Skip to main content

CAR INSURANCE

Best SIP Funds to Invest Online 


AUTO INSURANCE IS A SURE WAY OF SAFEGUARDING YOUR ASSET. HERE ARE SOME POINTERS TO SMOOTHEN YOUR INSURANCE FILING PROCESS

You did it. After a lot of blood, sweat and tears your dream car occupies a pride of place in your porch. But hang on - have you missed something? Well yes, post putting in so much time, effort and resources into buying a car, shouldn't protecting it be the top-most priority?

Auto insurance is a step in this direction as it safeguards your car against unforeseen circumstances. With insurance being a mandate for all motor vehicles in India, a car insurance policy is a must whether you own a used-car or a new one. It saves money in the long run, which otherwise would be spent out of your pocket.


Here are some tips to smoothen the process of claiming auto insurance:

Dos while filing a car insurance claim:

Primarily, post an accident, call the police. Not only is this legally correct but the first information report (FIR) is a mandatory document to support your insurance claim.

The next authority to be informed is your insurance company or broker. Albeit most insurance companies have a 48-hour window from the time the accident occurred to be notified.

Gory but required, click photographs of the accident scene which showcases the damage to your car, your injuries, other party, the accident etc. Photographic evidence is one great way of capturing the incident in all its vivid details for revisiting in the future.

Jot down the names and numbers of any witnesses who are willing to help prove your insurance claim. Record the insurance details of the other parties involved in the report as well.

It's advisable to reread your insurance policy document and try to understand clearly what is covered and what is excluded from the insurance. In case of any clarifications, call the company helpline or visit the website.

Be upright and timely in your dealings with the insurance company. Always remember that failing to disclose the truth can work against you, as it may invalidate your policy or may even cause your claim to be rejected.

It is prudent to keep detailed notes of all conversations with the insurance company representatives along with the names and designations of the people you speak with for future reference.

File all the receipts (such as of meals, lodging, and purchases made) right from the time of the accident until the final settlement - pertaining to your claim or injuries. Consult your lawyer who will protect your rights and ensure that no valuable evidences are destroyed.

Always keep your driving license and an insurance policy copy in the car.

Don'ts while filing a car insurance claim:

Do not abscond from the scene of the accident despite if at fault. Don't move your car or the others' from the scene. Check if medical assistance is required and arrange for it.

Do not shun informing the police. Frequently, the other parties involved try to arrange a settlement with you without informing the police. Avoid agreeing to this illegal turn of events and remember that a FIR will help in filing your insurance claim - so never skip this crucial step.

Do not lose control under any circumstances. Although it's natural to either become aggressive or submissive and accept the blame and legal liability of the accident, do neither. Courteously enquire about the well-being of the opposite party and then dial 100.

To ensure that your insurance claim is honoured, do not drive under the influence of alcohol or other consumables, resort to illegal driving, or deploy a passenger car for commercial use.

Do not discount post-accident formalities or the time limits within which to file them. Gather all the necessary documents from all quarters and file a credible car accident claim as swiftly and appropriately as possible.

Do not give anything in writing to the insurance company before you have had a chance to review your policy. Do not sign any releases until you obtain legal advice or believe that the first estimated value provided by the company is the ultimate.

Do not accept any cheque that says 'final payment' unless you are ready to do so.

Filing an auto insurance claim is a cakewalk so long as one adheres to the law, keeps his/her wits around him/her, is upfront, prompt with paperwork, meticulous with accumulating evidence, and keeps the insurance firm in the loop. Remember, your insurance firm is as keen as you to compensate you for your losses



SIPs are Best Investments when Stock Market is high volatile. Invest in Best Mutual Fund SIPs and get good returns over a period of time. Know Top SIP Funds to Invest Save Tax Get Rich - Best ELSS Funds

For more information on Top SIP Mutual Funds contact Save Tax Get Rich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com

Popular posts from this blog

All about "Derivatives"

What are derivatives? Derivatives are financial instruments, which as the name suggests, derive their value from another asset — called the underlying. What are the typical underlying assets? Any asset, whose price is dynamic, probably has a derivative contract today. The most popular ones being stocks, indices, precious metals, commodities, agro products, currencies, etc. Why were they invented? In an increasingly dynamic world, prices of virtually all assets keep changing, thereby exposing participants to price risks. Hence, derivatives were invented to negate these price fluctuations. For example, a wheat farmer expects to sell his crop at the current price of Rs 10/kg and make profits of Rs 2/kg. But, by the time his crop is ready, the price of wheat may have gone down to Rs 5/kg, making him sell his crop at a loss of Rs 3/kg. In order to avoid this, he may enter into a forward contract, agreeing to sell wheat at Rs 10/ kg, right at the outset. So, even if the price of wheat falls ...

Zero Coupon Bonds or discount bond or deep discount bond

A ZERO-COUPON bond (also called a discount bond or deep discount bond ) is a bond bought at a price lower than its face value with the face value repaid at the time of maturity.   There is no coupon or interim payments, hence the term zero-coupon bond. Investors earn return from the compounded interest all paid at maturity plus the difference between the discounted price of the bond and its par (or redemption) value. In contrast, an investor who has a regular bond receives income from coupon payments, which are usually made semi-annually. The investor also receives the principal or face value of the investment when the bond matures. Zero-coupon bonds may be long or short-term investments.   Long term zero coupon maturity dates typically start at 10 years. The bonds can be held until maturity or sold on secondary bond markets.

Mutual Fund Review: SBI Bluechip Fund

Given SBI Bluechip Fund's past performance and shrinking asset base, the fund has neither been able to hold back its investors nor enthuse new ones   LAUNCHED at the peak of the bull-run in January 2006, SBI Bluechip was able to attract many investors given the fact that it hails from the well-known fund house. However, the fund so far has not been able to live up to the expectation of investors. This was quite evident by its shrinking asset under management. The scheme is today left with only a third of its original asset size of Rs 3,000 crore. PERFORMANCE: The fund has plunged in ET Quarterly MF rating as well. From its earlier spot in the silver category in June 2009 quarter, the fund now stands in the last cadre, Lead.    Benchmarked to the BSE 100, the fund has outperformed neither the benchmark nor the major market indices including the Sensex and the Nifty. In its first year, the fund posted 17% return, which appears meager when compared with the 40% gain in the BSE 1...

Principal Emerging Bluechip

In its near ten year history, this fund has managed to consistently beat its benchmark by huge margins The primary aim of Principal Emerging Bluechip fund is to achieve long term capital appreciation by investing in equity and related instruments of mid and small-cap companies. In its near ten year history, this fund has managed to consistently beat its benchmark by huge margins. This fund defined the mid-cap universe as stocks with the market capitalisation that falls within the range of the Nifty Midcap Index. But, it can pick stocks from outside this index and also into IPOs where the market capitalisation falls into this range. Principal Emerging Bluechip fund's portfolio is well diversified in up to 70 stocks, which has aided in its performance over different market cycles. On analysing its portfolio, the investments are in quality companies that meet its investment criteria with a growth-style approach. Not a very big-sized fund, it has all the necessary traits to invest with...

NFO Review: Edelweiss Select Midcap Fund

      Edelweiss Mutual Fund has announced the launch of another equity fund after a gap of nearly two years. This fund will be focused on mid cap stocks.   Investment Strategy The primary investment objective of the scheme is to generate long term capital appreciation from a portfolio predominantly comprising of equity and equity related securities of mid cap companies. The scheme may invest upto 100% in equity and equity related securities of companies falling in top 101 to 300 companies by market capitalization. However, it may also invest upto 20% in other listed companies as well as in debt and money market instruments.   Fund Manager Mr. Paul Parampreet and Mr. Nandik Mallik will co-manage the scheme. Mr. Paul Parampreet has done PGDM (IIM – Calcutta) and B.Tech (IIT-Kharagpur). With overall experience of 6 years, he has worked with Edelweiss Securities Ltd. SDG India Pvt. Ltd. ICICI Bank and BG India Pvt. Ltd. Mr. Nandik Malik has done MS-Finance (London Business Schoo...
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now