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TIPS TO GET AN AFFORDABLE CAR INSURANCE PLAN

3 Mins read

As per the motor vehicles act in India, it is mandatory for all vehicles operating in public places to have a vehicle insurance cover. Policyholders must have at least third-party liability insurance even if they don’t opt for a comprehensive car insurance plan. It is monitored strictly by the Government of India because of the rising number of road accidents taking place every year. It is introduced to share the burden of medical and repair bills during the time of an accident. Car owners driving the vehicle without a proper car insurance document will be subjected to a fine of Rs. 2000 or three months of imprisonment according to Section 81 of the amended Motor Vehicle Act of 2019. Despite having strict rules on Car insurance, people see it as an expense because they feel that they always drive right and they don’t get any returns as they don’t meet with accidents. If you are one among that group, we request you to change your perspective. Car Insurance will help you when you never expect it. That little help can be a game-changer in your life. To know more about the importance of buying a car insurance policy, head to various other blogs and gain knowledge. Here we give you some tips and tricks for you to lower your car insurance costs. Keep saving your money by gaining knowledge. 

  1. Insuring Several Vehicles and Drivers at once:

On average, every house has at least two to three vehicles today. For example, we have an SUV car, a small car, and a bike or a scooter as they serve various purposes in day-to-day life. When it has become natural to have several vehicles at our home, take the advantage of insuring a group of vehicles or drivers at once. Insurance companies can offer bulk discounts and great deals when the volume of business you offer them is high. As it is mandatory to get all your vehicles insured, just play smart by insuring all your vehicles in one go rather than getting quotations every time and spending more on Car insurance. 

  1. Get multiple Quotations:

Don’t blindly trust advertisements and buy car insurance plans from them. A company that provides cheaper insurance quotations in one state may charge higher in a different state. So, do extensive research and get the quotation from all the competitors before buying an insurance plan. Get at least 3 to 4 quotations, compare the benefits the insurance provider offers, the cost you have to incur and then decide on buying the best car insurance plan. Even if your car insurance policy cost has not escalated during renewals, consider getting quotations from competitors every two years to get the best rates in the market. Also, remember cheaper insurance doesn’t mean that it is the best insurance company. Take a look at the claim settlement rate and creditworthiness of the company before switching from one insurance provider to another. 

  1. Drive safe:

Don’t have second thoughts while driving leading to accidents. Always focus on the road while driving without involving yourself in rash driving or other kinds of adventures. By staying focused on roads while driving, you can avoid accidents which ultimately reduces your insurance rates. If you have a higher accident rate and applied for more claims, your profile will be considered a risky profile, eventually increasing your premium during the time of renewal. 

  1. Grab Low Mileage Discounts:

If there are multiple vehicles and you don’t use a particular car at your home, you can avail of the discounts provided for low mileage vehicles. If you use your car/vehicle daily to drive long distances, then you will end up paying huge premiums whereas those vehicles that you use rarely and drive fewer miles than the average, you can save money by availing discounts on premiums paid on car insurance plans. 

  1. Opt for High Deductibles:

Deductibles refer to the out-of-pocket expenses one has to incur before the insurance claim amount kicks in. If you feel you are a safe driver and meet with accidents very rarely, then you can opt for high deductibles by building an emergency corpus fund in any other form. If you/your vehicle is not involved in accidents in that particular year, the amount you paid as a premium will not be given back to you and will remain as an expense only. So, lower your premiums by choosing high deductibles and invest the remaining money in some sort of flexible investment tool. 

  1. Adapt to the Technology:

Installing airbags or purchasing a car that has airbags, an anti-lock brake system to prevent accidents can help you in lowering your car insurance premiums. Car alarms, anti-theft devices, and many other modern installations can reduce your cost to a great extent. Enquire with insurance providers about the devices one can install to lower the costs before buying car insurance plans. 

Conclusion:

Before you spend your money on car insurance policies, spend a considerable amount of time researching the company, insurance provider, market to get the best price quotations. Also, never stop gaining knowledge by reading blogs, speaking to experts to know the best tricks you can play with your insurance provider. As little drops of water make a mighty ocean, these little savings can build a huge corpus that will help you during unexpected times. 

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About author
Koushik Das is a Author/Entrepreneur/Journalist from a small city in Tripura.
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