How Motor Insurance Works?-MoneyMindz.com

By | 02/03/2019

Motor insurance can work as lifesaver if things go wrong while you are driving. The driver can be protected from financial loss that can be occurred during an unfortunate accident. It can also be extended to third party damage based on the coverage purchased. While operating a motor vehicle car insurance is very essential. MoneyMindz.com, Best On-Call Financial Advisory Portais providing some guidance about this important financial product.

Type of coverage:

You might not get the best results by going with the cheapest coverage. You shall find out what you need the most going through the coverage options. Insurance also covers theft, insurance covers third party damage and provides extensive personal accident coverage. You even get premium plans to protect your car against natural disasters. In India, for vehicle insurance natural disaster protection is recommended. You can never predict when something might happen which could damage your automobile.

Things to be considered:

Generally, motor insurance policy clearly outlines things which are not covered under the current contract. Damages caused by an unlicensed driver, damage due to age and damage outside of India are covered under this. You need to go over this information in order to stay away from spending out of your pocket for any incident. You can use a car insurance premium calculator in order to get an idea of what you are required to pay for a policy.

Reducing premium:

The motor insurance premium is decided upon several different things. Usually they are weighed differently so that one company can value one over another. There are few things which contribute to a premium, so you need to pay close attention while shopping for a new policy.

Vehicle Value:

According to your car costs, the premium will be decided. It is very obvious as any damage will be significantly higher with a more expensive vehicle. High premiums for expensive cars will not necessarily mean more coverage.

Claim History:

A person having a history of bad insurance practices then the new insurance policy will be higher than the average. Therefore, it is important to keep a clean record so that the cost of a new policy remains competitive.

Conclusion:

In a very simple way motor insurance can protect one of the most expensive purchases of your life. You shouldn’t make the process complicated and keep away from insurance scams which are exceptionally good to be true. Therefore, you are supposed to read the contract thoroughly before signing the dotted lines to be in good hands.

For more information visit: www.moneymindz.com or give a missed call to 022-62116588.

 

You May Like This Also  INSIGHT INTO THE BUSINESS INSURANCE

For more information visit:

India First Free Online/On-call Financial Advisory Portal, Best Free Financial Assistance Portal Corporate Fixed Deposit (CFP)- MoneyMindz

To Get Personal Finance Information From Certified Financial Planners:

Leave a Reply