Everything You Need To Know About Budget Car Insurance

In my previous post about how to get the cheapest car insurance quote, today with this post I'd to introduce you an interesting article from articlesbase.com with the title "Everything You Need To Know About Budget Car Insurance". Please continue reading the article below:

Author: Alien

For rich people the cost of car insurance doesn’t matter but budget car insurance is considered to be attractive and essential. Although it can be seen that many car insurance companies are offering budget car insurance but in reality it’s very difficult to find one. A car insurance comparison website can be used to compare insurance coverage provided by different companies. It just requires your little time and effort to find the best deal.

Avoid buying number of insurance and you’ll see that your monthly expenditure will automatically get reduced. The insurance offered by many companies include three types of cover: third party (TP), third party fire and theft (TPF&T) and fully comprehensive (FC).

TP insurance provides cover to the claimer when third party may have suffered cost or injury as a result of an accident. According to law, in most countries, every car owner must have this insurance. This insurance does not cover for the damaged vehicle.

TPF&T insurance covers the third party against the risks involved in case of theft of the vehicle or damage by fire plus the above mentioned risk.

FC cover will cover third party against everything mentioned above plus in case of damage to vehicles such as bodyworks, dents, etc.

Cost can also be reduced by selecting a lower cover but take into account the risk factors associated with it.

If the customer agrees to reduce some of its requirement then some insurance companies may offer car insurance at low price. Almost every insurance policies carry what’s called excess. Excess is the amount that you pay in order to hold the insurance policy. A company may offer cover at low price if the policy holder accepts to have a higher level of excess in comparison to what is set by the insurer.

It is always better to look for a policy that offers flexibility. The reason for this is there are some parts of vehicle which are more prone to get damage than other parts .For example wheels, windows and roof areas. Some policies may exclude these, some may include them and some may offer cost reduction on these parts.

So the final conclusion is that always compare insurance policy offered by different companies. Though, it is a common practice that the insurance provider will provide you with full coverage plan as start point.

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Article Source: ArticlesBase.com - Everything You Need To Know About Budget Car Insurance

Three ideas on how to get the Cheapest Car Insurance Quote

In my previous post about Car Insurance, today, with this post please find out with me more about how to get the cheapest car insurance.

If you have a car, the big deal is that you need your car to be insured with a cheapest insurance quote.

In general, the price of your car insurance quote depends on various factors like, cost of the car, ownership of the car, security features available in the car and the type of insurance cover required by the car owner.

So, How to get the cheapest quote on your car insurance?

The following points are just 3 ideas related to how to get the cheapest car insurance quote:

1. Security features:

You can get the cheapest car insurance if you are the only owner and driver of your car or if your car has some security features. This gives a sense of security to the insurance company that your car is safe and is less likely to be stolen or met with an accident.

2. Car insurance companies:

Nowadays, there are a number of car insurance companies available in the market that claim to offer the cheapest car insurance. Doing comparison of the insurance prices between the companies is the best choice to get the cheapest insurance.

3. Insurance broker:

If you want to get the cheapest car insurance, the best way is to take the services of a car insurance broker. They can help you get the car insurance as per your needs and budget, also they will ensure that you get the maximum coverage in case of any loss to your car. This is possible because the car insurance broker is able to compare different car insurance deals available in the market.

They are not enticed by the cheapest car insurance offers of other insurance companies. Rather, they will go in detail about the terms and conditions of the cheap insurance. With the help of their adequate knowledge, they are able to advise you which type of car insurance cover is right for you. Depending on that, you can decide whether you should go for the Third Party car insurance, the Third Party Fire and Theft or the Fully Comprehensive car insurance.

If you have more ideas about the way to get the cheapest car insurance, please leave your comment below, thanks!

Car Insurance

Do you have a car?

If the answer is "YES", that means you really want your car to be insured. Well, Car Insurance, also known as Auto Insurance, Vehicle Insurance or Motor Insurance, is a kind of Insurance purchased by consumers for cars, trucks, and other vehicles that consumers owned. With Car Insurance, it's primary use is to ensure or to provide protection against losses incurred as a result of traffic accidents, theft, fire damage and against liability that could be incurred in an accident and many other factors.

Now, please take a look at some countries like:

- United States: In the United States, Auto Insurance covering liability for injuries and property damage done to others is compulsory in most states, though enforcement of the requirement varies from state to state. The state of New Hampshire, for example, does not require motorists to carry liability insurance (the ballpark model), while in Virginia residents must pay the state a $500 annual fee per vehicle if they choose not to buy liability insurance.

- United Kingdom: The minimum level of insurance cover commonly available and which satisfies the requirement of the act is called third party only insurance. The level of cover provided by Third party only insurance is basic but does exceed the requirements of the act. The act requires that motorists either be insured, have a security, or have made a specified deposit ( £500,000 as of 1991) with the Accountant General of the Supreme Court, against their liability for injuries to others (including passengers) and for damage to other persons' property resulting from use of a vehicle on a public road or in other public places.

- Canada: Basic auto insurance is mandatory throughout Canada with each province's government determining which benefits are included as minimum required auto insurance coverage and which benefits are options available for those seeking additional coverage. Accident benefits coverage is mandatory everywhere except for Newfoundland and Labrador.

Why The Consumers need to buy Insurance Premium?

Well, depending on the jurisdiction, the insurance premium can be either mandated by the government or determined by the insurance company in accordance to a framework of regulations set by the government. Often, the insurer will have more freedom to set the price on physical damage coverages than on mandatory liability coverages. When the premium is not mandated by the government, it is usually derived from the calculations of an actuary based on statistical data. The premium can vary depending on many factors that are believed to have an impact on the expected cost of future claims including the car characteristics, the coverage selected ( deductible, limit, covered perils), the profile of the driver ( age, gender, driving history) and the usage of the car (commute to work or not, predicted annual distance driven).

What are the Types of coverage of car insurance?

Car Insurance can include coverage like:

• Liability insurance

• Collision coverage

• Comprehensive coverage

• Uninsured/Underinsured

• Loss of Use coverage

• Car towing coverage

• The insured party coverage

• The insured vehicle coverage

•Third parties (car and people) coverage

Where to buy Car Insurance?

There are lots of car insurance companies around the world. Some of them are:

• GEICO Car Insurance:Go to www.geico.com

• ICICI Lombard Car Insurance: www.icicilombard.com

• Churchill: www.churchill.com

• Amica Insurance: www.amica.com

• PEMCO Insurance: www.pemco.com

And many other companies...

About Credit Insurance

CREDIT INSURANCE

Credit insurance is a term used to describe both trade credit insurance and credit life insurance.

Credit life insurance is a consumer purchase, often sold with a big ticket purchase such as an automobile. The insurance will pay off the loan balance in the event of the death or the disability of the borrower. Although purchased by the consumer/borrower, the benefit payment goes to the company financing the purchase to satisfy a debt.

Credit insurance or trade credit insurance (also known as business credit insurance) is an insurance policy and risk management product that covers the payment risk resulting from the delivery of goods or services. Credit insurance usually covers a portfolio of buyers and pays an agreed percentage of an invoice or receivable that remains unpaid as a result of protracted default, insolvency or bankruptcy. Trade credit insurance is purchased by business entities to insure their accounts receivable from loss due to the insolvency of the debtors. This product is not available to private individuals.

Credit insurance insures the payment risk of companies, not of private individuals. Policy holders require a credit limit on each of their buyers for the sales to that buyer to be insured. The premium rate is usually low and reflects the average credit risk of the insured portfolio of buyers.

In addition, credit insurance can also cover single transactions or trade with only one buyer.

About Liability insurance

LIABILITY INSURANCE?

Liability insurance is a part of the general insurance system of risk financing. Originally, individuals or companies that faced a common peril, formed a group and created a self-help fund out of which to pay compensation should any member incur loss. The modern system relies on dedicated carriers to offer protection against specified perils in consideration of a premium. Liability insurance is designed to offer specific protection against third party claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract. In general, damage caused intentionally and contractual liability are not covered under liability insurance policies. When a claim is made, the insurance carrier has the right to defend the insured. The legal costs of a defense are not always affected by any policy limits, which is useful because they can be significant where long trials are held to determine either fault or the amount of damages.

Liability insurance is a very broad superset that covers legal claims against the insured. Many types of insurance include an aspect of liability coverage. For example, a homeowner's insurance policy will normally include liability coverage which protects the insured in the event of a claim brought by someone who slips and falls on the property; automobile insurance also includes an aspect of liability insurance that indemnifies against the harm that a crashing car can cause to others' lives, health, or property. The protection offered by a liability insurance policy is twofold: a legal defense in the event of a lawsuit commenced against the policyholder and indemnification (payment on behalf of the insured) with respect to a settlement or court verdict. Liability policies typically cover only the negligence of the insured, and will not apply to results of wilful or intentional acts by the insured.

About Property Insurance

PROPERTY INSURANCE???

As you know your home, your apartment, your business's building , accounts-receivable records, furniture, machinery, inventory, supplies and even intangible assets such as trademarks, when they are damaged, theft or loss occurs, they need insurance, so property insurance is covered on those things. 

While Life insurance refers to a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. 

Property insurance also provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance or boiler insurance. Property is insured in two main ways - open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism and war. Named perils require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage-causing events as fire, lightning, explosion and theft. 

Life insurance

After my previous post about casualty insurance, today I want to show you about what Life insurance is.

Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated amount called a premium at regular intervals or in lump sums. There may be designs in some countries where bills and death expenses plus catering for after funeral expenses should be included in Policy Premium. In the United States, the predominant form simply specifies a lump sum to be paid on the insured's demise.

As with most insurance policies, life insurance is a contract between the insurer and the policy owner whereby a benefit is paid to the designated beneficiaries if an insured event occurs which is covered by the policy.

The value for the policyholder is derived, not from an actual claim event, rather it is the value derived from the 'peace of mind' experienced by the policyholder, due to the negating of adverse financial consequences caused by the death of the Life Assured.

To be a life policy the insured event must be based upon the lives of the people named in the policy.

Insured events that may be covered include:

Serious illness

Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; for example claims relating to suicide, fraud, war, riot and civil commotion.

Life-based contracts tend to fall into two major categories:

Protection policies - designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance.

Investment policies - where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the US anyway) are whole life, universal life and variable life policies.