Car Insurance

This device will price your car insurance

A device that captures all your driving behaviour, right from how fast you go to when you apply brakes, will now help decide the cost of your motor insurance. For the first time in India, a private insurer has introduced telematics — the technology of long-distance transmission of information — to price motor insurance.

The device, which plugs into the car's on-board diagnostics (OBD), relays information on quality of driving and usage of cars to the insurance company, which uses the data to price the policy at the time of renewal.

Currently, four factors determine pricing of a vehicle insurance — its make, model, year of manufacture and location. Bajaj Allianz General Insurance has introduced Drive Smart — a policy which, at the time of renewal, will price insurance based on usage. The device and service is available for free to anyone who buys Bajaj Allianz's car insurance with the add-on covers.

"There are many car owners who use their car very sparingly and are very careful drivers who end up subsidizing others. Telematics will help us price insurance according to the risk," said Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance.Vijay Kumar, president (motor insurance) at Bajaj Allianz, said, "The device will work on every car that has been manufactured after 2010 as all vehicles since then are OBD2-compliant." The Bharat Stage IV norms, which prescribe standards for car emissions, also include a mandate on on-board diagnostics.

The device connects the car to an app on the owner's smartphone and recognizes when the driver is over-accelerating or braking suddenly, or if there is a sudden impact. While the telematics helps the insurance company in gathering data, it provides car owners a host of benefits which until now required a separate payment of a few thousand rupees. For instance, the driver can request roadside assistance by tapping a button on the app in the event of an accident.

The owner can also set up notifications for every time the vehicle breaches a speed limit or goes outside a 'geo-fenced' area in the map. The owner can also share live and static location of the car with friends. According to Singhel, the technology will also enable the company to come out with a 'pay as you go' auto insurance plan where the individual is charged according to how much he uses the vehicle.

The add-on covers include round the clock roadside assistance, accident insurance, key and lock replacement cover and personal baggage cover. The add-on covers cost roughly 50% of the basic insurance. For instance, if the standard 'all risk' cover on a Honda City is around Rs 9,000, the policy with add-on rates would cost around Rs 14,000.

Rates for Car Insurance

Your insurance agent hands you a bill for your car insurance.  You think that the premium is what you have to pay.  Not so fast.  Rates for car insurance do not have to be set in stone.  Just because you’re insurance agent says that your annual premium is one amount, does not mean that is what you will – or should – be paying. There may be discounts offered by your carrier that your agent has no idea you qualify for.  It is your job to stay informed and let him know when you think there’s a discount to be had.

There are dozens of ways to cut the rates for car insurance by 20-50%.  Yes, that’s right – as much as 50%! All you have to do to get these multiple discounts is to ask your insurer which ones they offer. Then start applying them to your own premium and watch your bill decrease.

So, what type of rate-cutting discounts should you be looking for?  Here are the most common:

Multiple Vehicle Discount:  If you have more than one vehicle insured with the same company then you should be getting some sort of discount.  Keep in mind that a vehicle can be a car, truck, motorcycle, RV, or other type of motor vehicle

Multiple Driver Discount:  Families with more than one driver in the house, a discount is offered; especially if you have fewer cars insured than you have drivers. After all, if three of you are drivers and you only have two cars, that means someone will not on the road at all times. – And that means that person can’t get into an accident.  

Low Mileage Discount:  Drive your vehicle less than 7,000 miles per year and you probably qualify for a big low mileage discount.  Of course you will have to prove how little you drive through your inspection reports, but those are simple to get from your mechanic. Ask your carrier what their policy is regarding low mileage verification.

Multi-Policy Discount:  All-too-often people disregard the benefits of using the same insurance carrier for all of your insurance needs.  By taking out policies for your car, house, life, etc. with a single provider, you may qualify for discounts on all of your insurance needs.

Anti-Theft Discount:  Be sure to tell your agent about any anti-theft devices installed in your vehicle to receive a rebate or ongoing discount on your premiums.

Safe Driver Discount:  Why should a good driver pay as much for insurance as a bad one? You don’t have to.  If you have not had an accident or claim in awhile, be sure to let your agent know that you expect a reduction in your rate.  Plus, if you register and attend a driver safety course you may qualify for an additional rate cut.

Good Student Discount: Have a teenage driver?  If they are an A-student, be sure to register those good grades with your insurance carrier for a discount up to 20%! Most carriers are more than happy to reward good students with an insurance rate cut.

In addition to these standard car insurance discounts being offered by most of the main carriers across the U.S., there are some simple lifestyle changes you can make to help keep the rates for car insurance low:

Drive Carefully (and slowly): Avoid getting caught speeding or getting any other type of traffic violation to keep your insurance rates as low as possible. Every traffic ticket you get is reported to your insurance carrier, which could raise your premiums.

Keep your credit score high: Most people do not realize that their insurance carrier can use a poor credit rating to boost your insurance rates.  A bad credit score usually indicates an irresponsible consumer. Therefore, it has become common practice for companies to periodically check a customer’s credit rating, and use a poor credit score as areas on to spike their insurance premiums

Downgrade your car.  Te fancier the car; the more insurance you will pay on it. The least expensive car sports the cheapest insurance rates and for good reasons: they are cheaper to fix after an accident.

Get Married:  Single men are hot the hardest when it comes to buying private car insurance. Get married and reap a discount up to 30%!

Move to a better neighbourhood. High crime areas sport the highest insurance rates. Move to a cheaper neighbourhood (or the suburbs) and get a lower rate.

Cutting your rates for car insurance doesn’t have to be hard. All you really have to do is follow the tips listed above and watch your next bill clashed by a whopping 30-50%!

[Source: http://insurancedefinitiontips.blogspot.sg/2012/06/rates-for-car-insurance.html]

Elements of car insurance comparison

Elements of Car Insurance Comparison - Motor vehicles are how you get around. In larger cities and then there are sorts of mass transportation there exists less desire for individuals to their very own vehicles. However, any time a person decides to get a private vehicle there are several things to think about. There are many elements to take into account with automobile insurance comparison.

To compare should be to take two like things and discover what the difference is totally. There are many aspects to insuring a car. These really should be looked at to determine what best meets the individual's financial needs.

The deductible is definitely an element of car insurance. This is the amount of cash that a person will need to pay if their vehicle should be fixed. For instance, if the driver possesses an accident that cost $1,000, as dependant on the repair service, to solve and they have a $250 deductible. The insuring company will pay our bodies shop $750 plus the customer is answerable to the remainder.

Elements of Car Insurance Comparison

There are choices for persons that are unable to pay large amounts in the event of any sort of accident. Insuring companies allows customers for taking a higher monthly instalment for a lower deductible. The decrease of the deductible the way it compares to the monthly instalment varies from business to business. An increased deductible isn't the best idea. This is because chances are you'll not be able to give the cost in relation to getting their vehicle fixed.

Another thing to check when insuring a car or truck is the discounts offered. Different companies offer reductions in price for different things. For instance there are reduced premiums for those who may have multiple policies (homeowner and vehicle) together with the company. Some companies advertise they do not need discounts since their prices are low enough. It is employed to research what sort of discount may very well be received from each company and organic and natural to get the best savings, please read other articles:

These companies have grown to be very competitive. Competition can frequently drive the purchase price and quality of something. This has caused most companies to offer promotional offers. An example of a promotional offer is a disappearing deductible. This is a deductible that more than time disappears. It requires which a driver is accident free. These companies generate income when their customers do not have any sort of accident. Therefore, giving a bonus not to have a major accident works out with the Elements of Car Insurance Comparison.

[Source: http://aacdi.blogspot.sg/2016/01/elements-of-car-insurance-comparison.html]

The importance of motor insurance

Motor insurance is mandatory as per the Indian law. It is a minimum regulatory requirement if you are driving on Indian roads. Whether it is a two wheeler, a four wheeler or any other type of vehicle. An insurance is required for vehicles used for both personal as well as commercial use. Today, here are two forms of motor insurance covers available under any comprehensive plan. The first one is offered for own damage cover while the second one covers third party damage. As per the legal obligation, a third party cover is the minimum requirement.Below is a list of the things covered under a comprehensive plan:

Bodily injury –If the policy holder or a third party gets affected due to an accident, it will be covered under a comprehensive plan.

Property damage - This usually refers to the property of the third person that gets damaged due to an accident or anything that happens during the process of driving.

Repairable damage –In the course of an accident if anything happens to the vehicle, then most part of the damage is covered under the plan. Under a repairable damage plan, things like damage as a result of wear and tear, damage to things like electrical and non electrical accessories, etc. will not be covered. The policy holder may have to take some add on rider in order to get all these things covered. It is needless to say that the policy holder has to shed an extra amount for additional benefits.

The internet is a very feasible tool to look for any type of motor insurance online. You can also buy insurance covers for specific damage such as the one caused due to natural disasters like heavy rains, tornado, etc. are covered under a comprehensive insurance policy. However, there are certain norms that need to be fulfilled. In certain cases, all the things are covered under just one policy, but, in some cases, you might have to take an additional rider in order to get all things covered. Let’s take an instance of engine damage which is a common problem during rainy days.Vehicles are affected the most, as a result of the unorganized drainage planning and improper infrastructure of Indian roads, Metropolitan cities are an apt example here. When your vehicle gets drowned in water, the engine becomes moist.

When you try to ignite the vehicle’s engine during this state, it further damages the engine making it even worse. Water can block the engine and the cost of engine repair is generally very high. In case of damage to the color, the interior as well as exterior damage costs may get covered under the comprehensive damage plan. The damaged engine won’t get covered under this plan.Most insurance providers offer a different add on cover so that the policy holder does not have to face issues in case of an emergency situation.The rainy day scenario is quite a common thing for people living in cities. Thus, taking into consideration the unpredictable climatic conditions in India and the weak public management crisis, you should always get your vehicle covered with a motor insurance in case any natural disaster takes place. Selecting a right motor insurance policy can help you save a lot in the long run in case any unfortunate incident takes place.

Your driving will decide motor cover premium

For The First Time In India, Baiaj Allianz Introduces Telematics To Price Motor Insurance

Times News Network

Mumbai: A device that captures all your driving behaviour, right from how fast you go to when you apply brakes, will now help decide the cost of yo­ur motor insurance. For the first time in India, a private in­surer has introduced telema­tics —the technology of long-distance transmission of in­formation —to price motor in­surance.

The device, which plugs in­to the car's on-board diagnos­tics (OBD), relays information on quality of driving and usa-ge of cars to the insurance company, which uses the data to price the policy at the time of renewal.

Currently, four factors determine pricing of a vehicle insurance — its make, model, year of manufacture and loca­tion. Bajaj Allianz General Insurance has introduced Drive Smart—a policy which, at the time of renewal, will price insurance based on usage. The device and service is available for free to anyone who buys Bajaj Allianz's car insurance with the add-on covers.

"There are many car ow-

Vijay Kumar, president (motor insurance) at Bajaj Al­lianz, said, "The device will work on every car that has been manufactured after 2010 as all vehicles since then are OBD2-compliant." The Bha-rat Stage IV norms, which prescribe standards for car emissions, also include a man­date on on-board diagnostics.

The device connects the car to an app on the owner's smartphone and recognizes when the driver is over-accele­rating or braking suddenly, or if there is a sudden impact. While the telematics helps the Insurance company in gathering data, it provides car ow­ners a host of benefits which until now required a separate payment of a few thousand ru­pees. For instance, the driver can request roadside assistan­ce by tapping a button on the app in the event of an acci­dent.

The owner can also set up notifications for every time the vehicle breaches a speed li­mit or goes outside a 'geo-fen-ced' area in the map. The ow­ner can also share live and sta­tic location of the car with fri­ends. According to Singhel,

The technology will also enab­le the company to come out with a 'pay as you go' auto in­surance plan where the indivi­dual is charged according to how much he uses the vehicle. The add-on covers include round the clock roadside assi­stance, accident insurance, key and lock replacement co­ver and personal baggage co­ver. The add-on covers cost ro­ughly 50% of the basic insu­rance. For instance, if the standard 'all risk' cover on a Honda City is around Rs 9,000, the policy with add-on rates would cost around Rs 14,000.

Cheap Car Insurance For Women Finds The Best Car Insurance Quotes

Finding cheap car insurance for women is not difficult for several reasons and the main reason the car insurance companies consider most is that women are safer drivers than men.  Statistics say that average 90 percent accident occurs in case of male drivers. Car insurance companies also consider driving record, age, and gender while offering cheap car insurance. Women drivers are preferable then men drivers because male drivers are more risky for insurance companies.

To buy the cheapest car insurance for women, there are few things to be considered like safety driving courses, types of coverage and discount policy and these factors I will discuss in this article. After reading this post women will get the ideas about how to find cheapest car insurance and what factors they should keep in mind.

How to consider types of insurance coverage

Car insurance companies normally provide insurance coverage ranges from minimal to fully complete.  Women who buy cars with ownership must find the full coverage, which will pay them the full amount in case they lost their car in an accident.  But other women have to think beside this coverage that which coverage will pay how much and which policy do women need for the best fit. Spend little time on this and give a deep thought about insurance coverage unless women might end up with unnecessary insurance premium.  

Women who buy new car must follow full coverage if the car is new, but they might not need full coverage if the car is depreciated and the price is quite low then policy. Older car should not be insured under full coverage because it might worth less then policy amount. Car insurance companies also provide cheap car insurance for students.

How to find cheapest car insurance quotes by considering safe driver's courses? Generally women get cheap car insurance rates, but it could be great if they find even lower rates.  Women who have taken safety drivers course have chances to get lower car insurance rates. It is the highest safety measures the car insurance companies consider most.

Another idea to get lower car insurance is to install safety features and security devices. Women drivers should mention what types of safety features they are taken while applying for insurance quotes.  Also driving under specific speed limit may help to get the cheapest car insurance. 

Getting cheap car insurance rates also depends on the type of car women are driving. Sports car and high performance car have always high insurance rates, but family sedan or low cost car has lower insurance rates. So try to buy a good car with high safety measures with low cost.

[Source: http://carinsurancequotes36.blogspot.in/2016/03/cheap-car-insurance-for-women-finds.html]