Often, as soon as one buys a car insurance policy, he finds a more beneficial plan is available in the market. This happens with almost every buyer because the market is flooded with various plans and schemes. The fact is, none of us want to pay more for something that can be availed at a cheaper price. All of us put so much effort into analyzing the market just so that we can choose a plan that gives us the maximum worth of the money spent. Every insurer leaves no stone unturned to offer the best plans in the market. However, the price of a car insurance premium depends on various factors. And there are ways through which one can ensure that his next car insurance policy is cheaper and much more valuable. The cheapest car insurance policies can also offer exclusive benefits to insured customers.
Every buyer wishes to make the most out of the money spent on car insurance premiums. Source: financeyahoo.com
Tips To Buy The Most Valuable & Cheapest Car Insurance
A valid car insurance plan is a must for every car owner. With dozens of companies in the market, one can easily get confused. Needless to say, there are some tips that one follows to choose the cheapest car insurance with Turtlemint.
Find The Right Companies
A common misconception among car owners is that only famous companies have the best offers. This may not be always true. Analyze the market rationally and do not use such filters. In the Indian market, companies like HDFC Ergo, Tata AIG, Royal Sundaram, Bharti AXA, Acko, etc. come up with the cheapest and most reasonable insurance plans for the customers. One should go through all the available options to find a suitable pick for the next insurance.
Do Not Rely On Assumptions
Every person holds a different opinion which depends on their own experience. This creates assumptions about certain plans and policies. One must not blindly believe what he hears. The best way is to review the statistical data of reliable sources. Always compare car insurance quotes with the help of renowned websites.
Consider Local Insurers
As they say, “do not judge a book by its cover”. When it comes to insurance companies, people tend to go for the big names of the Indian market. However, there are many local and regional companies that may offer the same services at a lower price. Considering a few of such companies may be a good option.
Look For Discounts
There are various discounts that are provided under some defined company rules. One can opt for a company which offers discounts that match his preference. For instance, there are companies that offer exciting discounts on the insurance of multiple cars under one policy. Also, advance payment of premiums is given discount consideration by some companies. Look around for such options and then finalize the cheapest car insurance.
Choose The Add-ons Wisely
Every add-on cover offers exciting benefits. However, all of them might not be suitable or necessary for a buyer. For instance, consumable add-on cover is of no use to the buyer who would not use the car regularly. This is a factor that most of the buyers tend to neglect. However, these small things can make a huge change in the amount of premium.
Say No To Small Claims
Avoid making small claims for inconveniences that are negligible. Every insurance company has a No Claim Bonus policy. Under this, the buyer gets a certain discount for every claim-free year. That is, if one makes no claim in the first year of the insurance then he will be eligible for a discount on his premiums for the successive years. This discount keeps on increasing with each passing year with no claims.
Get AAI Membership
AAI (Automobile Association of India) members are subject to discounts on their car insurance premiums. This is a premium discount that can be availed by the members of the association.
Install Anti-theft System
Any car which is powered by an anti-theft system is less vulnerable to lose or theft. This is counted as a benefit for which companies offer a defined discount. One can secure his car with safety gadgets and avail exclusive discounts on his insurance premium.
Select Voluntary Deductible Cover
A voluntary deductible cover enables an insured individual to select the parts of the insurance which he is willing to cover himself. This option can be chosen by owners who are skilled drivers. This reduces the claim burden of the insurance company for which they offer a lower amount of premiums.
The cheapest car insurance can be availed by following all the simple tips mentioned above. Buying a valuable car insurance policy is a very crucial task. One must be very analytical and rational while choosing the plan. Complete knowledge of the market and the potential insurers can help one save a good amount of money.
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin