Most vehicle owners looking for a car insurance policy try to find the cheapest option possible without bothering to find about the coverage it offers – defying the whole purpose of actually buying a car insurance cover. However, this may prove to be expensive in the long run. For instance, you have had an accident due to which you have suffered injuries and your car has been damaged, but due to several gaps in your comprehensive motor insurance policy, you get compensation for neither the damages nor your injuries. So you are not only bearing these expenses, but also paying premiums to the car insurance company. So, is your motor insurance policy as cheap as you thought it is?
In order to buy the most affordable car insurance policy, here are some points worth considering.
Opting for a high deductible is the simplest way to reduce your car insurance premium. If you opt for a lower deductible today, you will pay a small motor insurance premium at the onset, however in case there is an accident you might end up paying more than the car insurance provider. There is, however, no deductible for third-party car insurance, which pays for damages to third party vehicles.
An excellent way to find the best car insurance in India at an affordable price is to compare various policy options. And the most convenient way to do this is online. One mistake people make while weighing various motor insurance policies is comparing different products in a similar fashion. However, this may not help them arrive at the best results as each car insurance policy might cover different risks.
While a third-party car insurance policy pays for injuries to a third party and damages to their vehicles, along with personal accident cover for you, a comprehensive car insurance policy, on the other hand, pays damages to your vehicles, along with third-party coverage. While the premium for third-party car insurance can be lower than comprehensive motor insurance, the type of coverage you choose should depend on your needs, and not solely on the cost. For instance, if your car is over a decade old, and owned by you, you could opt for third-party car insurance to save money on premiums
One of the guaranteed ways to earn discounts on your car insurance premiums is by opting for no claim bonus. You can earn discounts between 20 per cent and 50 per cent if no claims are made over a period of one or more years. Therefore, you should avoid making small claims on your car insurance, especially if the payout will be lower than the discount earned through the no claim bonus. Some car insurance providers also offer multiple-vehicle discounts, so if you own several vehicles, you can opt for the same motor insurance provider to get concessions on car insurance premiums.
There are several add-on motor insurance covers, but you need to choose the ones that apply to you. Buying riders or add-on covers unnecessarily can cause your car insurance premium to rise dramatically, therefore make smart choices while customising your motor insurance policy.
Finally, your aim shouldn’t be to just look for a cheap motor insurance policy. Opt for a car insurance cover that offers good coverage at an affordable price.
The views, thoughts, and opinions expressed in the artefact above are for marketing purposes only. Before concluding the sale, please refer to policy wordings and prospectus
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