Young drivers are probably the category of drivers most disadvantaged by car insurance. An insurance claim can reach sky rocketing prices for a young driver, which can be rather burdening. There are cases when the value of the insurance can even exceed the value of the purchased car. So many young drivers believe it is unfair and discouragicng for them to have to pay such large amounts of money for car insurance. But car insurance companies think otherwise. The statistics they made show that young and inexperienced drivers are more prone to have car accidents. And another fact that make car insurance have such high prices is the fact that young drivers have the most car accidents in which passengers are involved. Car insurance companies just don’t want to take the risk, so they make their insurance policies expensive to make sure any prejudice is covered.
Keep the following rules in mind when you buy health Insurance: Choose your personal health insurance: While most employers offer health insurance or mediclaim as a part of their pay package, it is important to have a personal health insurance cover as well. This becomes even more important if you are suffering from any chronic disease, as it is possible that your corporate cover will cease once you leave your job or retire, or the company may decide to withdraw this benefit, or choose to leave other family members out of the coverage. Choose the right amount as ‘sum insured’ – A person living in a metro city may require a higher sum (maybe around Rs.5-10 lakhs assured) in comparison to a person who lives in a village (who may only need around Rs.3-5 lakhs) since hospitalization costs are higher in the metros. While buying an Insurance Plan, the first thing that needs to be decided is the Sum Insured, i.e. how much the company would cover for you. Don’t buy a new plan; instead, port your plan. With porting, your benefits which have already been accumulated in the old plan get transferred to the new plan. Just as one accounts for inflation when saving over a period of time, you may want to increase your cover to account for inflation in medical costs. It is important to go for a sum insured that would cover all your family members. Start early protection – It is important to understand the impact of the maximum permissible age limits offered by the health insurance company. You should check if the health insurance that you are buying discloses the premium to be charged in future. It is recommended that you purchase a health cover by the time that you are in your early thirties, to enjoy a few good years of no-claims bonus – as medical and health expenses generally crop up after a certain age. Purchasing insurance when you are older or are suffering from some condition will definitely be more expensive. So it is better to check with your insurance provider about the entry age limits.
Comments
Post a Comment