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