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Month: June 2019

Read The Risks Involved While Driving A Car Which Has An Expired Policy Or Is Uninsured

As per the Motor Vehicles Act, 1988, it is mandatory for all motor vehicles plying on public roads in India to have a motor insurance cover. Still, the research suggests that as many as 60% of the vehicles on the roads do not have a valid insurance cover. Driving without an insurance policy can lead to many unfortunate consequences, including the ones listed below.

Read The Risks Involved While Driving A Car Which Has An Expired Policy Or Is Uninsured

Penalties and legal fines

As per the latest regulations, heavy fines have been proposed for driver caught without valid insurance under Schedule III of section 305 of the Motor Vehicles Act, 2016. These are:

Two-wheelers: Rs 10,000

Light motor vehicle and three wheelers: Rs 25,000

Other categories of motor vehicles (including cars): Rs 75,000

Other legal complications

Getting caught without a valid motor insurance policy on multiple occasions can lead to your driving lisence being suspended. The authorities could also suspend your vehicle registration. The enforcement agencies also have the right to seize your vehicle, and in extreme cases, an offender can be imprisoned by a court for up to 3 months.

Third party liability

If you are involved in an accident, other parties can sue you for damages that they sustain because of you. Typically, your insurer would handle any payments resulting from such incidents. But, if your vehicle is uninsured, you will have to bear the cost by yourself. Additionally, you will also have to arrange for any legal advice you may need. In case of accidental death of the other party, the compensation you have to pay may be much higher.

Damage to self

Your car may also suffer damage in an accident. If you do not have an insurance policy, you will have to bear all the repair costs yourself. Further the case of total loss or theft of the vehicle – all your investment in the car is gone.

Loss of no claim bonus

If you do not renew your car insurance policy on time and let it expire – you will lose the no claim bonus that you have accumulated. NCB can be as high as 50% of your premium amount. … READ MORE ...

Three Ways Business Lines of Credit Can Help Your Business

As a small-business owner you know that keeping your finances in order is one of the most important things, right after getting clients and work, that you need to do in order to keep your business running and growing at the rate that you have set so that you can achieve the goals that you want to achieve. That being said, you know that eventually they’re going to be things that you just can’t pay for out of your own pocket.

However, this does not stop many business owners from taking severe personal financial risk and in some cases they and their families future on the business. Although the natural temptation is to try and pay for anything yourself, there are times when business lines of credit should be used end if you’ve never had them you should look into.

There are three ways that business lines of credit can help your business. One of the first ways that this tool can help your business is the fact that it takes a certain amount of stress off of you because you have that source of funds in reserve rather than needing to constantly they have your own personal savings.

This means that you can get what you need to get for the business without having to raid the piggy bank. As weird as it sounds, the less stress you have to deal with the better because you can focus on what you do best and for most people that is not dealing with finances instead it is marketing getting clients and doing work you love. So this is one way that business lines of credit can certainly help.

Another way that they can help is simply in the fact that it forces you to keep your personal and business finances separate. While this may not seem like such a big deal, wait until tax time! If you’ve ever tried to do your taxes and have been using personal finances deal with business matters, then you know how quickly confusing it can be. And when you add the fact that many of us leave our taxes still pretty much the last minute you see what I mean.

One final way that business lines of credit can help your business is by allowing you to make the purchases and credit services your business needs to grow and expand at the rate that you want. Again this means that you can get what your business needs when they need without having to worry about where the money is coming from. As always though remember that the funds that you used you will need to be replaced so that your line of credit is in good standing.… READ MORE ...