Car insurance is mandatory in India as per the Motor Vehicles Act and every car owner should insure his or her vehicle with at least a third-party liability cover. Here are few tips you can use to save on your car insurance:
It is always a good idea to research on the options available to us and choose the one that best suits your insurance needs. There are a number of good insurers in the Indian market, therefore it is vital that we compare each one and the insurance plans they offer before making choice. Shortlist the ones that you feel would serves your insurance needs and stays within the budget. Online shopping for insurance purchase/renewal would be a good way to go about this as you have access to all the insurance information for each insurer which could make the comparison and purchase/renewal easy.
Including everyone on your insurance policy would cost you more, hence. Only add those who frequently use your vehicle or board your vehicle.
Avail a No Claim Bonus Protection cover in order to protect your accumulated No Claim Bonuses which you will lose at the time of claim settlement. No Claim Bonus is a discount on insurance premium that the insurer offers to the policyholder for every claim-free year. Protecting your No Claim Bonus will benefit you in the long run, hence avail the add-on cover.
Opting to pay a higher voluntary excess at the time of claim settlement will lower your car insurance premium.
Insurers give special concession on car insurance premium if you have installed ARAI approved security devices such as car alarm, GPS tracker, etc. in your car.
Insurers tend to give you concession on insurance premium if you are an experienced driver and hold a good driving record.
Raising claims would cost you as you have to pay the depreciation value of your car and car parts as well as the deductibles. Hence, raise a claim only if the damage is high and in necessary circumstances where the cost of repair is high. For small damage, you can pay in your own and save on your insurance.
Buying an expensive car will account to a higher insurance premium. Buy an affordable and comfortable car that would serve your basic need of commutation. This way you can save on your car insurance premium.
Purchasing/renewing insurance online will help you save on your car insurance premium. Insurers offer concession on insurance premium to those who purchase or renew insurance policy online via third-party insurance websites or official insurance websites due to minimal documentation that saves money and time for the insurer as well.
There are a number of factors that determine your car insurance premium, such as age of your vehicle, the vehicle’s IDV, your geographical location, etc. Ensure that you provide accurate details when purchasing or renewing your car insurance policy. In case you are from a geographical location that isn’t risk prone, you are eligible for a concession on the car insurance premium.
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