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Car Insurance
What Is Car Insurance?
A car insurance is the policy which covers your car against financial losses that you may face in case of accident or theft of car. You pay a certain amount as a premium to the insurance company to buy this cover, and they agree to pay for accidental damages and theft losses. As per IRDA (Insurance Regulatory and Development Authority), it is mandatory for any vehicle running on Indian roads to be covered under an active car insurance policy.
Based on the type of policy and add-ons that you opt for, your car insurance policy may include:
- ☂ Liability Cover
- ☂ Invoice Cover
- ☂ Engine Protector
- ☂ Tyre Cover
- ☂ Electrical Accessories
- ☂ PA For Unnamed Passenger
- ☂ Consumable Cover
- ☂ 24*7 Roadside Assistance
- ☂ No Claim Bonus
- ☂ Key & Lock Replacement
- ☂ Non-Electrical Accessories
- ☂ LL To Paid Driver
Getting started with our car insurance comparison tool
What details do you need to get car insurance quotes?
To get car insurance quotes and start comparing, you'll need to be able to tell us:
- ☂ Your car registration number – if you don’t have it to hand, simply click 'Find car by make and model'
- ☂ Your expected annual mileage figures
- ☂ Where your car’s parked during the day and night
- ☂ What you use your car for, e.g. commuting, business use
- ☂ Your main driving licence details
How to get cheap car insurance
While there are many factors you can’t control when it comes to the cost of cover, there are some simple measures you can take to keep the cost down in your search for very cheap car insurance, including:
- ☂ Paying a higher voluntary excess (the extra amount you’d pay in the event of a claim)
- ☂ Limiting who drives your car to just yourself, or you plus a named driver
- ☂ Parking your car in a garage or driveway away from the street
Life Insurance
What is Life Insurance?
Life insurance is a combination of two terms "LIFE" and "INSURANCE" which implies in case of "loss of life" of the person who is insured, a monetary compensation (which is pre-decided) will be payable to the family members by the insurance company which help them to lead an independent financial life.
On the other hand, if the earning member of the family does not die an untimely death, the money received from a life insurance policy could also help to attain various financial goals. Life insurance is thus a legal contract between the insurance company and the person who is taking insurance. Person who is insured pays a consideration as premium to get this life cover from the insurance company.
Life Insurance Plans
We have often heard the common saying that "Life is unpredictable" which implies that anything could happen in our life be it a "fortunate" or an "unfortunate" event. If its fortunate, life becomes even more happier and keeps going but the u-turn comes when it is an unfortunate event.
Dreadful events or we may call the 3 D events such as
- ☂ Death
- ☂ Disease
- ☂ Disability
could prove fatal and takes little time to turn the happy living upside down. Life could be devastated for our own self and/or for the people around us specially our family. The aftermaths of any unfortunate event could be more dreadful if the victim is partly or solely the financial contributor to the family.
Health Insurance
What Is Health Insurance?
Health insurance plan is a product offered by insurance companies that covers all costs related to medical expenses of the insured. This can be bought for an individual or for an entire family. The term of the plan is ideally fixed at one year and in some cases one can buy the plan for a term of two to three years as well. With health insurance plan in place, one gets entitled to adequate medical help in case of an emergency or in a pre-planned medical expense, without worrying about the financial costs.
Here is how it works:
1. Health plan takes care of entire hospitalisation expenses subject to maximum sum insured and terms of the policy. All plans also cover pre and post hospitalisation expenses.
2. There is a cashless facility available under which you can avail the best medical care at any of the network hospitals & all the payment related to your treatment will be settled from the insurance company directly. This way the insured can immediately get treatment without having to wait for arranging the funds.
Basic Health Plan
This provides for the hospitalization expenses you might face in case of accidents, day-care procedures, surgical treatments or critical illnesses. However, the features, limits and sum assured will vary from insurer to insurer.
Super Top-up Health plan
Similar to top-ups for mobile network services, this adds supplementary coverage to your existing health plan. The aim is to increase overall sum assured with its corresponding coverage by paying a relatively lower premium.
House Insurance
What is home insurance?
Home insurance (or house insurance) protects you from insured events that damage your home or your belongings. If your home is damaged or destroyed in a fire for example, then having the right insurance could mean the insurance provider will pay to replace your belongings and repair or rebuild your home.
Home insurance is made up of buildings insurance and contents insurance, which can be bought separately or together from the same provider.
What do I need to run a home insurance quote?
There are two types of home insurance: buildings insurance covers damage to the fabric of your property, including fixtures and fittings, while contents insurance covers your belongings. You can compare home insurance prices for both buildings and contents cover with MoneySuperMarket, so you can protect your home against fire, flooding, storm damage and theft.
When applying for home contents and buildings insurance, you will need the following information:
Details about your property
- ☂ Your address and property type (eg semi-detached or terraced)
- ☂ Number of rooms
- ☂ When your home was built
- ☂ What percentage of the roof is flat (we’ll help you work this out)
- ☂ Number of occupants and when they tend to be home
Rebuilding cost and value of contents
- ☂Based on your postcode, we’ll suggest a figure for the cost
Travel Insurance
What Is Travel Insurance And How It Works
Travelling is always an experience, be it business travelling or leisure travelling. It creates memories for a lifetime and you look forward to more holidays and successful business trips, in and around the country.
But, as any other event of life, there are risks involved with travel too. There are possibilities of unforeseen circumstances involved with travel, especially when you are in foreign lands and using public facilities.
Such unforeseen circumstances and the effects are covered under Travel Insurance. It is an insurance product specifically designed to cover the costs and losses of unexpected events encountered while travelling. This insurance is usually meant to reduce the risk and damages incurred during unfortunate incidents associated with travel. The basic purpose of travel insurance is to cover trip cancellation, lost luggage, flight accidents, travel injuries and sometimes other medical expenses faced while travelling.
A travel insurance is must for people travelling domestically or internationally, to safeguard any unwanted expenditure and losses during the travel, to make travel a pleasant and happy experience, each time.
Here are simple ways in which a travel insurance works and comes to your rescue:
- ☂ It works if you need to cancel a trip in unforeseen circumstances, you do not lose all your booking money.
- ☂ It works if you lose your luggage while travelling. Basic necessities of travelling are provided.
- ☂ It works if you get sick during a trip, by providing immediate medical help.
- ☂ It works in case of delayed flights by providing you resting place and meals.
- ☂ It works in case if you have lost your passport, to provide immediate assistance.
- ☂ It works if you encounter a natural or man-made disaster in any other city. You are provided help to reach home safely.
- ☂ It works in case you are travelling to some specific countries. You cannot travel to these foreign land without a travel insurance.
- ☂ It works if your travel company goes bankrupt. Your travel is safe and sound.
- ☂ It works to make your trip pleasant, safe and risk free.
Mortgages
What is Mortgage Insurance
Borrowers who are not able to make a down payment of 20 percent are viewed by lenders as a higher credit risk. Private mortgage insurance (MI) enables these borrowers to qualify for a conventional loan by insuring the lender against potential losses in the event a borrower is not able to repay the loan and there is not sufficient equity in the home to cover the amount owed.
Mortgage insurance has helped millions become homeowners by enhancing their ability to obtain a mortgage in an affordable way by reducing the risk of their loans. Private MI is backed by private capital and not the taxpayers, thus reducing government exposure to mortgage risk.
Types of Mortgage Insurance
There are two types of mortgage insurers: private insurers that offer mortgage insurance (MI) and government agencies, notably the Federal Housing Administration (FHA). FHA and MI support efforts to expand homeownership in complementary ways, with FHA traditionally playing an important role serving underserved communities. MI also promotes affordable homeownership for borrowers unable to make a down payment of 20 percent. In addition, MI protects taxpayers from exposure to losses consistent with the goals of housing finance reform.
Loans
Loans Insurance
You spend your lifetime in dreaming about a home of your own. You take the help of financial institutions to fulfill your dream. Along with the pleasure of fulfilling your dream come the liability and the responsibility of paying for the same over the next few years coupled with fear of default.
Nowadays, obtaining a personal loan has become easier for self-employed individuals, salaried employees, and retired pensioners. However, in the case of sudden job loss, temporary disability, or accidental death of the borrower, repaying the personal loan in monthly installments can become difficult. This is where, personal loan protection plans come in handy. Whether it is a home loan or a personal loan, it is advisable to buy a loan insurance plan in order to protect a borrower’s monthly loan payments in the case of unfortunate occurrences. Banks in India offer loan insurance to help borrowers repay their home loans, car loans, and personal loans on time regardless of the individual’s ability to pay.
Benefits of Personal Loans Insurance
Some banks extend personal loans with a loan insurance cover, but it is up to the borrower to buy the policy cover or reject it. There are several advantages to buying a loan protection insurance plan such as:
- ☂ In the case of unfortunate events such as job loss, accidental death or temporary disability, loan insurance plans reduce a borrower’s outstanding loan, and protect his or her monthly loan payments.
- ☂ With a loan protection insurance plan, the borrower’s family will not be burdened with a sudden financial obligation to repay the loan.
- ☂ Some loan protection insurance plans can provide tax benefits under Section 80C.
- ☂ Some personal loan insurance policies have money-back plans where the buyer receives a certain amount at the end of the plan.
Credit Cards
What is a 'Credit Card'
A credit card is a card issued by a financial company which enables the cardholder to borrow funds. The funds may be used as payment for goods and services. Issuance of credit cards has the condition that the cardholder will pay back the original, borrowed amount plus any additional agreed-upon charges. The credit company provider may also grant a line of credit (LOC) to the cardholder which allows the holder to borrow money in the form of a cash advance. The issuer pre-sets borrowing limits which have a basis on the individual's credit rating.
BREAKING DOWN 'Credit Card'
Credit cards have higher annual percentage rates (APRs) than other forms of consumer loans and lines of credit. Interest charges on the unpaid amount charged to the card usually begin one month after making a purchase. They remain one of the most popular forms of payment for consumer goods and services, and nearly every business allows for payment of products and services through credit cards.
Investment
What Are Investment Plans?
Investment Plans Are The Financial Security That Lasts for a Lifetime!
To put in simple words, Investment Plans are the financial instruments one creates to secure the future financially and build a substantial amount to cater to unforeseen circumstances. Thus, Life Insurance products are often used as investment plans, because they not only secure life, but also help to create wealth for future. There are other forms of investment plans which are discussed in a separate section on this website.
No matter what the event or phase, Investment Plans work for you at all times! Be it funding your child’s education, commemorating a special occasion like marriage, battling an unexpected injury, or gaining access to a steady flow of income at retirement!
Bike insurance
What Is Bike/Two wheeler Insurance ?
A two wheeler insurance policy is one that helps you to cover financial expenses against any unforeseen circumstances including accidents, thefts or natural disasters, if you are an owner of a two wheeler/bike. It is not optional, but mandatory under the Motor Vehicles Act to have your two wheeler covered under an insurance policy. When you buy a new vehicle, the seller adds the cost of an insurance cover in the total cost as a premium, which is valid for one year. After one year, you can get your policy renewed with the same insurance provider or you can buy a new policy with a different insurance provider.
Depending upon the kind of insurance policy you choose and add-ons you select, the two wheeler insurance policy works for the following:
- ☂ Liability Cover
- ☂ Comprehensive Coverage
- ☂ Discount For Having Anti-Theft Devices
- ☂ Damages Due To Accident
- ☂ No Claim Bonus
- ☂ Personal Accident Cover For Pillion Rider
- ☂ Zero Depreciation Cover
Pension Plans
Planning for the old age when the ability to earn diminishes while the expenses to live a dignified and healthy life start rising is of utmost importance.
A lot of companies and consultants offer a host of financial products so that you save enough money for the golden years of your life.
However, the rising costs ensure that no amounts of savings are enough to meet the daily expenses.
Also, savings are depleted fast in case of an emergency. This is where you need to factor in the pension plans.
- ☂ Pension plan is an investment tool that helps you to save money for your post-retirement life.
- ☂ After the term of the plan is over, the insurance company pays you monthly income for a pre-decided period of time to meet your financial requirements apart from paying a substantial amount as lump sum.
- ☂ This ensures you have a steady income flow even during your old age and you will never be dependent on others for your monetary needs.
Investing in a pension plan is to give yourself a gift in the old age: a gift in the form of money that will help you to meet routine expenses as well as manage any medical emergencies with your head held high!
