Ways To Lower Your Car Insurance Price: 10 Helpful Tips And Ideas

10 Best Tips For Reducing Car Insurance Premiums | Car Part

In India, the Motor Vehicles Act of 1988 mandates third-party car insurance for all vehicle owners, both four-wheelers and two-wheelers. It offers benefits like personal accident coverage, zero depreciation, and 24/7 spot assistance. You can conveniently buy car insurance online from various insurance providers, streamlining the process and saving time. *

Here Are Ten Practical Strategies To Help You Lower Your Car Insurance Cost:

  1. Analyse And Compare

Comparing several policies is the ideal way to find the perfect car insurance policy. At first glance, this may seem not easy, but it is pretty straightforward. You can find all the details you require about various insurance plans online. In today’s digital age, you can easily compare and buy car insurance online conveniently and efficiently.

  1. Higher Deductibles

In car insurance, a deductible is the sum you agree to contribute towards paying a claim. This sum is deducted from the total claim amount; the remaining value is the sum the insurance provider must pay. Claims are subject to terms and conditions set forth under the motor insurance policy.

  1. Multiple Plans And Vehicles

Did you know that purchasing multiple policies from the same insurer can reduce your car insurance premium? Some insurance companies may provide concessions on your car insurance premium if you buy other insurance policies from the same insurer.

  1. Customised Cars

Customising your car with alloy wheels, night vision, spoilers, or ultrasonic sensors can raise your insurance premium, even if you love personalising your vehicle.

  1. Safety Options

The term “safety features” refers to vehicles’ technologies and built-in mechanisms intended to lessen the severity of injuries sustained in collisions, protect passengers, and prevent accidents. Some features include airbags, anti-lock braking systems (ABS), traction control, stability control, and collision warning systems. Adding safety features can help reduce your insurance premium. ##

  1. Drive Responsibly

Road safety in India involves policy implementation, awareness, strict traffic law enforcement, infrastructure upgrades, safe driving education, and fostering a culture of responsible driving. Having a clean driving record is important for obtaining lower insurance premiums.

  1. Cost-Effective Vehicle

Several factors discourage buying expensive cars. They come with higher maintenance and repair costs, elevated insurance premiums, and faster depreciation and can strain finances, limiting other essential investments. Higher-end luxury cars have higher premiums.

  1. Appropriate Coverage:

Recognise your insurance needs and requirements, then select coverage accordingly. For instance, comprehensive coverage might not be required if you drive an older vehicle with a low market value. Claims are subject to terms and conditions set forth under the motor insurance policy.

  1. Accumulate NCB

Insurance companies reward policyholders who do not make any claims during the policy term with a no-claim bonus. This bonus builds up over time and can substantially lower your premium. To take advantage of this benefit, do your car insurance renewal of your policy on time and keep a claim-free record. Claims are subject to terms and conditions set forth under the motor insurance policy. ## *

  1. Membership Concessions

Most insurance companies give members of reputable car clubs or associations concessions. To lower your premium, determine if you qualify for such concessions and take advantage of them. Moreover, some insurance providers give loyalty concessions to customers who renew their coverage with the same provider. You can use a car insurance calculator to determine the estimated cost of premiums. ##

*Standard T&C Apply

##All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

Maire Glud

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