Car insurance policy is car owner’s necessity. It not only helps you to save money, but also a valid legal car insurance cover is required to drive on Indian roads.It is obvious to look for ways to lower the premium outgo.
But how to get cheaper car insurance quotes?
Today, I’m going to revealsecrets of getting the cheapest car insurance quotes.
#1 – Go online and compare plans
I bet you can’t guess the number of car insurers in the market. With a plethora of insurers to provide car insurance online,you arespoiled for choice.
More than 15 general insurance companies offer car insurance policies. To get the cheaper car insurance quotes compare between available policies before purchasing.
Comparing multiple car insurance policies with quotes, plan details, claim ratio sets you closer to the insurer with lower premiums.
Compare online and shortlist options.
#2 – Voluntary deductibles
Almost every insurer offers voluntary deductibles.It is the amount you promise to pay at the time of claim. This helps you to get discounts on the premiums.
Let’s say, you opt for a voluntary deductible amount of Rs.2,500 you get 20% discount on the own damage premiums.This amount is paid only at the time of claim i.e. if you lodge a claim. If you don’t lodge a claim, you still get 20% discount.
For instance, if you opt for a voluntary deductible of Rs.2,500 and lodge claim of Rs.10,000, then you out of the total claim amount you will be paying Rs.2,500. However, if you don’t lodge a claim, you don’t have to pay anything and still get discounts.
#3 – Take charge and avail discounts
A car insurer offers various discounts on premiums:
- If you are a member of anAutomobiles Association of India (AAI).
- Installing an anti-theft devicecan fetch you discounts.
- No Claim Bonus (NCB), is a discount one can avail for every claim free year.
Take advantages of these discounts. This way you ensure to keep your car insurance premiums at lowest bar.
#4 – No Claim Bonus – Reward on safe driving
Car insurance companies reward on safe driving. You get guaranteed discounts if you do not lodge a claim in a policy year. The more the number of claim free years, the higher the discounts. The discount on the premiums for the next year is the reward of making no claims.If you have accumulated No Claim Bonusdue to the number of claim free years, it’s time to avail discounts.
#5 – Renew your car insurance policy on time
This one is the least stated and unsaid reason to save money. Renewal of car insurance on time saves you from policy lapse.
Policy lapse can have severe impacts –
- Once your policy lapses, at the time of renewal your car needs inspection before getting approval for policy.
- If you postpone renewal for more than 90 days, you can lose the accumulated NCB over the claim free years.
This means if you do not renew your car insurance policy on time, you might end up paying a higher premium.
These are the key factors that can help you to get cheaper car insurance quotes. It’s better to compare online and avail discounts by opting voluntary discounts, driving safely and make no claims. Last but not the least, renew your insurance policy on time to get cheaper car insurance quotes.