Change Car Insurance To Get Lower Premiums

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As per the Motor Vehicles Act, it is mandatory for every car owner to insure his or her vehicle with at least a third-party liability cover. The increasing number of vehicles every year and the increasing traffic has lead to a high number of road accidents. Hence, having a car insurance is vital as it financially protects every policyholder from any unforeseen liabilities that he or she may incur as a result of an unfortunate mishap.

Based on the kind of insurance coverage you require, you can buy a third-party car insurance or a comprehensive car insurance. There may come a time when you feel your existing insurance policy doesn’t give you adequate coverage, in such cases you may want to switch your plan to a more suitable one. When switching to another car insurance, it is vital to check if the new car insurance is within your budget and not more than you can afford. Check for discounts on insurance premium when making the policy switch.

Here are a few ways to ensure you get discount on insurance premium:

• Understand your insurance needs

It is vital that you do a thorough research on the different insurance policies available in the market. It is also equally important to know and understand your insurance needs as well as your affordability before you go ahead and choose an insurance policy. Knowing what you need will help you get the best insurance policy within your budget.

• Compare insurance policies

Comparing insurance policies is a step in the process that you shouldn’t miss out on. Once you have an idea on what your insurance needs are, you can compare insurance policies against your needs and choose one that falls within your budget as well as meets your insurance needs.

• Choose a suitable policy When you make a switch, it is important that you determine what kind of coverage you need, the features, the benefits offered, etc. You can either switch from a comprehensive policy to a third-party policy or vice-versa, or make a switch from one insurer to another.
• Become a member of AAI

Most of the insurers today offer discount on the insurance premium if you are a prominent member of any existing automobiles associations in India.

• Install ARAI approved anti-theft devices

If you have installed ARAI (Automotive Research Association of India) approved anti-theft devices in your vehicle, you are eligible for a discount on your insurance premium.

• Opt for a higher voluntary deductible A voluntary deductible is a part of the insured amount that you volunteer to pay at the time of our claim settlement. The amount to be paid is fixed by you in agreement with the insurer. Choosing to pay a higher voluntary deductible will lower your insurance premium.
• Abide by the traffic rules and laws

Any violation of traffic rules while or after making a switch will cost you dearly. The insurers check your driving record or experience before approving your policy request. In case you have broken any traffic rules or laws, you may find it difficult to switch to an insurer of your choice.

• Inform the existing insurer It is vital that you inform your existing insurer when you become serious about making the policy switch. Informing the existing insurer can prove to be beneficial for you because there is a chance that your insurer chooses to offer you additional benefits or discount on insurance premium in order to retain you as its customer.
• Keep track of discounts and rebates

Keep an eye out always for discounts or rebates offered by different insurers so that you can decide to make the switch when you see a better offer on insurance policy.

• Transfer No Claim Bonuses No Claim Bonus is a discount on insurance premium rewarded to you by the insurer for every claim-free year. Hence, if you have a good driving record wherein you have not raised any claim during your policy period, you will be eligible for a discount on insurance premium. This ensures you get a percentage off on your insurance premium depending on the number of NCBs you have accumulated. You can accumulate NCBs for a maximum of 5 consecutive years.
• Gather information about the new insurer

It is important that you do research and gather as much information as possible about your chosen insurer before making a switch. You need to be completely sure about your choice before you go ahead and make the policy switch.