Car Insurance - blessing or burden?

Life! You finally buy a car and begin dreaming of all the comforts it will afford you. But then, life! It throws stuff at you when you least expect it. An accident or a theft, unexpected damage, what not! If only it would do that to you when you were in a better situation; or better prepared!.But it doesn’t. It chooses the most inconvenient moment and hurls an unexpected, unplanned hassle at you.
Wait a minute, “If you could be prepared?”..Could you ever possibly be prepared for something like an accident? Or a theft? Isn’t that supposed to be a shocker and leave you stunned? Actually, no. If you have a well thought out, comprehensive insurance in place, then you have set up a great buffer to competently deal with the eventualities.
This article will help you understand just what factors should go into consideration for that well thought out insurance. While normally insurances benefit the insurer alone, you will learn how you can get a slice of that cake for yourself too!

Rule No. 1.
Understand your situation and your needs first.
To start with, you have to evaluate yourself – your work/home environment, the kind of car you have, your driving record and the amount of money you are willing to pay. Take time to understand the simple basics of auto insurance, so in an eventuality, you will have a car insurance policy which will take care of your needs best.

Rule No. 2.
Opt to spend a little more when selecting your premium. Though an immediate burden, it will eventually pay off.
Insurance companies thrive on selling you cheap – they project the better payouts as more expensive and therefore less affordable, whereas we need to consider that the more ‘affordable’ lower premium will only offer lower limits at a time when we need more!

Rule No. 3
Opt for multiple policies at one go - retain the same end benefits, while keeping your premiums low.
An insurer would love to get more business out of you, so if possible, buy home and car insurance from the same source, at the same time; you can get a nice reduction on your premiums.

Rule No. 4
Clearly understand exactly what the insurance covers.
 Liability for bodily injury. In the event of an accident where you might have caused injury.
 Liability for property damage. In the event of any third party property damage that you might have directly caused or indirectly be responsible for.
 Medical payments that are payable to the policy holder as well as other passengers in his/her car.
 Coverage for both uninsured as well as underinsured motorists. In the event of an accident where the third party is either un-insured or insufficiently insured, you will be covered. This is a coverage that varies state by state, so it is best that you verify it based on your state.
 Physical damage. For the likelihood of physical damage caused to your car under the following two scenarios:
• Collision, which covers losses to your car in the event of a collision.
• Comprehensive, which covers most cases of damage.

Rule No. 5
Speedy settlements are not as important as substantial settlements.
Though promotions and publicity claim otherwise, it is best to go with a nationalized company. While they may not seem as efficient as the ones in Private sector, with speedy paperwork and even more speedy settlements; you won't have to fight for what should be given to you.
Do your own analysis of the company history, consumer complaints and satisfaction level of the claim procedure. Be wary of companies with excessive complaints and unhappy customers.
A great site to help you shop around for the car insurance that will best suit you is PolicyBazaar.com. Alternately, you can meet the agents from different companies and compare the differences for yourself.

Rule No. 6.
Make the plunge!
Once you have the facts at hand, do go ahead and purchase that insurance. Move beyond thinking it is an expense, to realizing that it is actually an investment that will be well worth the peace of mind it affords!