There is a list of expenses that come in a queue with your newly purchased car. You have to look after the safety, maintenance, rules, and fuel cost of a car along with the purchasing expenses. As you can’t purchase it just to keep it outside your house as an antique. Along with all this, insurance also plays an important role in the financial and legal protection of your car. As per traffic rules, It is compulsory to have insurance for the protection of your vehicle. You can pay a little amount for Car Insurance Premium now to get maximum financial protection later.
In this tech-savvy generation, everyone knows how to save time and money. So, people prefer to purchase insurance policies online that help them to save a handful amount of money.
Best Insurance Policy helps you with certain points to reduce the premium while purchasing an insurance plan:
Choose for Voluntary Deductible:
Customers can choose a high Voluntary Deductible that they can afford easily. As this will be helpful in reducing the premium. In Voluntary Deductible, you have to pay a fixed percentage of the total claim amount at the time of making a claim. If you are good at driving and don’t hold any accidental record for the past few years then you can opt for high Voluntary Deductible.
Check for loyalty and professional discount:
When you continue with the same insurance company for multiple years then they will reward you with a loyalty discount. So, make sure to ask whether your insurance provider is giving this discount or not. If yes then confirm for the percentage and for how many years you have to continue with them. After the applicable percentage of loyalty discount, you can check the premium on the car insurance renewal premium calculator.
Apart from this, some insurance companies also provide supplementary discounts to all the high-rank offices. So, if you are serving the country with your job then don’t forget to ask for this discount.
Install tracking and anti-theft device:
Customers can install a verified anti-theft device in their car to cut off their premiums. This will help the company to track your vehicle in case someone stole it.
Make proper research on all types of discount:
all the insurance companies in India are providing no claim bonus. To avail of this, you have to maintain your good driving history. If you would not make a claim for any year then on the renewal of next year you can ask for no claim bonus to reduce your premium amount. Moreover, you can also take membership of any government association automobile association to get discounted rates on car insurance premium amount.
The variant of the vehicle:
Type, model number, and year of purchasing id of huge importance in deciding the insurance premium. All the sports cars, luxury cars, and limited-edition models have high insurance premiums. Whereas all the normal models have low premiums. Apart from this, the premium also depends on the capacity of the engine and the cost of spare parts.
If you use your vehicle on a daily basis or have high usage then it will also lead to an increase in your premium. Several antique and limited edition cars need special assistance for the replacement of parts that also affect the overall premium amount.
Go for a united policy:
If you have more than one vehicle then choosing different policies will be time and money wasting. You can take a single policy for multiple vehicles to get an extra discount on the premium. This will also save you from the hassle of renewing two separate insurance policies. In this case, people generally forget the renewing dates or get confused about which policy they have to renew. That will result in draining the no-claim bonus that you have collected in previous years.
Purchase a Comprehensive Cover for complete protection:
A comprehensive insurance policy provides a lot more than you can think of. It is not only for third party liability coverage but it also covers your accidents, repairment bills, and various service charges. However, the premium of a comprehensive insurance plan goes a little high. But at last, it will end up by giving you complete protection from all the losses.
How to calculate car insurance premiums?
Policy Bazaar is offering a car insurance premium calculator that will allow you to check and compare the premium of different insurance companies. You have to enter some information about your car to calculate the premium. The Insured Declared Value of the vehicle, age, and model of the car, engine capacity is the important field that you have to enter on the website. Apart from this, your geographical zone is also of great importance. If you are living in any area that is highly prone to get any natural disaster then the insurance company will consider it to increase the premium. However, you don’t have to mention this because they will detect it automatically from the address verification details. Once you enter the above information, You can check the car insurance premium calculator excel sheet. This sheet will show you the premium rates of all the popular insurance companies.
It is obvious that the premium of a new car is comparatively high that of an old used car. But also, there are uncountable ways that will help you to get discounts. Also, customers are advised to choose the coverage that is necessary. Unnecessary adding of coverages in the policy will only add up your premium prices.
The best way to know and compare your insurance premium is to check it online. There are multiple websites like paisa bazaar and policy bazaar to check premium easily.