Introduction to Different Kinds of Types of Insurance

An insurance is a contract between two parties namely the insurer and the insured where the insured or the client pays a specific amount to the insurer or the insurance company called as premiums and in return the insurance company promises to pay you an amount of money after an occurrence of an unfortunate event like car accident, bike theft, medical exigency etc. called as claim.

Insurance is designed to protect and secure you in the crucial times. While there are some kinds of insurance that are mandatory to have as per law, some are optional.

Types of Insurance

There are broadly three categories of insurance:

  • Life Insurance: The life insurance provides a certain agreed amount to the beneficiary in account of death of the insured person.
  • General Insurance: The general insurance includes other kinds of insurance chiefly, property insurance or liability insurance against the incidences of fire, theft, accident etc.
  • Social Insurance: Social insurance is provided to under privileged sections of the society like pension plans, disability benefits, unemployment benefits, sickness insurance etc.

Types of General Insurance

Various types of general insurance available are:

  • Motor Insurance
  • Home Insurance
  • Health Insurance
  • Jewelry Insurance
  • Travel Insurance
  • Marine Insurance

Here, we will talk about most common type of general insurance which is the motor insurance. Motor insurance is further divided into two categories of insurance – car insurance and bike insurance.

Car Insurance

Car insurance is an insurance policy that secures the owner of the car against the financial loss that happens due to damage, accident, or theft of the car. The car insurance also includes the damage caused to third party or property. A third party car insurance cover is a basic kind of insurance policy which covers only damage caused to third party by the vehicle even death. This is a must have policy in India. However, if you can afford to pay a little more premium, one can buy a highly recommended form of car insurance policy which is Comprehensive car insurance policy. The comprehensive coverage policy includes:

  • Accident to vehicle
  • Damage due to natural calamities, animal hit, falling object etc.
  • Loss and theft of vehicle
  • Third party cover

However the policy does not include the following:

  • Wear and tear of car
  • Electrical breakdown
  • Damage due to drunk driving
  • Damage due to invalid or non-availability of driving license

Bike Insurance

Bike insurance is an insurance policy that covers the bike owner against the damages like accident, and theft that may happen to the bike in an unforeseen event. The bike insurance also covers liabilities caused due to the injuries to any person or people due to the accident. As per Motor Vehicles Act, 1988, it must for every rider to take a bike insurance in our country. Bike insurance can be taken for any kind of motorbike like moped, scooter, motor cycle etc. The type of insurance which is mandatory as per law is the third party cover which covers the damage caused to third party by

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Jay Leno’s Garage Showcases 1976 BMW 2002 from Bavarian Workshop

FOR IMMEDIATE RELEASE

(West Hills, CA) Founder of the Bavarian Workshop, Marc Norris, recently stopped by Jay Leno’s Garage with a 1976 BMW 2002 resto-mod. While this vehicle represents a “dream car” for many, finding on that is still in good condition is more challenging than ever before. While it takes time and money to restore a classic BMW 2002, it is well worth it according to Jay Leno.

“While the BMW 2002 was one of the main vehicles responsible for elevating the performance reputation of the German Brand in the United Sates, it was not the first BMW model available in the U.S.,” stated Marc Norris. “The powerful 2.0 liter four-cylinder and the light weight made this a combination that car enthusiasts could not ignore. Ultimately it served as the perfect platform for aftermarket upgrades down the road.”

The BMW 2002 featured on Jay Leno’s Garage had been overhauled by the Bavarian Workshop mechanics for a customer more than a decade ago. The client wanted to have their father’s car restored to original condition. Even though the vehicle sat for a number of years, never being driven, it was still in overall good condition and made a great platform for a full remodel. The Bavarian Workshop overhauled the vehicle and added a 2.3 liter 513 four cylinder out of a 1989 E30 M3, as well as a five-speed manual transmission.

“During the episode, viewers will have the opportunity to see what we were able to do with the interior of the vehicle, as well,” continued Norris. “We added seats from one of the newer model BMW 320i that was recovered in luxurious Nappa leather. We also used Dynamat in the trunk to help reduce some of the noise created. Even though it has much more horsepower, it still exudes the character of a traditional, 1970s era BMW thanks to my talented team.”

During the episode of Jay Lenos Garage, viewers will get to see Leno take this amazing vehicle for a spin. He also makes it clear that he is a huge fan of this car and that Norris’s team did a great job on the rebuild.

ABOUT BAVARIAN WORKSHOP

The Bavarian Workshop is considered a top rated BMW repair shop and the mechanics are dedicated to providing superior BMW service, Mercedes repair services, and Mini auto repair. The company has received high ratings for scheduled maintenance, 60,000-mile service and brakes in the areas of West Hills, Calabasas, Hidden Hills, Bell Canyon and Woodland Hills of California.

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Why Vehicles Aren’t As Bad As You Think

Important Things To Know When Buying Used Cars From a Dealer

There are a lot of people who would prefer buying used or pre-loved cars. Even if you can actually see a lot of good, brand new choices these days, a lot of people can still see some compelling choices that to buy a used one.

The thing about used car is that you might have been longing for a particular model to own for so many years now and perhaps you’ll be able to get that particular model now at its depreciated price. You may also have the cash to afford a used car without problems but you don’t want to get yourself involved with several years of payment that you might be required with a brand new car. You may also be running a small business and somehow you see yourself saving a lot more cash if you just get a used car to own compared to getting a brand new one.

However, keep in mind that because of the fact that these are already used cars, you may expect these to have its pitfalls. The thing about used cars is that you can’t really expect it to have everything running perfectly because its reliability is hugely dependent on many things such as the mileage of the car, the manufacturer’s engineering, as well as the driving and maintenance habits of the previous owner. Below are some very important things that you should keep in mind when dealing with used cars:

You should expect that you will be replacing more parts the higher the mileage on the car. Things like brake pads and fuel filters can be relatively inexpensive, but you should know that it could get bigger steadily like having to do a transmission overhaul one day, and getting a new radiator the next, or having to replace your A/C Compressor. You should probably get a copy of the periodic maintenance of the car so that you’ll know exactly what you’re getting yourself into.

There is absolutely no need for you to be cheap. Of course, you can be thrifty, yes, but if you decide to delay replacement of worn parts, you’ll definitely have to spend a lot more. In case of the cooling system, delaying its needed replacement will only cause a domino effect.

You should make two budgets so that you can fund for your initial purchase and another to make sure you can rely on the car’s parts. It is strongly recommended that you have at least 20% of the total price of your car as your “fix-it” budget. Doing so will guarantee you a budget to help you deal with all the parts that need to be replaced.

Never forget to do your research on the particular car. If you’re interested in a particular model, you should talk with friends who also owned such model so that you’ll know better regarding the reputation of such car.… Read More

Case Study: My Experience With Sales

About Vehicle Leasing

It’s well documented that vehicle leasing can be beneficial in terms of finances both for the general public and businesses. It is easy on the other hand to be bogged down with wide varieties of options available before you. Here in this article, you’ll learn about the jargon as well as other reasonable tips that can be very useful when choosing which contract hire or car lease deal to choose for your needs.

Number 1. Choosing a contract hire – basically, contract hire is a vehicle leasing contract that is very versatile as this works well no matter if you’re a partnership, limited company or sole trader. You’ll only need to pay for monthly or fixed rental and most of the time, included in the package is service and even repair of the vehicle you have chosen, which is the biggest advantage for choosing contract hire.

To be able to avoid dealing with problems like hidden costs, it will be a smart move for you to make sure that this is included in lease deals or offers. Contract hire is offered often on 18 to 48 months contract at which time you must return the car to the lender.

Number 2. Choosing personal contract purchase – known otherwise as PCP, this car lease deal is offered often on a 2 to 4 year deal. And so long as you have a good credit rating, you can easily use PCP. This is almost the same to other types of lease available in that you should settle the initial low amount first and will be followed by fixed monthly payments. You’ll have to hand the car back to the lender at the end of contract agreement or you can pay them to keep the car for good if you want to.

Number 3. Choosing personal contract hire – much like personal contract purchase, this is also offered on 2 to 4 year basis and is the best option for business and companies that are providing employees of certain stature of personal car allowance. As with most deals, you must be certain that the service, repair and maintenance are being offered as part of the deal and that you’ll return the vehicle prior to the agreement.

These are some of the kinds of car leasing that you have to take a look at when making initial inquiries regarding car lease. Say for example that you have a bad credit rating or has recently started a new company on the other hand, there are several options that you can try if you wish to lease a car which you might want to inquire like lease purchase, subprime contracts or non-status contracts as well as hire purchase.… Read More