Karan Chopra, head, retail sales, HDFC Ergo General Insurance Company, says one in every seven, or 14 per cent, of private car insurance policies are renewed online. However, of all insurance policies sold by the company, only three per cent are bought or renewed online.
He says this is partly because more effort is required for a sales process, while renewal is easier online. That is why customers who buy through an agent or banks also prefer to renew online.
Among the policies sold online, those for motor, health, term life insurance and personal accident covers sold more than traditional plans, for which the consumer might require some help from an agent.
A recent report by The Boston Consulting Group and Google said the percentage of customers purchasing insurance policies online had gone up steadily over last year. Health insurance buyers had increased from 13 per cent in 2012 to 19 per cent; motor insurance also went up from 13 per cent in 2012 to 16 per cent. Still, the share of digital sales continues to be low, at only two per cent, the report said.
Yet, the potential savings in total costs with
When we think of “cheat days,” we tend to think of a sweet treat or indulgent meal that breaks a cycle of strict dieting. A cheat day is meant to satisfy cravings, and it’s a great way to incorporate foods you normally wouldn’t include in your diet without ruining your metabolism. Similarly, a financial cheat day can help you budget better and prevent an overindulgent, perhaps impulsive, shopping spree.
There are plenty of financial resolutions that can help fatten your wallet this year. You can check your credit card history, increase your savings or adjust your lifestyle to live well below your means. The Internet and mobile apps make it easy to monitor spending, and even blogs like this one provide helpful tips on how to maximize your savings. But sticking to a strict money diet can be mentally exhausting, and even the most diligent saver can suffer the occasional slip up here and there.
The discipline and patience needed to stick to your financial resolutions can be taxing, just like how following a strict diet can drive you crazy. Just like a cheat day when you diet, allowing yourself the occasional financial celebration can help you feel indulgent without going overboard.
With money tighter than ever, it was time for us to see if we could do better than our existing auto insurance policy. Our current insurance company (which shall go unnamed) was known for its low premiums. Would it be possible to meet or beat those rates, while possibly improving other aspects of our coverage?
We thought about trying an auto insurance broker who represented several different brands of car insurance, but we wanted to keep our options open to the entire range of companies. Armed with our current policy’s declaration page, we set out on a hunt for the best value.
Step 1: Check Customer Satisfaction Scores
We started by looking at the results of the J.D. Power National Auto Insurance Survey, in which more than 21,000 insurance policy holders rated their insurers. This extremely useful chart let us sort results by any of five criteria: Overall Experience, Policy Offerings, Pricing, Billing and Payment, or Contacting the Insurer. We noticed that our current insurer was low down on the ranking list.
Of the five criteria, our two highest priorities were Policy Offerings and Pricing. After playing around with the chart, we narrowed down our choices to Amica (a multiyear award winner), Automobile
There are various ways consumers can fall victim to auto insurance fraud, including accident scams, insurer tricks and referral fraud. Whether you’re buying auto insurance or on the road, it’s important to know how to protect yourself. To keep you out of trouble, we’ve compiled the most important tips from the National Insurance Crime Bureau (NICB), the North Dakota Department of Insurance, FraudGuides.com and Edmunds.com.
When Buying Auto Insurance
- Be wary of insurance offers from door-to-door salespeople, telephone callers or unsolicited Internet advertisements.
- Be suspicious if the price of insurance seems much lower than the competition’s. It could be a scam, or the coverage might be full of exclusions that are only discovered when you need the coverage.
- Contact your state’s insurance department to make sure the agent and company are licensed.
- Check the company’s rating at the Better Business Bureau.
- Make sure “free services” aren’t actually hidden in your insurance bill.
- Ask if the insurance company has purchased or invested in vehicle repair shops; this is a red flag. You are not required to use them, and they will not give you better service or prices — in fact, they could be worse.
- Guard your insurance identification number the same way you would your social security number,
Teens ages 16-19 are three times more likely than drivers older than 20 to be involved in a fatal crash (or any crash, for that matter) according to the Insurance Institute for Highway Safety. It’s not too surprising, then, that teen drivers tend to have high insurance premiums. For parents, this can mean a big jump in insurance premiums once you add your teen driver to your policy. However, there are ways to reduce your costs right out of the gate, even for very inexperienced drivers. Here are some ways to keep policy costs at a minimum.
Choose the Right Car
It’s simply a matter of economics. There are some cars that cost more to repair and replace than others. There are also some cars that are more likely to be stolen and others that protect passengers better in a crash. Combined, these three characteristics have a lot to do with how much you’ll pay for the collision and theft portions of your policy, says David Goldstein, the author of Insure Your Car for Less: A Practical Guide to Saving Money on Automobile Insurance.
There are several ways to choose the least expensive car to drive. First, check the Insurance Institute
You walk out to your car and it’s gone. Not your car itself, the navigation system or even your cell phone. The “it” is your catalytic converter. If you don’t happen to notice it right away, the moment you start your car, you will. The sound has been described as “a deep loud noise,” “an unmistakable roar,” and even like “a Harley Davidson.”
Dan McColl of Upland, California, remembers when it happened to him.
“When I got out of the gym, I started up my truck and it sounded like there was a hot rod in the parking lot,” said McColl. “In fact, I didn’t even think it was my truck at first. But when I cut the engine and it stopped, I knew that it was me. I was able to drive it, but it was like the gas wasn’t really engaging. I drove it to the mechanic and he was able to tell me right away that the catalytic converter had been stolen.”
The catalytic converter was mandated for all U.S. cars and trucks in 1975, to convert harmful pollutants into less harmful emissions before they left the exhaust system. Precious metals such as platinum, palladium, rhodium or gold are used