Last updated on October 17th, 2019 at 11:29 am
The increasing number of cars on the Indian roads has boosted the competition among the insurance companies. Therefore, whether you are looking for a third party insurance policy or a comprehensive cover, you have to do sound research to save your money.
9 Best Tips to Get Motor Insurance Deals
Let us talks about best tips to get good motor insurance deals.
Comparing quotes online can help you to save your money while insuring your vehicle. Compare like-for-like cover. Some policies may seem cheaper, but you may find that you do not have the same level of cover when you have to make a claim.
Do Not Weigh a Plan on Premium Alone
Many buyers often make the mistake considering the premium as the sole criteria of their decision. In car insurance, cheaper is not always better. Getting a wider coverage is more important than a cheaper premium. Be specific with your requirements, such as the type and extent of coverage.
Third Party Insurance
Law mandates that you need a third party coverage for your vehicle. Third party insurance only covers the reimbursement for the damages caused to any third party in case of an accident. Pay for the damages caused to your vehicle from your own pocket and save
Be Smart and Save on Premium
There are certain measures that you can adopt for reducing your premium. They include opting for a voluntary deductible, decreasing the Insured Declared Value (IDV) of your vehicle, raising the deductible etc. Search for a bike or car insurance calculator online to evaluate and compare premiums of various policies.
Know the Exclusions
Insurance is an intricate financial product and there are exclusions. For example, the engine of a car is excluded from standard car insurance. Also, if the loss or damage to the vehicle is caused because it was driven by a person without a driving license or by a person under the influence of alcohol or drugs, the insurance company is not liable to pay for it. Knowing such exclusions in advance ease out settlement of motor insurance claims.
Pay Attention to the Fine Print
Do not proceed with the quote until you read the fine print carefully. The fine print or the policy wordings contain detailed clauses relevant to coverage, claims and features in a plan and hence this document is crucial to make a wise and informed buying decision.
Switch your Insurer
Different insurance companies offer different prices, features and benefits. During renewal, compare other policies to know whether you are getting a better deal for the same price with another insurer provider. If so, opt to go with a new plan.
No Claim Bonus
Drive safely, keep your claim history clean and eventually enjoy the No Claim Bonus in the subsequent year. The longer a claim is not made, the greater the reward you receive. NCB is retained even when switching between insurers. The bonus can be availed during bike and car insurance renewal.
Raise the Deductible
Increasing the amount of your voluntary deductible will allow you to receive reduced premium prices as you will be paying for a portion of the expenses after making a claim.
All these small tips will help you bag the best deals on motor insurance.