Insurance policies are based on the principle to compensate for financial loss that you might suffer. Although it is a future uncertain event, having the backup of an insurance policy helps to mitigate such financial hardships that otherwise might burn a hole in your wallet. An insurance policy helps to lower the impact of such financial blow due to unpredictable events by providing compensation.

What is an insurance claim?

An insurance claim is the compensation which the insurance company pays on happening of a future uncertain event for which coverage is sought. Various general insurance plans are available that insure against varying contingencies like health ailments, motor accidents, property damage and more. With a general insurance claim for these events, the insurance company helps make good for any such financial loss.

When you make an insurance claim, there are specific processes that need to be followed. These processes are laid down so that all the claims can be processed smoothly by the insurer whilst verifying them at the same time. This article elaborates on how the claims are settled for the motor and health insurance policies in India. 

Claims for Motor insurance policies

Motor insurance policies include car as well as bike insurance policies. It is the only type of insurance that is a regulatory requirement as per the Motor Vehicles Act. Here are some ways how the claims need to be filed. But before that you need to know there are two types of motor insurance policies, third-party and comprehensive plans. 

A third-party claim occurs when a person outside the contract of insurance, i.e. a third person is injured. Here you need to inform the insurance company at first followed by registering an FIR (First Information Report) with the police authorities of the governing jurisdiction. This claim is settled by the Motor Accidents Tribunal which then passes a judgement on the compensation that needs to be paid. Based on this amount, the insurance company compensates you, the policyholder based on the applicable limits to your third-party policy.

Comprehensive policies are those where damages to your vehicle is also included under its coverage alongside third-party cover. For such own damage insurance claim, you need to approach the insurance company reporting of such damage. If your bike or car insurance policy is a cashless one, the insurer will require you to repair such damages at an authorised network garage failing which cashless benefits shall not be awarded. For reimbursement policy, you can repair your vehicle and present all necessary invoices to the insurer. On assessing whether the repairs are under the policy limits, the pay-out is made by the insurance company. 

Claims for Health insurance policies

Health insurance claims are again classified into cashless and reimbursement policies. Depending on the type of your policy, you need to inform your insurance company of the treatment sought and the medical facility. For planned hospitalisation, a pre-approval needs to be obtained whereas in emergency cases, the intimation can be provided later. Once the treatment is complete, cashless claims are directly settled by the insurance company with the medical facility. Only the differential amount not covered by the policy needs to be paid from your pocket. For reimbursement claims, the treatment bills need to be presented to the insurer which will be examined for its adequacy and then a pay-out shall be made.

This is how claims are settled based on the type of policy for health and motor insurance. While the process may be more or less similar across different insurers, make a note of the exact process of your insurance company for detailed understanding of the process. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale. 

It is common knowledge that two-wheeler insurance is a regulator requirement in the country. With the help of such insurance cover, there are two-fold benefits – one of legal compliance and the second of having your bike secured with a backup plan. However, the area where most people miss out is ensuring continued coverage after buying at the time of initial purchase. For this reason, it is essential to renew your policy. While it can be cumbersome to visit the insurer at each renewal, digitisation has solved this problem too. Now using internet technology, you can renew your policy at the convenience of your couch. Here are some of the benefits of renewing two wheeler insurance online. 

Savings in Time: The foremost advantage of taking the online route is saving your time. With busy lives, it has become difficult to make time, especially to visit the insurer’s office. At such times, buying online helps you save on time having to co-ordinate with either the insurance agent or visit the insurer’s office. 

Convenient comparison: With the facility to of online two wheeler insurance renewal, you can make effortless comparison without having to search for suitable plans. All at the click of a mouse, different plans are available to view and use tools like a two-wheeler insurance calculator that not only aid in comparison process, but also finding affordable deals within your budget. 

Additional benefits: With the digital age growing fast, insurance companies have introduced a few policies that are offered exclusively online. These policies offer concession in either premium or some exclusive features that are available for online-only plans. 

Selecting the best coverage: Online renewal of your two wheeler insurance third party or comprehensive plan, is convenient when you can choose from myriad alternatives. This web helps you browse through all possible plans that might be the right fit. In addition, comprehensive plans can be customised using add-ons that enhance the value generated by the insurance policy vis-à-vis its cost. 

Legal compliance: In addition to above pointers, having your policy timely renewed online aids in staying legally complied when it comes to two-wheeler insurance requirements. The Motor Vehicles Act makes it mandatory to have an insurance policy for all bike owners and thus, you can stay complied even before your coverage ends. 

While the benefits of online renewal go a long way in ensuring compliance and safety for your vehicle, here’s how you can renew your two-wheeler insurance policy – 

Step 1: Visit your preferred insurance company’s website and locate the renewal section for two-wheeler policies. 

Step 2: Provide your existing policy details so any details registered against your policy number are pulled up by the insurer. Here, you can choose to amend any details to ensure they are updated.

Step 3: Select the type of policy you want to opt for. Along with it, make sure to look for the right set add-ons that significant enhance your policy coverage. 

Step 4: Once you have finalised all the policy details, make the payment from the available options. Since it is an online renewal, the coverage begins once your payment is successful, which is almost instant. 

With the above-mentioned benefits of renewing policy online, do not wait till the eleventh hour for its renewal. Instead, start early so you have sufficient time to compare and select a suitable bike insurance cover. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale. 

Applying for a new home loan can be stressful for buyers. There are a lot of things to consider, and individuals sometimes find themselves being overwhelmed by the decisions they must make. With this guide, new buyers will learn about the things they should know before getting a home loan in Singapore.

What Should New Buyers Know Before Applying for a Mortgage?

When considering purchasing a home, people often do not realize all the steps involved. Once a person gets to the financing portion of the process, they quickly learn how stressful it becomes. The following are some things people should know before they apply for a Singapore home loan with Dollarback Mortgage.

Research the Options

One of the first things a person should do is learn as much as possible about the lenders that are available. Learn about what they offer and how much is required for the down payment. It is wise for buyers to secure financing before they even start the process of searching for a home. By securing financing first, buyers will find it much easier to get the home of their dreams, without being disappointed.

Check the Interest Rate

Buyers need to make sure they choose the lowest interest rate possible. There are three main types of rates available, and they include the following.

• Fixed-rate mortgages offer a fixed rate for the life of the loan or for a specified period.

• A floating rate is based on the lender’s fixed deposit, interest rate, or a third-party rate.

• Floating board rates are the least predictable because the bank can come up with a new rate at any time.

Buyers need to be careful about which they choose. A buyer should consider their income and financial situation now and what it could be in the future. Careful consideration will prevent a buyer from making financial decisions they later regret.

Consider the Monthly Payments

One of the most important considerations when deciding on a mortgage is the monthly payments. There are multiple online home calculators that can be used to determine the monthly payment amount. It is important to note that the longer the tenure of the mortgage loan, the lower the payments.

What Is Next?

After a buyer has decided on their mortgage lender, It is important they seek the In-Principle Approval for their mortgage loan. This document is provided by the lender and states the amount they are willing to lend the buyer. This document should be secured before paying the option fee.

Get Started Right Away

For new home buyers, getting started right away is best. Securing the right mortgage loan lender is essential before starting the process of searching for a new home. With the mortgage amount secured, buyers will not have as much stress in the process. They will know how much they are approved for and will only look for properties that fall within this price range.

Contact DollarBack Mortgage today to learn about the available options. They will be happy to assist you through the process of securing a mortgage.

If you are willing to purchase a boat then you might not have the right amount of finance as these are very expensive. You should hire services from some financial institutes in this regard to get marine finance. What you need to do is to visit different websites of these experts so that you can get the loan at the lowest interest rates.

The benefit of getting the loan from the right professional is that they can guide you that how to get the information from the traders. You should choose the right trader that can help you to buy the boats or marine ships for you. You can get online opinions or suggestions from professionals by simply visiting their portfolios or websites as they have maintained their websites.

While you are searching for the best traders for purchasing the boats or marine for you then you must visit different websites or even references. If you have no issue with your budget limits then you can purchase these boats without asking for finance from financial institutions. Do not try to purchase the item from the non-professionals as it is just a wastage of your time and money.

Some people do not have enough knowledge in the field of purchasing these boats as various types of boats are available in the market. Try to select the best one that has years of experience in this field and know everything about financing for boats. The best thing that you can do to purchase the boats for you is to understand the needs of your finance.

The planning stage is very important that will give you a chance to get the loan at the earliest according to your needs. The trader that you have selected should provide you with the details that can help you to know the merits and demerits of boats. The boat models are different in prices and you should choose the boats that are, following your budget limits.

If you have sound knowledge regarding models of boats then you can get these boats by just asking their prices. On the other hand, if you do not have sound knowledge regarding the quality of boats-then you must consider taking assistance from experts. These experts can arrange the models for their customers on their demand. Try to manage the marine finance first and then try to contact these traders so that they can provide you with the best quality products.

Most business owners that are thinking to use these loans are in search of the best products from the market. They can use internet services or even references to get the loan or process the loan quickly. Now different dealers that are offering boats to their customers are also offering finance schemes so that everyone can avail of this discount.

Sometimes the experts will provide you with the best schemes and promotion codes so that you can avail cash promos and interest-free loans for a given period. This can be a daunting task if you do not pay attention to the selection of the best finance dealers. If you are well-informed regarding the reasons for getting marine finance for you then you can save your time by using less effort.

The most important thing that is associated with purchasing these boats is to ensure getting the loan for you. Sometimes the downpayment cannot be adjusted due to the non-availability of finance. Many professionals are offering zero down payment services to their customers accordingly. Now with advanced technology, it has become easier for you to manage your finance or boat loans by visiting online portals. You can save your cost by purchasing second-hand boats for your needs if these are available in good quality. It is highly recommended not to risk the quality of the boat due to financial pressure or low-budget limits.

The value of commodities is shifting continuously due to global changes. So, traders need to invest their money consciously. However, if they make the wrong decision, they might face trouble. But, some traders are enjoying the benefits by making the right decision. On the other side, some traders are facing problems because of their confusion. If the traders know how to invest their money properly, they may get better outcomes. For this, they should contemplate some important factors in terms of investing in commodities.

In this post, we will discuss five things so that you can understand what you need to do. So, don’t waste your time. Read the article carefully.

Commodities are volatile

Commodities are known as the most volatile assets. That’s why many traders prefer to trade commodities. Because they know, they can make huge money. But, if they take any wrong decision, they might face a big failure. However, being a trader, if you’re looking for security, then a commodity will not be the right choice for you. Bear in mind, the commodities will not pay any dividends or interest. However, try to apply the right strategy so that you can maximize the profits.

Can invest in a group of commodities

As a commodity trader, you can invest in different types of commodities. There are four types of commodities such as energy, agriculture, metals, livestock, and meats. You can invest in a single commodity or you can also invest in a group of commodities. You just need to choose the right broker and open a demo account. Because it’s really important to choose the right broker so that you can protect your capital. The demo account will aid you to get the proper knowledge about the market so that you can trade profitably. But make sure you are choosing a good broker like Saxo markets or else you will start facing problems in the practice trading account.

Sensitive to a lot of factors

As the price of the commodities fluctuates for various reasons, traders need to become conscious of this issue. Due to the major news releases, the price movement of the assets changes. So, being a trader, you should become up to date with the news. Based on the latest news releases, you’ve to take the decision. Bear in mind, floods, hurricanes, and other natural disasters have a high impact on the value of the commodity. Because of this, the production can be stopped. As a result, demand can be increased. So, you should take the decision based on this issue.

Highly leveraged assets

In terms of trading the commodities, you might get the leverage. So, if you don’t have high capital, you can trade smoothly. But, if you try to use high leverage, you might face problems. That’s why you should take the leverage consciously. Many traders ignore the risk factors and only focus on making profits by borrowing the leverage. Due to this, they face more problems. Traders should learn to use the leverage properly so that they can reduce the losing streak. Keep in mind, you’ve to take the leverage depending on your capital.

Do some paperwork

Before starting trading, you should gain some knowledge. As a result, you might not face problems if the situation changes. But, if you don’t have any prior knowledge, you can’t adapt to the new scenarios. So, before opening the new position, you should gather the important decision about the market so that you can do better. Always remember, you have to know about the different features of the market for trading properly.

So, by knowing about these facts, you may not face any problems to make a proper investment decision. However, always analyze the market properly so that you can make the right decision. Don’t put your egg in the wrong asset. Choose the right one for getting the benefits.