How to negotiate lower Car Insurance

With each call, you should say, “AAA (or whoever) is offering to insure me for $XXX less” (silence). See what they do. (Note: Negotiating lower insurance using this technique is much harder to do with car insurance companies than banks, so don’t expect very much from this.

car insurance

How much would I save if I insure my car and house with you?

What about renewal discounts? How long have I been a member with you? What can you offer me as a discount for long-term membership?

Can I save money by pre-paying my entire year up front?

Let’s check my car. I know other firms offer discounts for features like anti-lock brakes. What about you?

What kind of low-mileage discounts do you offer?

If I enrolled in a defensive-driving course, what kind of discount would you offer? Oh, really? Which courses qualify?

What about discounts for my employer? (Tell them the specific name of your employer?)

 

Some car insurance companies offer discounts for low-risk occupations (engineers). What kind of competitive rates do you offer?

 

Am I paying for roadside assistance? What other additional “benefits” am I paying for? (If you already pay for AAA, you don’t need roadside assistance through your car insurance. Also, check your credit card: They may offer roadside assistance (but call them and ask how much it really costs if you have to use it.

 

Can you walk me through the deductible changes I could make to save money? (Deductibles are what you pay before your insurance policy kicks in. By requesting higher deductibles, you can lower your costs substantially. For example, increasing your deductible from $200 to $500 could reduce your collision and comprehensive coverage cost by 15 to 30 percent. Going to a $1,000 deductible can save you more than 40%. Before choosing a higher deductible, be sure you have enough money set aside to pay it if you have a claim. More details here.

 

AAA, Costco, credit cards, and large employers, associations (AARP, teachers’ union): Many of these offer discounts on car insurance. Log onto their website and browse to “perks.”

Read more ways to save on car insurance.

 

It seems like a lot of work, but the savings are substantial. I took screenshots of the different rates that different insurance companies were offering me:

[Source: http://www.iwillteachyoutoberich.com/blog/tip-13-negotiate-your-car-insurance/?utm_referrer=https%3A%2F%2Fwww.google.co.in%2F%5D

TEN TIPS ON HOW TO GET THE BEST DEAL ON CAR INSURANCE

With the high cost of gasoline nowadays, most new drivers think twice of getting car insurance. Driving without any car insurance is a very big risk. Most drivers might think that car insurance is way too expensive, but in the long run it may save you a lot of money. Take for instance this example, if you are in a car accident it may cost you thrice the amount you might have paid for a car insurance to cover for hospitalization and for buying yet another car. Plus without car insurance you will be paying police fines as well as paying for suspended licenses. A total of 47 states require some kind of insurance for your car. It would be wise to know the basic law covering car insurance.

Here are ten tips you can refer to on how you can get the best deal on car insurance. 1. Know the different types of car insurance policy The first thing to know in buying car insurance is to understand the different policies they offer. Choose a policy or policies that would best suit your needs. Liability – This policy covers physical injuries and damages to property.

Looking for cars

This includes paying for hospitalization and other medical expenses. Damage to property includes vehicles and other tangible property that might have been damaged during the accident. Liability also includes expenses for court proceedings if the vehicular accident requires one. Collision – This policy covers any damages if your vehicle is crashed to another vehicle, lamp posts, house or any another objects. Comprehensive – This policy covers damages caused by natural disaster like flood, storm, hail or wind. This also includes damages by theft or vandalism. Medical Coverage – Medical expenses are covered by this policy not considering if the cause is a vehicular accident or not.

Personal Injury Protection (PIP) – A personal insurance of the driver. This policy covers for medical expenses and treatment caused by an auto incident. Uninsured Motorist – If by chance you are hit by an uninsured driver, this policy covers the damages done to your vehicle. Underinsured Motorist – This policy will cover the remaining cost for repairing your damaged car if ever the incident is caused by an insured driver with inadequate liability insurance. Rental Reimbursement – In case of a damaged car due to a vehicular accident, this policy will give a daily allowance for rental fee.

  1. Know your credit rating: In most states, credit rating has always been the number one factor affecting car insurance rates. Be sure you have a copy of your credit report and check its accuracy and immediately contest any erroneous information.
  2. Motor Vehicle Report (MVR) You can get a copy of your Motor Vehicle Report in your respective Department of Driver Services or Department of Public Safety in your state. A three year record may cost you 5$ and a seven year record would cost you 7$. Like credit reports, verify that all information are correct.
  3. Accident Reports you can get a copy of your Motor Vehicle Accident Report from the local police department. It may take around six weeks before you can receive the detailed report. You might need to pay a higher car insurance rate if you have reported accidents within the last eighteen months.

 

  1. Scout for a good insurance package there are some car insurance companies that are offering multi-vehicle discounts. You would get a lower rate if you have two or more vehicles that you want to get insured. Also, you can get a good deal from one company that packages all their insurance policies, including home and health insurance.
  2. Check out various discounts Most insurance company offers a discount to drivers over 55 years of age. It always pays to be a good student; you can get a student discount if you have a3.0 point average or higher.
  3. Obtain a Driving Safety Certificate It is common for car insurance companies to give certain discounts to those who finish a safety driving course with a very good standing. 8. Check the model of your car Insurance rates can be different from vehicle to vehicle. A fancy car will obviously have a higher rate than an older model. 9. Take advantage of added features be sure you are receiving lower rates for safety and security features like antilock brakes and air bags. 10. How much are you willing to pay Choose the option where you can handle the down payment and the monthly paying scheme.

[Source: http://e-carinsurance.blogspot.in/2014/02/ten-tips-on-how-to-get-best-deal-on-car.html%5D

Get The Best Car Insurance Renewal Plans Online In India

Conceptual car insurance using letters alphabet and car model
Conceptual car insurance using letters alphabet and car model

Compare Car Insurance Online

Even though, you can do your utmost to keep your vehicle safe, you cannot avoid damages due to some unavoidable circumstances. Auto insurance or car insurance in India can provide the insurer several benefits and can help keep it up and running. In India, third party motor insurance is mandatory under 1988’s Motor Vehicle Act. Online car insurance or auto insurance plans provide financial support to the insurer in the event of damages because of accidents, fire, explosion and the likes. At GIBL, you can compare car insurance online and choose the best plan available in India for your vehicle with latest tools and techniques available.


What is covered under Car insurance in India?

  • Third party liability:This online car insurance policy provides compensation for damages caused to third party vehicle due to your fault.
  • Accident coverage policy:The coverage is against all types of accident that cause damage of your insured vehicle.
  • Comprehensive coverage policy:This is one of the most profitable types of auto insurance policy. In this online car insurance policy, thefts or accidental damages are compensated. Moreover, the policy also provides coverage for personal accidents.

Why should you compare online car insurance plans?

All auto insurance companies in India provide plenty of benefits at a reasonable price. GIBL’s comparison site brings forth all those renowned insurance providers to facilitate a flawless car insurance comparison experience in car insurance. Here, you can compare car insurance features of various insurance policies and buy the best car insurance online the best possible plan that suits your requirements and budget. As a consumer you can rightfully gather knowledge on various car insurance online policies available in the market and understand what is covered and what’s not. GIBL’s blog posts and articles can help you understand the terms and clauses of online car insurance policies in a better way.
Benefits of choosing Car Insurance policy from GIBL

  • Get best quotes of top car insurance in India
  • Insurers can avail information about newly added benefits
  • Latest information on offers and discounts to assist you save money on annual premium
  • Get the best car insurance comparison within few minutes
  • Purchase motor insurance plans online instantly
  • Free consultation with GIBL’s auto insurance experts to get most comprehensive car insurance policies
  • Get the best comparison rates directly from the insurer
  • Availability of support and reminder service for renewal of car insurance

Car Insurance Renewal

When the time of your car insurance renewal comes, it is best to reconsider your existing auto insurance company. You should assess if the plan was able to deliver all the promised benefits or not. If you are unsatisfied you can choose not to renew your current auto insurance policy; instead you can search and find better car insurance in India and opt for the one that is worth spending your hard-earned money. You have to renew your car policy as per the expiry date of your policy. GIBL offers unique renewal facility online to facilitate policyholders’ quick renewal just by submitting policy details and making payment. It takes just a few mouse clicks you to renew your motor policy from the comfort of your home. When it comes to car insurance in India, GIBL is your one-stop solution.

[Source : https://www.gibl.in/car-insurance/%5D

Basis to Choose Best Car Insurance Policy

If you have bought a new car it is mandatory to buy a motor insurance policy. And for existing motor insurance policyholders it is important to renew it in time. Motor insurance is portable –you can shift to another insurance company without losing any benefit you are eligible for.

car--621x414

Most motor insurance policies that are available in the market are similar hence it becomes difficult to choose the best for oneself. However, you can base your decision on certain factors such as brand, policy coverage, customer service, distribution and access, and price.

Brand: This is one of the most important parameter that distinguishes one insurer from another. One can easily check the past record of an insurance company on various parameters such as claim settlement and time taken for claim settlement on their website.

Coverage:

It is important to choose the right insurance cover that suits your requirement. A standard car insurance, commonly referred to as motor package policy, consists of a third party liability cover and an own damage cover. Third party covers is mandatory by law for every vehicle plying on road and own damage cover is optional. However, it is advisable to buy both the covers.

Customer service: Now many insurance companies have started focusing on Over the Counter (OTC) issuance of policies. Agents are provided with technology to ensure faster delivery of motor insurance policies. Apart from this, some companies have been able to demonstrate significant reduction in turnaround time for other service requests like endorsements for effecting any change in an existing policy and cancellation of policies among others.

To make the claim settlement process fast and stress free for customers, in case a vehicle meets an accident, many insurance companies have tied-up with garages for cashless settlement of claims.

Distribution and access: Sometimes, it is observed that one is not aware of whom to reach out to in case of any difficulty. In such a situation, a wide network and multiple distribution and communication channels have become the need of the hour for insurers.

Price: Premium is also an important criterion to buy a motor insurance policy. But your decision should not solely depend on this factor alone. The premium of a car depends on its Insured Declared Value (IDV) and the rate multiplier which is decided by the insurance company. Generally, the model of the vehicle and geography are the two most important factors which decide the premium rate.

[Source: https://www.policymantra.com/blog/basis-to-choose-best-car-insurance-policy/%5D

Car insurance will become cheaper, but there are still problems with the cost of cover

car--621x414

Great news for motorists – the Competition and Markets Authority is going to ban exclusive pricing deals between motor insurers and price comparison websites. Why is that good news? It could cut the cost of a typical policy by £20, experts reckon.

The CMA revealed this morning the results of a three year investigation into the £11bn motor insurance market.

It criticised the cosy pricing deals and warned that they prevented insurers from selling their policies more cheaply elsewhere.

More than half of all new car insurance business goes through price comparison websites, and up to 90 per cent of it is priced according to the restrictive deals.

“There needs to be improvements to the way price comparison websites operate,” said Alasdair Smith, the CMA’s deputy panel chairman. “They certainly help motorists look for the best deal, but we want to see an end to clauses which restrict an insurer’s ability to price its products differently on different online channels.”

It has ordered the agreements to end which is likely to happen by early next year, unless there is an appeal by the industry.

Steve White, chief executive of the British Insurance Brokers’ Association, welcomed the ban. He said: “We are pleased that the CMA is outlawing anti-competitive ‘wide’ most favoured nation (MFN) parity clauses as these are detrimental to customers.”

But the insurance industry criticised the CMA for not introducing price controls on the cost of courtesy cars for drivers involved in accidents, a move that had been widely expected.

James Dalton, head of motor insurance at the Association of British Insurers, said: “The fact that the report fails to do anything to address the excessive costs of replacement vehicles – a problem that the CMA itself identified – will be a bitter pill to swallow for honest motorists.”

Meanwhile Janet Connor, managing director of AA Insurance, said: “While of course we welcome any measures that help to contain consumer costs and improve transparency, there remains much greater scope to reduce costs by continuing to tackle the tide of insurance fraud. For example, attempts to exaggerate or make false whiplash injury claims cost up to £90 per policy. This remains a considerable burden on insurance companies but it was outside the remit of this enquiry.”

[Source : http://blogs.independent.co.uk/2014/09/24/car-insurance-will-become-cheaper-but-there-are-still-problems-with-the-cost-of-cover/%5D

Is Vehicle Insurance Tax Deductible?

If you are self-employed, are an independent contractor or if you use your vehicle for any business purposes beyond commuting to and from work, your auto insurance premium is likely tax deductible. However, if you use your car for both personal and professional reasons, only the portion of expenses associated with business use are tax deductible and must be prorated accordingly.

Tax Deductible Premiums: 3 Scenarios
those who receive non-employee compensation are required to submit a 1099 form to the IRS. If you receive income as a business owner or as an independent contractor, you’re receiving non-employee compensation and may be eligible for a tax deduction on your auto insurance. Likewise, if you are a full-time, salaried employee and use your car for work, you may also be eligible for auto expense-related tax deductions. Let’s look at three different scenarios in which deducting a portion of your insurance premium would be applicable:

Business Owner – You’re the sole proprietor of a home remodeling business. 60% of the total miles you drive are spent traveling to and from clients’ homes and back and forth between materials suppliers. Thus, 60% of your auto insurance premium payments will be tax deductible.

Contractor or Freelancer – You’re a freelance photographer and drive 15,000 miles a year, 7,500 miles of which you spend traveling to and from assignments or scouting locations. In this scenario, 50% of your auto insurance premium is tax deductible.

W-2 Employee or Salaried Employee – You are a full-time, salaried executive assistant and run frequent errands for your employer using Vehicle Insurance for your own car. The errands you run for work comprise 15% of your total miles driven. If your employer does not reimburse you, 15% of your total car expenses is tax deductible, including 15% of your insurance premium.

Standard vs. Itemized Deductions
you can choose to deduct driving-related work expenses by using either the standard per-mile deduction rate (for 2014, the rate was .56 per mile) or you can calculate the total cost of your actual expenses.

Car Key

The standard rate makes calculating expenses simple for self-employed taxpayers. The typical costs of fuel, insurance, depreciation, repairs, tolls, parking fees, licenses and other vehicle expenses are factored into the calculation of this rate. Many Americans who frequently use their vehicles for business purposes elect to use this standard mileage deduction.

Drivers who use relatively expensive vehicles for business purposes may be better off electing to deduct their actual expenses. For example, if you own a 1-ton diesel pickup truck and use it for business-related winter activities such as snow-plowing, you may determine that the per-mile cost of operating this truck is much more than the average vehicle and therefore more than the standard per-mile rate. However, if you choose to itemize your actual deductions, be sure to keep track of your mileage, as well as comprehensive records of all auto-related expenses.

Use the Most Advantageous Option
The IRS encourages taxpayers to calculate their deductions using both methods. The IRS website says: “If you qualify to use both methods, you may want to figure your deduction both ways to see which gives you a larger deduction.

Non-Eligible Expenses
you can only deduct expenses for which your employer does not already reimburse you. If you have a home office, you can deduct all work travel during the day except your first and last rides to and from home. These trips are considered your “commute,” and expenses related to your regular commute to and from work are not tax deductible.

You may also wonder whether or not the premiums you pay for the medical expense portion of your policy can be used as a medical deduction; they cannot.

Not All Vehicles Qualify
The IRS defines a vehicle for the purposes of work-related driving as a four-wheeled vehicle designed for use on public roads. This eliminates motorbikes, scooters and bicycles. The IRS also specifically excludes certain specialty vehicles like taxis, moving vans and ambulances. Vehicles that weigh over 6,000 pounds are also excluded.

For more detailed information, talk to your local tax specialist and give us a call at (800) 258-5101 to find the auto insurance policy that best fits your personal and professional driving needs. You can also find us on the web at AnswerFinancial.com.

[Source: http://www.answerfinancial.com/insurance-center/is-auto-insurance-tax-deductible%5D

Cheap Car Insurance Tips

car insurance

Cheap car insurance is basically the forte around these parts and we’re always happy to pass on the savings we discover to you. Some new, some just worth a revisit, it is important that you read and absorb all the tips we supply you with, if you’re in saving money on your car insurance. Here are this weeks cheap car insurance tips:

Give EFT payments a chance!

We understand the appeal when it comes to mailing in your car insurance payments. It helps you readily balance your check book, you feel like you’re more in control, and it just seems like less of a hassle. In actuality, it’s not a productive way to pay ANY bill, far less, your car insurance bill.

Some companies actually charge for this method of payment, and while it may seem like just five dollars, that’s five dollars of your money that could be better utilized. Check for your provider’s online payment platform options, and investigate their EFT options.

Electronic funds transferal makes payments clean and automatic, freeing up your time and in some cases your cash flow. If you choose to have your car insurance payment deducted from your credit card, if means your actual cash-in-hand is available to you for other important things. EFT payments are also an easier way for car insurance companies to determine your level of commitment or ability to commit to the policy.

Times change, circumstances change, and when you were initially assessed when procuring your car insurance, you may have been considered low-risk.

If things have changed since then, or you miss a couple consecutive payments, you could be revaluated as high-risk. Essentially having an active, validated credit card on file means that your payments will be processed and more importantly, you have a pre-established ability to pay consistently.

Thinking of renting? You may just be able to forego that bit of coverage!

Sure you’ve got yourself a brand new whip and you’ve gone ahead and invested in comprehensive and collision coverage (as well you should for a more valuable vehicle). But there may come that inevitable time when your lifestyle finds you in a position that requires that you rent a vehicle. Luckily, many car insurance companies offer extended coverage to rental vehicles, if the policyholder has comprehensive and collision coverage on their newer/more valuable personal vehicle.

This is an excellent way to save on what can often be a bit of a nagging cost. This particular tip isn’t something that any and everyone can benefit from. We’ve specified newer-car owners or those who have more expensive cars on their policy.

These cars usually require more insurance considerations, and a moderate benefit of said considerations is that certain car insurance companies will cover rental insurance as well. if your car’s more worse for wear and less valuable by comparison, you should go ahead and fork out the extra for rental insurance.

Do you have car insurance questions that we haven’t already covered in this or our previous posts? Feel free to post a comment, and we’ll be sure to provide you with direction to the most appropriate resources. In the mean time, read this week’s post and keep the info in mind!

[Source: http://www.bajajallianz.com/Corp/motor-insurance/car-insurance.jsp]

Why Should You Get Your Motor Vehicle Insured

In Mumbai alone the vehicular population has increased by 55% in the last seven years, now sporting 23.3 lakh registered vehicles.  The consequential congestion on the road, coupled with cows, stray dogs, disastrous rains, cyclists, pedestrians, absence of traffic rules, is bound to turn a sane human being to an insane driver, like

The Impatient Speeder

Dont be uninsured

The Honking Abuser

honking abuser

The Overcautious Snail

overcautious snail

he I Hate Rules Jerk

i hate rules jerk

As a result, India at present has the highest number of road accidents in the world. At such a rate, do you think you can get by with no or low insurance covers? Yes, but heavy fines  or a stint in jail with the former and ridiculously low claims with the latter.  So instead of trying to “save money” on your insurance premiums, it is wise to go  with a plan which covers at the following.

What to look for while choosing a good motor Insurance Policy

It is Mandatory to get at least a third party cover for all motor vehicle insurance in India. But that can protect you only to a certain level- when a damage is caused to another person’s party because of you. Then what about covering your own vehicle? Well, with a little more thought and price, you can get a comprehensive cover which will include your vehicle, a personal accident cover and a third party liability cover.

edited-flowchartUnderstanding the terms

Comprehensive policy:  It is a complete package policy wherein own vehicle damages will be covered up to the Insured Declared value. And any third party property damage or third party injury/death can be covered.

Third Party Liability- This cover protects you from any liability arising of third party bodily injury or death and third party property damage (TPPD).  This is a mandatory requirement under the motor vehicles act 1988. The limit for TPPD is 750k.  Also the Third Party Liability cover is unlimited and is determined by the court.

So it is a no brainer, that to get a sufficient and secure claim, it is wiser to go with the Comprehensive policy covering both.

Learn how to determine the premium you should pay for your vehicle.

Happy Driving 🙂

Source from:  http://www.turtlemint.com/blog/why-lower-auto-insurance-premiums-may-not-be-good-for-you/