Chief confident of achieving aims for 2022
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Friday, August 5, 2022
Swiss Re launches insurance-linked investment advisory business
Move is a "natural next step" in company's strategy
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Allianz reveals latest earnings results
CEO points to group's performance as "robust"
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Petrol Vs Diesel: How Car Fuel Affects Your Car Insurance Premium?
Does Car Fuel Affects Car Insurance Premium?
Does car fuel impact the premium of your car insurance? If so, how? Let us find out in this blog about petrol VS. diesel cars and how each variant impacts your car insurance.
There was a time when cars used to run primarily on petrol, while diesel vehicles were limited to trucks, buses and other commercial vehicles. With time and need things evolve and thus automobile manufacturers started producing diesel cars, which became equally popular as petrol variants. And now, the automobile industry gets introduced to new versions of both petrol and diesel cars that manufacturers are releasing every year.
In this blog, let us take a quick overview on car insurance policies and if the fuel variant of the car has a role to play in your policy.
Car Insurance Policy and Car Type
There are many differences between petrol and diesel cars. But do you know if the fuel type of your car also influences your car insurance policy? Yes, most of them do because the premium of a car insurance policy offered by different insurers varies as per the fuel type of a car along with numerous other features.
As such, having car insurance is mandatory for every car owner in India. So, withstanding the fact whether you have a petrol, diesel or electric car, you must buy a car insurance policy for the vehicle to drive safely on the Indian roads. Further, having comprehensive car insurance is regarded as a great protection against a number of car related issues and damages. Thus, it is important to keep renewing your car insurance online every year so that the policy remains active and you keep receiving the benefits of the plan along with other features. For your convenience, you can use a car insurance renewal premium calculator to calculate the insurance premium of your car at the time of renewal.
Car Insurance – Petrol Vs Diesel – Factors Influence the Premiums
So, coming back to whether a car insurance policy is influenced by the fuel type of a car, following are the two factors which primarily impact the car insurance premium
1. Engine type
When it comes to engines, the cost of cars with diesel engines are usually more as compared to cars with petrol engines. This results in higher IDV or Insured Declared Value of diesel cars. Thereby, it affects its premium price because the higher the price of a vehicle the higher the premium you pay.
2. Maintenance
Also, as the expenses of repairing cars powered by diesel is more, the insurer charges a higher premium on your diesel-powered vehicles.
Below are some points that you may consider while choosing a petrol vs. diesel engine car:
As mentioned earlier, there are many other aspects that determine your car insurance policy besides fuel. These aspects also determine your decision to purchase a car – a petrol vs. a diesel car. Some of these points are mentioned below:
- Prices of fuel in the area you live – Depending on the part of the world you live in, the prices of fuel varies. In India also, depending on the state you live in, you might find variations in petrol and diesel prices. However, generally diesel is a little cheaper as compared to petrol. Thus, many people like to choose diesel powered cars for their cost effectiveness as compared to petrol ones.
- How efficient is the fuel – In terms of efficiency and mileage, a car powered by petrol allows higher mileage as compared to diesel cars, especially for short distances. On the other hand, when it comes to long routes diesel cars serve the purpose well. Thus, it also depends on your daily commute range to choose between a petrol or diesel engine car.
- Cost of car maintenance – Earlier, diesel-powered cars were more costly to maintain as they were meager in number and not that popular. However, at present with the availability of diesel cars in large numbers, their maintenance is no more a cause of concern. Thus, their maintenance cost is almost equal to that of petrol cars.
- The resale value of your vehicle – It is important to note that second hand diesel vehicles fetch a higher price on resale as compared to petrol run cars.
Some other Factors to Consider:
- The insurance plan you seek – Comprehensive car insurance plans are more expensive as compared to third-party insurance plans as the comprehensive plans allow extensive coverage than the basic third-party covers. It also influences your car insurance premium.
- Add-On Cover – If you buy add-on covers or riders with your comprehensive car insurance plan, it will further increase your insurance premium. However, these add-ons might be beneficial in the long run in case your car endures any damage requiring extra cost to manage them.
- The area you live in – The place you live in or your physical location also determines your car insurance premium. People living in cities need to pay more premium as compared to those living in small towns.
- Installing anti-theft devices – If you have anti-theft devices in your car to provide security to the vehicle from theft, it also lowers the premium of your car insurance. This is because in such a case your car will have less risk of getting stolen.
- IDV – The IDV or Insured Declared Value of your car, which is its market price, impacts the premium of your car directly. Thus, make sure to set the proper IDV amount to benefit in the long run.
Conclusion
To safeguard your car from damage it is important to look for the best car insurance plan. As per your car fuel type and other requirements, you can choose the amount of coverage that you require to ensure the protection of your car. Just ensure that you buy the right plan for the right vehicle you have purchased to give your car an appropriate coverage.
In this regard, a car insurance premium calculator will help you in finding the right policy for your vehicle.
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
The post Petrol Vs Diesel: How Car Fuel Affects Your Car Insurance Premium? appeared first on Paybima Blog.
Become Truly Independent by Choosing your Health Cover this Independence Day
This 15th August Independence Day, Become Independent by Choosing Right Health Insurance Cover
With Indian Independence Day just around the corner, we need to ask, what does independence really mean to each of us? Well, the meaning of independence is not the same for everyone. No matter what your meaning of independence might be, being independent is important. And of all, the state of being financially independent is very important for everyone who is an adult. As you start earning money, you also need to invest it by choosing the proper options. So, this Independence Day, secure your investments by choosing the best health insurance policy.
While we consider investments, many of us focus on options that promise us high returns on our money. We seldom think about health insurance, which actually plays a crucial role in our financial wellbeing and security. We all are going to need healthcare services someday and not opting for a health insurance policy at the right time may result in spending a lot of money on medical treatment. This is why this Indian Independence Day you must choose a health insurance policy that can be of great help when you are in need of it.
Why You Need a Health Insurance Policy – Importance of the Medical Policy
Health insurance is yet to make its impression on many Indians. The reason being the majority of us do not understand the significance of a health insurance policy. Most of the people who have a health insurance policy are the ones who have been offered the policy by their company. So, let us discuss why it is important to buy a health insurance policy.
Health Insurance Policy Benefit 1 – Rising Healthcare Expenses
Healthcare is very costly these days, and it is likely to get even more costlier in the coming days. Buying health insurance at the earliest can help you save a lot of money in the future. Therefore, even if you need some kind of medical treatment, you will not have to avoid or delay it because of the expenses.
Health Insurance Policy Benefit 2 – Saving money
Medical emergencies cannot be predicted. Does that mean you need to always have a certain amount of money? And how can we be sure that the savings would be enough? Well, you can get clarity on these areas when you buy a health insurance plan. The health insurance policies are designed keeping medical expenses in mind. For example, if you are purchasing a health insurance plan with maternity benefits, it will certainly cover all the expenses that will be incurred during your pregnancy and the birth of your child. And as you consistently pay the premiums, you won’t be required to pay the hospital and treatment charges from your pocket.
Health Insurance Policy Benefit 3 – Saving taxes
As per Section 80D of the Income Tax Act, you can claim a tax deduction of up to INR 50,000 for the premiums you pay for the health insurance policy you buy for your parents (who are senior citizens) along with premiums paid for your own policy.
6 Tips to Choose a Health Insurance Plan Online
Choosing a health insurance plan can be a little confusing especially if you are doing this for the first time. Fret not, since we have some tips for you here. Keep reading!
1. Buy something affordable
While buying a health insurance policy is a smart decision, undoubtedly; you also need to know your budget. Your investments should never exceed your income. You must choose a health insurance policy for which you can consistently pay the premiums. Also, while doing so, make sure you are not compromising on the plan benefits.
2. Opt for the right coverage
Choosing a health insurance policy that provides coverage against a wide range of medical problems is the wisest thing you can do. Your health insurance policy should include benefits such as daycare expenses, pre and post-hospitalization, transportation, and illnesses that you are at risk of because of the medical history of your family. If you are considering your family while buying a health insurance plan, you need to ensure that the policy is meeting all the needs of each of the members of your family.
3. Get a health plan with a lifetime renewability
As you decide to purchase a health insurance policy, you need to check the number of years that the plan will cover you. Also, check if the plan comes with lifetime renewability.
4. Compare the quotes online
You will come across several health insurance policies in the market but not all of them are the right ones for you. You can request a quote online, and accordingly, you will get an estimate of the kind of premium that you have to pay for the health plan.
5. Claim Settlement Ratio
The insurance companies with a high Claim Settlement Ratio (CSR) are the ones that have settled claims of maximum numbers of their clients over the total claims received. Therefore, make sure you choose an insurance company that has a Claim Settlement Ratio.
6. Network hospital
Checking the network hospitals of the insurance company that you are planning to buy a health insurance plan from is quite important. This will help you to know if you will get the kind of medical treatment that you need. Also, finding information about the network hospitals will help you have an idea of the distance of the hospital from your home.
When the health insurance companies receive an application from health insurance buyers, they pay high attention to the age. The premium is also decided based on the age of the policy buyer. Therefore, the lesser your age, the lesser the premium amount you have to pay.
Now, to check out some of the best health insurance plans in India, you can explore the online websites that offer the top health plans. Wish yourself a happy independence day in 2022 with the perfect health insurance plan cover for yourself and your family.
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
The post Become Truly Independent by Choosing your Health Cover this Independence Day appeared first on Paybima Blog.
SiriusPoint financial results take a hit in Q2 and H1
Interim boss says performance "reflects the strides we are making to transform"
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