As a car owner or a driver, you need a valid car insurance to drive on Indian roads. Given this, when you decide to go around looking for the best car insurance to suit your needs, you will find several regional insurance providers as well as large players vying for your attention. There will be many among them who would try to lure you into giving them business by showcasing an assortment of policies.
Surely, you will find it a bit confusing to compare the terms, features, prices, and other figures to come to a conclusion. How would you like to follow the tips given below to understand more about the best and cheapest car insurance that you should buy?
Be Well Informed When You Follow These Tips on Car Insurance
Here are some simple but effective tips that ensure good coverage and affordable car insurance rates.
1. Research for different car insurance types and companies
There are plenty of insurance providers who spend a good fortune in advertising the point that they offer the cheapest rates on vehicle insurance. Do not fall for their marketing strategies and invest in research pertaining to the different types of policies that promise the same coverage, albeit at a low rate. Look around on insurance comparison sites like Coverfox.com to gain a deeper understanding of the jargon related to car insurance, the various premium calculations, different cover options, etc. before freezing your choice.
2. Calculate the IDV carefully
The Insured Declared Value or your car’s IDV is the maximum permissible sum allowed to you in the unfortunate event of total loss of your vehicle. You can consider reducing this amount in order to reduce your premium.
3. Voluntary excess
If you agree to pay a certain sum of money voluntarily at the time of an accident taking place, the same amount can be deducted from your premium. However, the payment of any such excess has to be informed to the insurance company in a timely fashion to facilitate the cause of premium reduction.
4. Try to get No Claims Bonus
Always drive safely to leverage the benefits of a no-claims bonus. If you do not file a claim for compensation in the entire period of coverage, you will be entitled to a discount on the premium amount when you renew your car insurance policy. This will reduce your insurance costs to a certain extent.
Tips to Get Cheaper Car Insurance Rates
1. Transfer your insurance
In case you are planning to buy a new car and disposing off your old one, take a careful look at the bonus and benefits that have been added to your plan before taking the next step. Do not jump to buy a brand-new policy in case you have an existing car insurance that can get transferred to your name. The act will help you save on insurance costs for your new car.
2. Keep your vehicle well-maintained and safe
You will find yourself in a position to file lesser claims if you have a safer and well-serviced car. Invest in regular garage checks; install anti-theft tools, etc. to protect your car at nominal costs. In return, you will get a higher amount of no claims bonus that converts into cheaper insurance for you in the future.
3. Be truthful while making declarations
You will have to make certain declarations on the proposal form. Always be transparent and truthful about what needs to be filled in to ensure proper payment of your genuine claims; this will reduce your insurance costs manifold.
4. Don’t ignore the deductibles
Do be aware of the fact that higher deductibles in context to your car insurance policy will attract lower premium and insurance costs. So, opt for only those covers that are either mandatory by law or hold importance for you. Do not increase your premium by taking cover for unnecessary add-ons if you are on a budget.
It is mandatory to purchase auto insurance whenever you buy a new car. Your existing policy should not be allowed to lapse as it is illegal to drive around with car insurance that has passed its expiry date. Sites like Coverfox.com help you compare and choose the best insurance policy that provides adequate coverage at the cheapest cost – get, set, go!