How To Get The Cheapest Car Insurance Policy?

Cheapest Car Insurance Policy

A car insurance policy will protect you against the expenses of damage and injuries caused in a car accident. The worst traffic and road conditions are also the main reason to take a car insurance online policy. It becomes very challenging when you have to pay the complete repairing bill from your pocket. Purchasing car insurance will not only save your money but also protect you from legal formalities. Everyone wants to get complete protection and excellent service by paying low premiums. The car insurance company decides the premium according to the model, variants, and usage of the car. We have provided some tips for you to reduce your premium.

Follow these ways, To get the best car insurance policy

Increase deductibles: 

A deductible is the amount of money that customers have to pay irrespective of the total billing amount. You have to choose this amount at the time of purchasing or renewing the car insurance policy. The higher deductible you opt the lower will be the premium. The risk of the insurance company getting decreased hence the amount of premium will be reduced. You can save a good amount of money but choose high deductibles. But make sure that you can afford the deductible amount easily. Else, if you will not be able to pay the deductibles then it will cause problems at the time of claiming.

Collect No claim bonus:

If the customer does not make any claim in a single year then the insurance company will reward you with no claim bonus. If you don’t make a claim for more than one year then it will further be increased. You can reduce your premium at the time of renewal by claiming this no claim bonus. Try to avoid accidents and make frequent claims to accumulate more no claim bonus.

Transfer No claim bonus:

No claim bonus is linked with the policyholder and the vehicle has no role in it. If you have purchased a new car and have no claim bonus in your previous car policy then you can transfer it. The premium amount of the new car will be reduced by transferring no claim bonus. To transfer your no claim bonus, you have to inform the insurance company. Further, the company will provide a no claim bonus certificate that will be valid for 3 years.

Compare and buy:

It is the most important part that everyone should check before purchasing car insurance online. You can compare online quotes of all the car insurance companies available in the market. This will help you to choose the cheapest and the best car insurance policy.

Install tracking and anti-theft devices:

Installing an anti-theft device in your car will secure it from getting stolen. Similarly, the tracking device will track the location of your car if someone stole it. It would reduce the risk of the insurance company resulting in automatically reducing the premium cost. Customers can approve their anti-theft device from ARAI for more reliability.

Renew the policy on time:

Renewing a car insurance policy has multiple benefits. If your policy gets lapses then you have to purchase a new insurance plan for your car. In this case, the insurance company will inspect your car and the chances of an increase in premium are higher. Moreover, once the policy gets lapses, the entire no claim bonus will get void. Renewing a car insurance policy before the due date will also protect you from additional fines.

Only choose the required coverage options:

You will get numerous benefits while purchasing an online car insurance policy. The premium price will increase with every benefit you opt for. So, It is not necessary that you have to choose all the benefits. 

Take membership of automobile association:

If you are certified by any registered driving school or having a membership of the automobile association, then you can ask for an additional discount in premium. You can avail of a flat 5% discount on the premium price.

Choose a single plan for multiple vehicles:

If you have more than one car then you can cover both the cars under the same policy. You can save a huge amount of money by opting for a single plan for multiple cars.

Important benefits of car insurance policies

Insurance policies are provided to reduce financial risk, whether it is health insurance, car insurance, or any other insurance. If you opt for a car insurance policy then the insurance company will look after your repairing expenses. But if you don’t take it then you have to pay the expenses along with heavy penalties. Driving a car without insurance is a crime and you will also get imprisoned for this crime.

There are benefits that you can avail from car insurance:

  • If any person dies in an accident that has the involvement of your car then you should have to face many legal formalities. You might have to pay a huge amount of fine to get out of this. A third party liability coverage along with a comprehensive plan will save you from these formalities.
  • A Car insurance policy will pay the medical expenses of the co-rider In case of serious injuries.
  • A car insurance company will pay the loss If you have damaged any social property in the accident.
  • You can take cashless service in all the network garages.
  • You will get complete protection against theft on purchasing car insurance policy.
  • An insurance policy will also cover the damage caused due to natural calamities such as floods, earthquakes, landslides, cyclones, hail, etc.
  • You will also get complete protection against several manmade calamities such as terrorism, riots, and explosion.
  • Customers can choose to add on covers along with a basic plan. Customers can also choose to auto-recharge the sum insured amount if their basic sum insured gets exhausted.

Effective ways to find the best car insurance policy

Effective ways to find the best car insurance policy 1

Many people think that car insurance is like an unwanted expense for their budget. But, the purpose for which it is being purchased is good. It not only protects you financially but also ensures insurance against any other natural calamity. There are times when we hear about road accidents and theft. Have you ever thought about the expenses of damage repair of your car? Well, in such a situation, it would be beneficial to get a car insurance policy that can provide coverage for the expenses in the event of vehicle damage or injuries.

Let’s have a look at some of the benefits of purchasing car insurance:

  • Personal accidental coverage: This means the insurance will protect against death because of an accident or permanent disability. With this insurance, the insured person will get a personal accident cover for the amount that has been predefined at the time of buying.
  • The benefit of NCB: NCB stands for No claim bonus which means that the insurer will reward the policyholder for not claiming the insurance in the policy period. It can also be taken as a discount for the policyholders. 
  • Damage of the car: Repairing and maintenance of a damaged car can make you spend more money. If there will be any sort of damage to the car due to an accident or fire then you are protected. Not just this, your car will also get protection against riots and thefts.
  • Transit coverage: Another benefit that we should discuss the car insurance is that it will cover loss for the damage that occurred during the transit by a road or rail.
  • A wide network of garages: Many insurance policy companies have a large network of garages all across the nation. This means that you can get cashless services of your car in all the garages if there is any need. Because of this, the policyholder will be able to get the repairing service of the car as per their convenience. 
  • 3rd party liabilities coverage: If your car met with an accident and damaged the proper of a third party then it will also get covered. It can be a person walking on the road or the one traveling in another vehicle. 

With a car insurance policy, the policyholder will get numerous benefits. Along with this, not having car insurance is illegal. You could also be fined this so it is better to buy suitable car insurance.

In the insurance market, you will get to see several car insurance policies that might confuse you. If you want to buy car insurance then here is a guide. In this guide, you will find an important list that you need to follow. With these steps, you will come to know about the best and suitable insurance policy for your car. So, have a detailed look at each of these:

Determine the requirements: To start the processing finding the right insurance policy,  you need to know what your requirements are in respect of your car. For this, you just consider your car’s type and its drive. Depending on your needs, you can narrow down the list of insurance plans. 

Always search for a top-rated insurer: It is important to look for a reliable insurer so that you don’t have to deal to claim problems. You must search about the insurer that has a track record of making claims and payments in a hassle-free manner. On the internet, you can get a full listing of the insurer along with their ratings.

Don’t forget the coverage: While searching for the best car insurance policy, you need to review the coverage of the insurance. Whether it is providing you the coverage for property damage, third party liability, and bodily injury? So, always look for the type of cover that you will get from the insurance.

Maintain good credit: Another important thing that you need to do is to maintain a good credit score. For this, you must regularly check the credit score. A low score may impact your premium therefore it is important to review your scores. Try to maintain the score otherwise, a bad credit score can cause you an increase in the premium.

Make a comparison:  If you want a better deal for your car insurance then make sure to review the rates of many other insurance companies. There is the availability of different insurance comparison tools through which you can conclude. Remember, it should be based on claims, premiums, and coverage of the insurer. 

Check the coverage of repairs: Whenever you look for insurance deal, don’t forget to check where your insurance company is sending you for repairs. It is important that you go to authentic repairing shops, service centers or garage so that only OEM can be used in the car.

Getting connected to insurance agents The best way of buying a suitable car insurance policy is by talking to the insurance agents. They have experience and knowledge about the insurance market deeply. With their help, you can come across the policy that suits your budget and coverage needs. So, it would be better to speak to diligent and enthusiastic insurance agents.

Focus on the deductable: Deductible is the amount the policyholder will have to pay for the repairing of the car before the insurance coverage. If there will be a higher deductible then it will reduce the premium. But for this, you will have to pay more money during the accident or any other event. 

Have a look at the background of the insurer: Go and check out insurer’s website and online forums to see the reviews about their services. Also, you need to look at their claim processes and claim settlement ratio. 

Apart from these, the policyholder also needs to be careful about the documentation process while buying the insurance. If there is a facility of the additional cover of zero depreciation then you must purchase that car insurance policy.