Auto Insurance

Some important points while insuring your vehicle:
The tariff is case of motor insurance are governed by Tariff Advisory Committee therefore there is not much difference in the rates charged by various companies. You can compare the policies in terms of services provided by the companies. Check out the following points to see on what basis you can compare the motor insurance services.

Cashless claims:
The foremost service where one can check for the comparison in Motor Insurance is to select that car insurance which offers the cashless settlement service wherein at the time of any accident you just need to inform the insurer and the insurer will direct you to an authorized garage wherein the policyholder need not pay to the garage and the insurer will pay on its own. Thus this service helps you to remove all the hassles of arranging money in a short time span.

Shortest claim settlement time:
You must select that insurer which has the record of settling the claims in the shortest possible time period.

Tips during claim settlement:
1. Firstly during the time of any accident you must report to the insurance company within the max 24 hours of accident, followed by filling up the details about the accident in a claim form and submitting it.
2. Secondly you must get the vehicle surveyed by the surveyor wherein he assesses the damage and give an estimate of the amount of claim. Surveyor also gives out the details of the repairs, which can be claimed under the policy.
3. You should never try to negotiate about the settling of the claims with the third parties without informing the insurer.
4. You should give in the salvage or the scrap to the insurance companies else they may reduce the claim amount.

Points to remember:
1. When you have sold your old vehicle and purchased a new one of the same class then you can transfer the No claim Bonus from the old vehicle to the new vehicle.
2. You must make sure that the sum assured under the policy has to be marked to the market value of the vehicle as you will not receive any extra benefits when you insure the vehicle for the higher value.
3. Applying for smaller claims in motor insurance might not be helpful yo you as you get higher discounts (No claim Bonus) for not making claims and smaller claims can take away your discounts at the time of renewal because making claims each year leads to loading on the premium. But it doesn't apply that you should not make claims. You should rather properly understand the effects of making claims on your No Claim Bonus, you must decide which of the claims are worth raising. www.bimadeals.com