All Info About Health Insurance And Laws

Private car insurance relates to private cars used for social and domestic purposes and / or business purposes. Comprehensive policies issued to individuals also include personal accident benefits for insured and spouse, medical expenses and loss of or damage to rugs, clothing personal effects.
All vehicles used for commercial purposes, lorries, taxis, vans, hire cars etc. are not insured under private car policies but under special contracts known as commercial vehicle policies.
The Company will indemnify the insured against loss of damage to the Motor Car and / or its accessories whilst thereon by :
Accidental external means
Fire external explosion, self – ignition or lightening or frost
Burglary, house – breaking or theft
Malicious act
Riot, strike
Flood, hail, wind, hurricane, cyclone, tornado, or typhoon
Earthquake, volcanic eruption or other convulsion of nature and
Whilst in transit by air, road rail inland waterway, lift or elevator

Liability to third parties:

The insured will be indemnified in the event of accident caused by or arising out of the use of the Motor Car against all sums including claimant’s cost and expenses which the insured shall become legally liable to pay in respect of:
Death of or bodily injury to any person but except so far as is necessary to meet the requirements of Section 95 of the Motor Vehicles Act, 1939
Damage to property other than property belonging to the insured or held in trust by or in the custody or control of the insured.
The company will pay all the costs and expenses incurred with its written consent.

Medical Expenses:

The company will pay to the insured the reasonable medical expenses not exceeding Rs. 350/- in respect of any one accident incurred in connection with any bodily injury by violent accident external and visible means sustained by the insured.

1. Multi Policy Discount is probably the single biggest discount available on a car insurance policy. Car and home insurance packaged together is exactly the type of business many insurance carriers are looking for and they will work hard to get it. Some offer a discount as high as 20 percent. It is rare for someone to obtain cheaper insurance by separating their car and home insurance through different carriers. If you own a home, always try to find an insurance carrier that packages your car and home policies together.
2. Multi Car Discount is also a major player in car insurance discounts. Your overall rate is typically higher when you own two vehicles verse one, but per vehicle you are paying a cheaper rate compared to insuring the vehicles individually. For example, if you own two vehicles and are paying $400 for one and $400 for the other, your rate could go up to $490 on one if you sell the other.
3. Financial Stability Discount is finding its way onto more and more car insurance policies. The difference between the top score and the bottom score can mean a difference of hundreds of dollars each year. Insurance companies have done extensive studieswhich prove a direct correlation between low insurance credit scores and high claim activity. Therefore, insurance companies reward good insurance credit scores with a financial stability discount in hopes of low claim activity.
4. Good Driver Discount usually applies to drivers that have not had an accident or ticket in the past three to five years. A couple of reasons exist for why this discount is so sizeable. It is almost a combination discount because someone with a speeding ticket not only doesn't qualify for the good driver discount, but they are also surcharged for the ticket. Also, the good driver discount is usually applied per driver. So every driver in the household could potentially receive this discount greatly helping to reduce the overall expense of car insurance.
5. Good Student Discount as its name portrays, only applies to students getting good grades. Usually a 3.0 grade point average or better is accepted. Also, the normal requirement for college students is 12 credit hours or more to qualify. Young drivers often pay higher rates and insurance companies reward good students with a discount. The theory stands that if a student spends a lot of time home studying then less time is spent getting into trouble behind the steering wheel.
6. Homeowner Discount on a car insurance policy may be surprising to some. Insurance carriers often offer this discount to clients who own a home regardless if the home is insured with the same company. Insurance companies reward homeowners because they often have more stability than a renter. A homeowner can double dip with this discount by combining it with the multi policy discount; thereby, receiving two top discounts in one swoop.

Payment Methods Listed Best to Worst

1. Paid in Full
   Paying in full is the best option for a couple of reasons. Many insurance companies offer paid in full discounts, plus you can also save on monthly fees. Having your policy paid in full takes one bill off of your monthly list. It ensures you will not encounter a lapse in coverage.


2. EFT
   Electronic funds transfer is when the insurance company directly taps into your checking account, savings account, or credit card to withdraw yourmonthly payment. Often you avoid payments fees and possibly even get a discount for signing up for this payment method. Using your checking or savings account is a good option because you can set it and forget it, while with a credit card you will have to update your expiration date. Credit cards are nice because then your insurance payments can help you build up reward points on your credit card. Some companies do not offer payment by credit card as an option for EFT. Electronic funds transfer is the closest option to paying in full.


3. Monthly Electronic, Credit, or Cash
   Paying monthly is a common preference for many people. Monthly payment options include electronic check, credit card, or cash. Electronic check can be used as a onetime withdraw from your checking or savings account. Both electronic check and credit can be used to pay online, with your agent, or by calling your insurance carriers customer service number. Cash can be used to pay at most agencies. Just don't use your agency as a bank, it annoys insurance agents when they constantly have to break large bills.

Common Car Insurance Payment Plans

• Annual
  Some insurance companies still offer annual insurance policies, but they are becoming rare. If you are a preferred driver risk, an annual policy is often the best policy. Being locked into an annual policy means your rates will not change for an entire year for any reason other than a change in vehicles. Paying in full means you will not have to think about your insurance payments for an entire year.


• Semi-annual
  Paying in full on a semi-annual policy is also a good option. A semi-annual payment plan refers to a payment every six months. Annual policies can be paid semi-annually, however if you have a semi-annual policy your rates are up for change every six months.


• Quarterly
  Paying every three months can help you avoid some payment fees, which makes it a worthwhile option.


• Monthly
  Monthly payments are a nice option if you are tight on cash. Paying late is the biggest factor which can make this option a bad one. Pay on time and if at all possible opt for the electronic funds transfer.


• Two Months Down with a 5 Pay Plan
  Two months down with a 5 pay plan is a common option when purchasing a new car insurance policy. Essentially, you get one month without a payment because you paid it at startup. Sometimes the month without a payment comes immediately after the policy is started, however, most of the time the month without a payment comes at the end of the policy term.

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