrorist attacks, etc.

After choosing the right insurance company, compare their quotes and offering and be sure about their policies if they are covering your requirements and get maximum coverage. Sometimes it is better to understand the rules that can be vary with states and eliminate the myths about car insurance.