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Insurance Article

Vehicle Insurance Overview

August 02 2012

We upgrade it with the latest accessories and get it cleaned twice or thrice in a day and take care of it like our newly born child. Hence it is very important to get it covered under insurance as we do with ourselves and our family members and dependents. Insurance provides a protection against the physical damage, body injury due to collisions or accidents, theft, fire and any subsequent liabilities.

It covers the damage cost and gives assistance for the re-make and repair.Vehicle insurance has been made mandatory by law as due to increase in number of vehicles, no. of accidents have also increased in last few years and thousands of people have lost their lives due to that.

Coverage Levels:
Coverage levels in car insurance are insured party, vehicle which is insured and a third party(car & people or a damaged property or physical injury). Same depend upon the policy as under which condition damage, theft and damage cover is applicable.

While taking car insurance we usually don't give much thought over the policy we buy, but follow the first few quotes and plans we come across. It's because we don't want to spend time on shopping for vehicle insurance coverage plans. Online comparison could play an important role here in decision-making as it saves time and cost and provide choices while sitting back at home.

While taking car insurance one should keep in mind few points in order to avail the maximum benefits out of the money being spent on premium. First and foremost is repair and response followed by the flexibility in policy, discounts and offers and the add-ons. Secondly one needs to check his/her driving record also. Quick review and comparison with the earlier plan can also help. Once online information is gathered one can call on those numbers and enquire about the policy details to get the clear picture. One of the most important thing is to check the track record of a insurance company.

Insurance companies should also give some flexibility to the customers as they have shown their trust in the company. There should be quick response at the time of crisis and evaluation and claims assessment process must be smooth and quick enough to benefit the policyholder. Apart from it on should keep in mind the cost of the car as it should directly be linked with the value of car so that in case of any unfortunate event one would be able to recover the cost of the vehicle.

Also, before providing insurance companies need to do the background check and proper evaluation of the credit statement of the person applying for the insurance. As statistics shows that in last few years there are many cases of fraudulent bills and claims pertaining to vehicle damage.

Remember no one is expert, but it's not a trait which cannot be attained. With the information and use of market knowledge one can choose most appropriate plan which caters ones need in best way.

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