What is the purpose of third party cover for your vehicle?

Third party insurance is the minimum level of cover required by person according to Indian traffic law to cover up the third party damage expenses including health and life at times. Putting third party cover in place mean, in the event you cause damage to someone else’s property or injure them while driving, that person will receive appropriate compensation. This insurance also covers for your passengers, in case you cause any injury to them in the event of accident. However, anything that happens to your vehicle or injuries to you will not be covered by third party insurance.

Advantage

Traditionally, third party cover has been the cheapest and minimal option for anyone who is looking to insure their vehicle within the budget. But it’s better to research different forms of cover using insurance comparison tool that takes your personal circumstances into consideration.

But usually markets are updated and revised often on insurance segment. This means you may well find that third party cover doesn't represent the best value for your money, either because a fully comprehensive policy is cheaper, or you can get better quality cover for a similar price.

Secondly, it is advisable when your vehicle isn’t worth a lot of money, third party cover will be the right option for you. However, it is also important to be aware that third party insurance will not provide entire level of protection that a comprehensive insurance policy would offer.

Third party, fire and theft cover provide the same level of protection as third party cover, but additionally they also cover you in the event that your vehicle was stolen or damaged by fire.

While taking a third party cover it really depends a lot on your profile, but always make sure if you want to get quotes for Third Party do consider a comprehensive cover as well. It is always good to compare and because you might come to know that Third Party cover might not be the cheapest even though they have the least cover.

Online insurance sites are great place to get competitive quote on vehicle coverage. Online quotes help you get the most competitive quotation for you and do look at the policy wordings before you decide what suit you best. Last by not the least it is better to do check with your insurance agent if there is any cashback when you cancel the policy. Always check your policy, so you know exactly what you are and aren't covered for in the event of a claim.

For claims it is advisable you should file a third party insurance claim when you believe the other driver caused the accident. The claim involves the insurance company of the other driver in the accident, so you must contact that insurer with details about the accident, identification of the policyholder, a copy of the police report citing the other driver or eyewitnesses who can confirm your report. If things are proven right that their customer has caused the accident the company will pay for your accident expenses. 

How To Compare House Insurance

It is always important to compare house insurance policies before getting one for your home. This is one of the simplest ways to get the best possible deal to insure the buildings and contents of your home. Yes, this can be a long, tedious task to accomplish and it could take you weeks before you find the perfect policy for your home. But it will be all worth it after it's all said and done when you compare house insurance.

Any home owner should get a proper house insurance policy. This is a must since you never know what could happen. Someone might rob you, your house may catch fire, an earthquake could level it to the ground, you simply never know. Accidents can happen at the blink of an eye. If your house is insured, then you at least have a net to fall back on. Yes, the pain of losing the home you've worked so hard to achieve will still be there, but not everything is lost. By getting a home insurance policy, you'll have something to build on after an accident. And if you put some time and effort into comparing home insurance from different companies, you can find one which would suit your needs at a price perfect for your budget.

Of course, one company can have a different home insurance quote compared to another company. Some will have better offers, some will be expensive, some will be right for your budget, some might be outright rip-offs, and then there are those that will fit your needs perfectly. This is why it is important to compare house insurance from different companies. By doing so, you can see which policies are important and which ones you can make do without. At the end of the day, if you compare insurance quotes properly, you will end up with the best one that is available for you.

Now the question is: how to compare the different quotes given by different sales people of insurance companies? It can be difficult since these people are trained to sweeten everything that they say. While they talk, it gives you a feeling that what they say is gold. They slowly reel you in with promises, sugar coating, and other tactics. If you want to compare home insurance quotes properly, you will have to learn to see through the act of these sales people. You have to train yourself to be able to listen to the important parts only so that you'll be able to compare house insurance policies properly later on.

However, before you go out and shop for different quotes to compare house insurance later on, you will have to set a few things first. For one, you have to know what you want from a policy or at least a basic idea of what you want. Next, you would want to set a budget for it. This way, when you compare house insurance, you know what you are looking for.

To make an effective comparison, what you would want to know from the sales person are the various stipulations, deductibles, clauses, policies, and premiums. Basically you want all the facts. How much will you have to pay; what things are covered; and how can you lower the price; these are some of the facts that you want to look out for and list them down. Once you have done that, then it is time to sit back at home, look at your notes, check the facts and compare home insurance policies from different companies. When you compare house insurance policies, not only will you find a price within your range, but you'll be able to get the best possible deal.

Compare House Insurance Online

Then again, with the advancements of the Internet, you can now have an easier time to compare house insurance. You can now use the power of the internet to check out different insurance companies in your area and contact them through their websites. This way, you can gather information faster and compare house insurance without leaving the comfort of your house. Then again, the downside of this method is that you are limiting yourself to companies who have a website. There can be insurance companies that offer a good deal for you who do not own a site on the internet. So it is still best to look for them when you are doing your due diligence.

Compare House Insurance Summary

It is always important to have your home insured. But if you do not give some time and effort to compare house insurance policies, then you might end up paying more for something you can get for a lot less. It may take some time, but be patient. Visit different companies and compare house insurance policies that they offer to find the one which will suit your needs perfectly.

Source: [http://blogs.rediff.com/homeinsurance/2016/07/09/house-insurance-2/]

Top 10 Reasons to Get General Insurance: Make Your Life Risk-Free

For a risk free life, general insurance is a practical option. Every person faces some risk or the other at all times. Risk is the possibility that something unpleasant or uncertain might happen. In such a situation, we need to secure all the things that we own. This security is provided by Insurance. Insurance policies can be divided into 2 categories: General and Life Insurance.

General insurance basically covers property against fire, burglary, etc. It also includes personal cover like accident and health insurance as well as liability insurance which covers legal liabilities. There is a special insurance called professional indemnity which is specifically meant for working professionals. This type of insurance is taken to secure the professional from any loss that may occur during employment.

General insurance has become important in today's life because it covers almost everything like your home, car and even your health. The various reasons for choosing insurance are as follows:

The most important reason is to get peace of mind. Insurance provides security to every individual against risks or mishaps. Through insurance the burden and pressure of loss is almost negligible as the loss will be covered by the insurance company under the policy. You can pay premiums and use it like a saving account and when required in future this account can be used to cover your losses.

General insurance helps businessmen to increase their productivity and earn high profits and they need not keep special reserves to cover their future risks. Businessmen can lead a tension free life as all the goods and services that are transported outside the state or country can be insured and if there is any loss during delivery none of the parties would have to suffer loss.

Insurance also covers an individual's health. So if you have health insurance and any accident takes place the hospital bills will be paid by the company. In case of car accidents, insurance enables you to claim the car repair expenses from the insurance company.

When people take general insurance, the policy holder need not pay for any unforeseen liability as it gets covered under such insurance. Insurance policies are usually a contract between 2-3 parties where one of them is the insurance company. There are different types of insurances that solve differences between 2 parties where both the parties may suffer and the obligation to pay the losses does not rest with one party.

When you choose general insurance, you can live your life freely and confidently without worrying about the future of your family and business. Every person wants to live a stress free life, free from every risk and tension and general insurance is the one thing that helps people to achieve this and restore their peace of mind.

Source: [http://healthinsuranceplaninindia.weebly.com/blog/top-10-reasons-to-get-general-insurance-make-your-life-risk-free]

10 Things To Look For While Getting A General Insurance

General insurance or any kind of insurance is of utmost importance today. Getting a general insurance is the wisest thing that one can invest in to get benefits in the future especially in case of loss or damage of things that are insured. It is a kind of insurance that is different from life insurance. This type of insurance generally includes property insurance against burglary, fire, etc. It also includes personal insurance such as Health and Accident Insurance and for legal liabilities, liability insurance. Moreover, it also provides professionals with professional indemnity. If you take this type of insurance policy and pay premiums then it will ensure that you get reimbursement for any kind of loss that may take place in the future.

But, before applying for a general insurance there are certain things that you should consider.

- Be extremely careful that you do not sacrifice the coverage in order to save money. Thus, it is ideal for you to raise your yearly premiums because they are too high, but ensure that you know what kind of option you are signing up for.

- It is important too look for the general insurance company's financial ratings because it will ensure that the company will help you out when you need them the most. Research on the Internet about the company can help you to solve this matter.

- Check whether earlier policy holders have faced any kind of problems or not. Check for the complaint records that will help you in your decision making process.

- Different general insurance companies have different underwriting guidelines, so if one company rejects your application others will take it. Agents are the best persons who are aware of the requirements of each company. However, even for them predicting underwriter actions are not always possible.

- Always take policies from duly licensed and authorized policy agents because there are lots of agents in the market who are selling fake insurance policies.

- Also ensure that the company from where you are applying for the insurance policy is genuine and has the license to do business in the state where you live in.

- Before you take up a policy make sure that you clear up concerns beforehand. Certain things like whether your health insurance plan covers overseas medical expenses or not, also whether it provides rental car facility for everyday travelling.

- Find out the ways through which your insurer will service your claims. Check whether the insurer will provide online support or not, in case of any emergency outside the place where you reside.

- Also check for general insurance companies which allow its customers to have a free look for 30 days or so. This will help the customers to get an insight about the pros and cons of the policy and then decide whether to take it or leave it.

Source: [ http://blogs.rediff.com/generalinsurance/2016/07/06/general-insurance-6/ ]

Why We Need To Buy General Insurance

In a nutshell, buying General insurance is about managing risk.

Most frequently used as a means of managing financial uncertainty, insurance exists to provide peace of mind should anything happen to you, your loved ones, your investments or your business.

Why everyone needs general insurance

Glass breakage is common around the home – especially with a summer of backyard cricket underway.

While it is tempting to think “it would never happen to me”, ask yourself what would be the cost financially – not to mention emotionally – should the worst happen and you lost everything through no fault of your own?

He says the first thing people should do when considering seeking cover is to talk to their chosen provider about their lifestyle and how it can be protected – no matter what stage of life they’re at – whether young or young at heart, home-owner or renter, employed or looking for work.

While most insurance providers attempt to provide the most comprehensive cover they can, it is always worth reading the small print to ensure you are getting the best bang for your buck.

To help mitigate some of the issues faced by its policyholders in the event of obvious disasters such as fire, flood or theft or smaller everyday disasters such as accidental breakage, AMI policies offer a number of unique features not offered by some of its competitors.

“We recognise that glass breakage is pretty common, especially with summer here and backyard cricket starting up – that’s why our policies give you the option to remove the excess for glass breakage,” says Tippet.

Policies can also include something as simple as cover for Christmas presents stolen while kept in the home, while legal liability under standard contents cover with AMI means you may even be covered for accidental damage to someone else’s property, he says.

We also offer more flexibility when it comes to car insurance.

“Most insurers only cover rental cars if you’re left without your own car while our policies include substitute transport costs including any combination of rental car, taxis and public transport – there’s even the option of additional cover for medical expenses.”

To help make the process even easier also boasts its own smartphone and tablet app –We Assist – that as well as simplifying the claims process and detailing the fine print, also has special offers on everything from carwashes to WOFs.

Source:  [ 

http://blogs.rediff.com/generalinsurance/2016/06/28/buy-general-insurance/ ]

Third Party Insurance

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Why To Buy Medical Insurance Plans For Parents

Good health is a blessing for each person. It is a tool that guides you towards a happy and healthy life. We all know that a healthy body nourishes a healthy mind and that helps you work better through the day. With a healthy body, you will be free to focus on different aspects of your life. We all know that in the old age, people are more prone to disease. It is thus essential to take extra care of the health in the old age and get quality treatment in time of need. But for many people getting quality treatment in older age is a tricky prospect due to lack of funds. As a responsible child, it is thus our duty to ensure our parents under an effective health plan to secure their health in old age that will take care of all health issues and help them lead a trouble free life.

Medical insurance plans for parents

Health insurance for parents or senior citizens is important, considering the rate at which health care expenses are rising. If we talk about an average percentage then the health care cost is rising by 15 percent every year. Moreover, it is found that almost 75 percent of Indians are paying these expenses from their own pockets.

With the help of medical insurance coverage for your parents, they will be able to get quality treatment in old age as well. So to provide complete support to your parents you must buy a general insurance for them. It will provide a stress-free post-retirement life to them.

There are several reasons to buy medical insurance plans for parents. It can be growing health care cost, rising frequency of disease and much more. It is not like a health insurance plan will protect you from all diseases, but for sure it will help you in treating most of them. It will act like a savior in need.

If you or your family members face any health related issues, then a health insurance plan will provide a helping hand to deal with it. It will provide the required financial coverage to you that will remove the burden of heavy medical expenses. It will surely provide a great level of relief and allow you to take wise decision in all stages of life.

Why purchase health insurance for Parents?

The cost of health care is rising more than the normal inflation rate. Your parents may own a limited income or unstable income during post-retirement life. Your parents are financially dependent on you. Old age is easily prone to accidents and diseases. They might need sudden financial assistance for quality treatment on time.

Things You Must Check In Medical Insurance Plans For Parents:

Co-payment rules: Under this, the policyholder has to pay a particular percentage from the claim amount like 20 percent of the claim or more. It depends upon the insurers and plans.
Sub-limit: it is common for the insurers to fix sum limits for definite illnesses or treatments.
Pre-existing diseases: There are many insurers that do not provide coverage for pre –existing disease. You must check and compare them thoroughly to get the desired coverage on existing disease as well.

Waiting Period: The insured has to wait for a definite period of time before claiming any expenses.

[Source: https://generalinsurancesite.wordpress.com/2016/06/15/why-to-buy-medical-insurance-plans-for-parents/]

General Insurance

General insurance actuaries help provide expertise in three main areas:

·         Reserving (in reserving they apply statistical techniques to assess the likely outcome of general insurance liabilities, typically, and the provisions that are needed for reporting purposes)

·         Rating (the pricing actuary assesses the frequency and average amount of claims to estimate premiums)

·         Capital modelling (for capital modelling the actuary projects both the liability and assets of insurers to assess solvency and future capital needs).

General insurance or non-life insurance policies, including motor and household policies, provide payments depending on the loss from a particular financial event.  General Insurance typically comprises any insurance that is not determined to be life insurance.  It is called property and casualty insurance and non-life insurance in Continental Europe.

In the General insurance is broadly divided into two areas, personal lines and commercial lines.

Commercial lines products are usually designed for relatively large legal entities. These would include workers' comp (employer’s liability), public liability, product liability, commercial fleet and other general insurance products sold in a relatively standard fashion to many organisations. There are many companies that supply comprehensive commercial insurance packages for a wide range of different industries, including shops, restaurants and hotels.

Personal lines products are designed to be sold in large quantities. This would include motor insurance, household insurance, pet insurance, creditor insurance and others.

The London Market provides a focus for many insurance companies and syndicates operating under a Lloyd’s of London banner to write large commercial risks such as supermarkets, football players and other very specific risks. It consists of a number of insurers, reinsurers, [P&I Clubs], brokers and other companies that are typically physically located in the City of London. Business is typically written through specialist brokers. The London Market also participates in personal lines and commercial lines, domestic and foreign, and provides reinsurance.

The statistics on the changing profile of our membership tell us that around 30% of our general insurance members live and work outside. As a result, the General Insurance Practice Executive Committee (PEC) is continually looking at what it can do to support our members. 

[Source : http://bestinsurancestock.blogspot.in/2013/03/general-insurance-uk.html]

INSURANCE

General Insurance

One of the fastest growing General Insurance companies in India and also won awards for Best General Insurance Company & Claims Innovation awards.

GENERAL INSURANCE

Bajaj Allianz is one of the fastest growing General Insurance companies in India and also won awards for Best General Insurance Company & Claims Innovation awards.

Four Types of Insurance

Before buying an insurance policy should you choose an insurance product that matches the kind of protection you need . Suppose you need protection against the risk of financial need as a result of various risks , including death , hospitalization , or permanent disability . At the same time , the level of your tolerance for risk and the purpose of saving and investing and investment period also determines the insurance program that works for you. there are four types of insurance you need to know :

To determine the choice of life insurance products that suit your needs then you should consult with a life insurance agent . They will serve you as well as provide solutions and choice of life insurance products that best fit you .

1. Health insurance is a big topic and one that is getting much in the U.S. Attention right now. One accident or injury Needs Treatment That Can is enough to wipe you out in Financially Potentially Both the short and the long term. Many people have to declare bankruptcy due at least in part to unpaid medical and others prolong Treatment Expenses until it is too late. A health insurance policy is NECESSARY that is something for everyone from birth Until Death.

2. Car insurance is of course a form of insurance most people realize That They Need, mostly because the law says they must have it to drive. Even if you are an excellent driver-you-can wind up with Injuries and property damage from someone else's negligence so it is important to make sure insurance Coverage That You Have to Take Care of These issues just in case.

3. Life insurance Is another Thing That Especially Young people do not think That They Need. Death is Not Guaranteed to hold off Until late in life so it is advisable to carry at least a minimal life insurance policy Even If You Do not Have Any Dependents. Life insurance cover Can you pretty cheaply if you are young and in good health But It Can really help your loved ones pay for funeral and burial Expenses That Could September them back quite a bit. Everyone should have at least a minimum life insurance policy.

4. Home owners and renters insurance Policies are very important no matter WHERE you live. Believe it or not, even the most dog modest cost of home furnishings to replace a lot. When taking out a policy like this make sure your stuff That They cover not at the present value but at the replacement value. If you lose everything you will not Have Time to shop around for bargains you will need replacements right away and the best way to get through that is a replacement value policy.

[Source: https://generalinsurancesite.wordpress.com/2016/05/03/four-types-of-insurance/]

Insurance

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health insurance, avail Bajaj Allianz instant renewal facility for hassle-free insurance renewals

Auto insurance coverage review for policy member’s candidate

From a wide scope of insurance coverage policies existing at prompt, auto insurance coverage would be the most preferred decision together with the majority with the crowd obtaining automobiles. The premium quantity varies with otherwise auto insurance coverage corporations and reside is additional compulsory in crowded states.

From a wide scope of general insurance coverage policies existing at prompt, auto insurance coverage would be the most preferred decision together with the majority with the crowd obtaining automobiles. The premium quantity varies with otherwise auto insurance coverage corporations and reside is additional compulsory in crowded states.

A lot of the auto insurance coverage corporations cover house harm liability, physique injury liability, healthcare payments and specific other humor unbefitting their policy. Bountiful auto insurance coverage corporations also present the benefit of extended coverage with the insurance coverage to other persons apart from the pioneer driver. Therefore, if anybody driving the automobile together with the permission with the infant driver faces any sort of accident, then the loss amenability emblematize recovered completed the insurance coverage policy. Wherefore to use for agnate affordable auto insurance coverage policies,

Bountiful tribe upgrade the good scale supplied in the state farm as they catch consternation of sovereign insurance coverage desires than any other insurance coverage corporation. They may be quickly reachable completed the insurance coverage recite internet websites. Men and women who resort to for their motorcycle insurance coverage regard that state farm presents them sort insurance coverage and peerless buyer service.

Humans hunting out for discount presents in their auto insurance coverage reproduce may well elevate all state auto insurance coverage. Divers consonant insurance coverage corporations educate about their policies on the net and for dab to ensconce direct links with their buyers. Some auto insurance coverage corporations common subsidize the ease of on the net degree cite generator that pdq generates quotes determined by the facts offered by their on the net visitor.

A comparison shopping with the insurance coverage policies wrapped up the breed search tools proves to become additional helpful and effective for the buyers plus the corporations at the same time.

To possess the lowest plus the most precise motorcycle insurance coverage or any form of auto insurance coverage appear out in the important search destinations on the net. Therefore the world wide web lately would be the finest selection for potential policy holders.

[Source: https://generalinsurancesite.wordpress.com/2016/04/30/auto-insurance-coverage-review-for-policy-members-candidate/]

Insurance Online

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What is New - General Insurance in India

Post de-tariffing of market in 2007 the general insurers in India have free market approach to price their products except for motor third party insurance. Sustainable growth is the life line for any business and insurance is no exception to it. Insurers must have the 360 degree view of their business .The Regulator, who watches the interest of the policyholders, however observed that despite its advisories the free market regime coupled with intense competition amongst insurers & their obsession for the top-line is resulting into deficient assessment of insurable risks, in corporate sector, and that the prices are offered to these corporate clients for property insurance and group health insurance at non-viable rates which are ultimately subsidized by the buyers of retail products. Due to aggressive competition the insurers were offering heavy discounts on portfolio basis to retain their accounts and were quoting less than 10 to 20% below the estimated outgo in group health segment to attract new corporate. 

These corporate with loss making group health covers continue to escape price hikes by shopping for new insurers. The chase to build up top line and the pressure on marketing force of the insurers for their targets resulted in health insurers willingness to accept the business even not covering expected claim cost ignoring loading for medical inflation, acquisition cost , servicing cost by third party administrators and management expenses. 

In a bid to address this issue and to bring corporate governance in the business behaviour of the insurers the Authority has prescribed its pricing prescription which is applicable with the 1st day of 2015. The Authority's prescription for pricing fire, property and group health insurance is to consider Burning Cost as starting point to price these risks. This only can move market forward towards claim plus pricing mechanism. Burning cost is the estimated cost of claims in proposed insurance period and is calculated from previous year claim experience of the insurer duly adjusted for change in number of lives and for changes in the benefit design proposed for current year of the risk. IRDA in its advisory and prescription has made it very clear that industry-wide losses should be considered for pricing the product and insurers current level experience of acquisition and management expenses should be loaded to it. 

The industry-wide burning cost is available with IIB (Insurance Information Bureau of India) for Fire and Property Insurance but such industry-wide burning cost for group health is not available. The Authority is also aware that brokers are not disclosing all details of group health experience to insurers at the time of RFQ (request for quote). In health insurance the trend & incidence rate usually does not vary from year to year. However, the average claim cost bears the impact of medical inflation to some extent. Till the IIB is ready with the industry-wide Burning cost in group health segment the authority has tightened the reporting parameters. It has prescribed that the intermediary or the client will mandatory have to sign and disclose the claim cost of last year and preceding two years in the input format designed by General Insurance Council of India (GI Council). This will surely improve the disclosure and will put insurers in a better position to assess the risk on quality data necessary to price the risk.

With uniform data now available to underwriters if any of them choose to price the group health risk lower than burning cost than it will have to have the approval of its Board of Directors. Further this will have to be filed in form of Exception Report in a format to be designed by IRDA.

The Regulator has initiated this move to see right pricing coming into the market and corporate governance in the business behaviour of the insurers. The move signals that premium for this fastest growing portfolio would be rising in last quarter of 2014-15 or else there will be reduction in the benefits including caps beings introduced for procedures or else employers will seek sharing of cost from employees for present benefit design of their health protection covers.

[Source: http://vinay-verma.blogspot.in/2015/01/burning-cost-prescription-by-indian.html]

Insurance

Renew your existing insurance policies online with ease. Whether it is car insurance, two-wheeler or health insurance, avail Bajaj Allianz instant renewal facility for hassle-free insurance renewals

What is the importance of general insurance cover?

Life is full of joy and happiness if you have plenty of money, good house, a luxurious car, good health and lavish lifestyle. But you many never know when you might come across an unexpected calamity or incidence that can damage your valuable belongings or endanger your life. In this era of high uncertainty spiral inflation rate, the dangers posed to our prized possession have reached new heights. The best way to protect ourselves by getting dump in the manhole of financial losses would be getting it insured at the right time. Today, insurance is becoming a necessity more than just a utility. Safeguarding your belongings accumulated through years of hard work is the right thing to do and this is where different type of insurance service provider plays a pivotal role.

The insurance that protect our belonging and covers our health is known as “general insurance”. While market are filled with variety of customized policies you can choose the best suitable for you depending upon your income sources, asset value, place of living and other factors. You can either visit the branch or call up customer service or buy from agents. But one of the best and modern day convenient ways to buy general insurance policies would be online purchase.

Today, the educated section is purchasing policies online. The purchase of non-life insurance policies in the country is on rise. More and more people from metropolitan, town cities and even rural areas prefer buying polices online.  The ease of purchase and convenience of buying it anytime and anywhere are the primary drivers for policy purchase online. Many insurers have started realizing this. They have created separate verticals to exploit this segment.

General insurance segment of India comprises of a wide array of insurance such as health insurance, motor insurance, home insurance, travel, fire and business insurance, lifestyle insurance and other forms. Experts say the thrust of this insurance segment is inclined toward business verticals and cater to giant corporate clients as well.

There are around 20+ general insurance players in markets and some more large international ones are expected to enter shortly. These companies have come up with innovative ideas and customized ways of policies for offering the existing and prospective customers, new technology platforms that would keep their business update to date and organized and would also be beneficial to them.

While purchasing policies it is important to follow some guidelines:

Also, take policies depending upon your income sources. Never exceed premium costs more than income sources else if you cannot pay certain premium it might lapse.

Make a note of each and every valuable possession in your house, about family health issues and pre-existing diseases,  your car inclusions and exclusions, property value etc. depending upon the type of policy you wish to purchase.

Always keep all the policy documents and other necessary documents handy with scanned copy on your email account so that you can easily produce them at the time of insurance claim.

Ensure that you keep on regularly updating your possession in house, business expansion updates, property purchase updates and health updates time-to-time with the insurance company. Make sure you incorporate these things in the insurance policy.

Produce the requisite FIR (incase of valuables being stolen) or other reports as required at the time of claims. Good and reputed general insurance companies will let you compare quotes with their top competitors before signing up for polices. Using a couple of insurance calculators is an excellent method to make sure you get precise quotes as per your requirements. 

Insurance

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General Insurance

Travel Insurance Companies

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Medical Travel Insurance

7 Travel Insurance Tips for Your Next Vacation

The news of the cruise ship disaster off the coast of Italy was particularly noteworthy for my family. On April 1, we set sail on a seven-day Caribbean cruise. My daughter is already freaking out, and my son is not helping matters. He’s plastered pictures of the Costa Concordia all over the house.

One issue the tragedy has brought into focus for us is travel insurance. My travel agent and I discussed travel insurance when I booked our cruise. Frankly, after spending thousands of dollars on airfare and a cruise, spending even more money on insurance is not my idea of a good time. But because of the cost of our trip, it’s an issue we can’t afford to avoid.

While I’m not an expert in travel insurance, my research has been quite revealing.

1. Only insure what you can’t afford to lose. Not every trip needs travel insurance companies. If your potential loss is a few hundred dollars in airfare, travel insurance is probably not worth the cost or aggravation. On the other hand, a once-in-a-lifetime $20,000 vacation is worth protecting. In this way, travel insurance is no different than most other types of insurance.

2. There are many options. Before my research, I assumed there was just one type of travel insurance. In turns out that there are many types, including travel insurance for trip cancellation, trip interruption, medical, lost baggage, evacuation, and flight insurance. My primary concern is trip cancellation insurance, but there are many options to consider. Many travel insurance companies offer bundled insurance packages that combine two or more types of travel insurance.

3. Age matters. Whether it’s medical insurance or trip cancellation insurance, your physical health is an important factor in determining a premium. While you won’t have to get a physical like you would with life insurance, your age will affect the cost of the insurance.

4.  Health insurance may not cover you. I was also surprised to learn that not all health insurance policies, including Medicare, cover you overseas or on a cruise flying under a foreign flag. The key is to contact your health insurance provider to find out what coverage you do have when you’re traveling. Only then can you make an informed decision about this type of travel insurance.

5. Timing issues. I was surprised to learn from my travel agent that we didn’t have to decide on travel insurance when we booked our cruise. In fact, you can buy travel insurance just days before your departure. This are risks, however, in waiting. Some types of travel insurance may require you to purchase the insurance within a set time period after you’ve booked your travel. And for trip cancellation insurance, you won’t be covered if you buy the insurance after you’ve become ill or the hurricane has wiped out your vacation destination.

6. Costs vary. It’s wise to compare costs before making a decision. While your travel agent will have options for you, they may not be the best or the least expensive. Some of the more well-known travel insurance companies include Access America, Travel Guard, and Travel Insured. And you can use sites like insuremytrip.com to compare travel insurance options.

7. Travel rewards cards won't help. At first I assumed that a top-notch travel rewards credit card would have some travel insurance. But apart from limited baggage insurance, accident insurance, and rental car insurance with some cards, however, travel insurance is not part of the benefits. If you want trip cancellation or interruption insurance, you'll have to buy it.

[Sourse: http://money.usnews.com/money/blogs/my-money/2012/01/19/7-travel-insurance-tips]

Insurance – An Introduction

The Insurance business is broadly divided into two major categories first is Life Insurance and other one is General Insurance. The Life Insurance covers the loss to Human Life whereas the General Insurance is primarily a Non-Life Insurance, which covers risk associated with various things/affairs one found precious enough to be covered under an Insurance.

It is true that the Human Life is most precious asset one can protect but at the same time it is also an undisputed fact that with the passing time several other assets took place in human life which are inevitably part of our day to day life. Human beings have now become materialistic and hence the value of a Human Being also derived from the material assets he possess. This may include your house, vehicles, shops and daily used utensils and equipment etc.

All the assets you possess are open to various risks and it is always a possibility that these assets can be destroyed or may be harmed in a manner whereby its value get decreased by damage caused by any uncertain/unforeseen event. As the Human Life can be shortened by deceases or accidents, similarly or assets/property can be destroyed by natural calamities or any man-made act.

Many a times these kind of activities do not occur for longer period of time, may be for decades, but the fact always remains the same that we are exposed to the risk of happening of any uncertain/unforeseen event.

Although, its true, no one can see his/her future but at the same time it is also true that we can predict the future events in a reasonable manner and therefore we always try to avoid certain activities which may lead us to losses and wherever we are unable to avoid some kind of acts we try to protect ourselves from those events.

Like for earthquakes we build houses strong enough to be unaffected from earthquake up to a certain limit. But what if the earthquake occurs with huge intensity that a whole city get destroyed in minutes. Fortunately these events do not occur frequently but the fact again remains the same that we are unable to avoid certain kind of losses that may occur any time in future.

Simplified Concept of Insurance

To cover up the damage occurred due to any foreseen or unforeseen event and mitigate the losses the mankind evolved a wonderful concept of Insurance. Since the occurrence of loss causing events are few in numbers the mechanism of Insurance ensures that the losses to be shared by all members of a certain group which is exposed to similar risk of occurrence of such loss causing event.

This mechanism runs over a simple concept of society where we come together to form a group and this grouping make us feel protected and similarly while having the insurance all the risk bearers ensure that any loss occurring in future shall be borne by whole group despite of the fact that actual loss occurred to a very few members in that group.

So in this manner, Insurance is a mechanism which ensures that the unfortunate some, who suffered loss due to a certain event, get compensated and their loss be mitigated by large number of contributors who are exposed to similar kind of loss causing event,

[Source: https://generalinsurancesite.wordpress.com/2016/03/02/insurance-an-introduction/]

Why should you buy peace of mind for your vehicle?

Imagine you’re driving a vehicle and get into an unintentional accident. There is a property and car damage including some bruises to the opposite party driver.  As long as it’s not your fault things will be fine but if it’s your fault you will have to face huge financial brunt to cover up the damage. One thing that can offer a financial back up is insuring your vehicle with third party insurance. Therefore, third party motor insurance is the most fundamental form of coverage set by Indian Tariff Law to get your vehicles running on roads. It is the most economical coverage option you can get.

The article discusses few things you should know about third party motor cover before buy it.

It is the kind of cover under which insurance company will agree to compensate or pay for the damages done by the insured person, if he or she is sued or held legally liable for  injuries and damages done to a third party. So, if you bump your car with another car and the accident turns out to be your fault then you’re liable to pay losses such as physical and health damages. However, you cannot claim damage to your own car or health. For this a separate policy known as comprehensive vehicle policy is available in market that will manage things for both the ends.

If you meet with unfortunate incidence and it happens to be other person’s fault then this is how you can make third party insurance claim. A victim, owner of the property, or the legal envoy of the deceased person can make an application for a third-party claim against the vehicle owner. To file a third party claim, an FIR must be filed with the police. 

The FIR would generally include Registration number of the vehicle involved in case of an accident, License number of the driver, Name and contact details of witnesses, if any.  The claimant need to file a case with the Motor Accident Claims Tribunal under the jurisdiction of the area where the petitioner resides or the accident occurred. Documents required would include a copy of the FIR and the original records of expenses incurred by the applicant to authenticate the damages or loss.