In light of the COVID-19 pandemic and subsequent lockdown, the Insurance Regulatory and Development Authority (IRDA) has issued a circular permitting life insurance companies to issue digital insurance policies (e-policies). This exemption will be valid for all policies issued during the 2020-21 fiscal year. Policyholders will have a 30-day free look period, and if they request a hard copy, the companies will be obliged to send it.
Gone are the days when purchasing car insurance required a visit to your local insurance agent, gathering quotes from various companies, and settling for the coverage offered by company A. Thanks to the internet, drivers now have more options and can obtain multiple quotes in a matter of minutes. By simply filling in the required information on a company's website or requesting a free quote, you can compare policies from various companies, making the process much easier.
Now, you can select the insurance company that provides the best combination of coverage and discounts based on your needs. Whether you're insuring a new teenage driver, a spouse, or a single person with multiple cars, you'll be provided with the same information to help you make an informed decision.
There's no obligation or cost to shop around, and switching to a new insurance company may even qualify you for a loyalty discount. Furthermore, switching can give you the opportunity to review your coverage and ensure that you're getting the best deal without leaving you uninsured.
It's important to review the information for the state in which you reside, as each state is responsible for its own insurance requirements. If you move, you'll be required to purchase new insurance for your new residence. Credit established insurance is a crucial component of your coverage, as some states have found that one out of every five people do not carry credit established insurance.
Although liability is the most important aspect of your car insurance, this may not be the case in all states. In some states, you may be responsible for paying injury damages if you are at fault in an accident. Liability insurance is always recommended, but the cost of setting it up may be too high for some.
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