How To Save On Car Insurance

Welcome And Warm Greetings Of The Day, We Know You Have Landed Here Just Because You Are Keen In Knowing About How To Save On Car Insurance. So Today We Are Sharing A Very Important Article On Car Insurance And Here We Will Be Specifically Discussing About Save On Car Insurance What You Need To Know. So, Let’s Begin Our Discussion On

Ψ How To Save On Car Insurance Ψ

car insurance price

As We All Know That Car Insurance Is A Compulsion Which Every Citizen Of India Has To Buy After Buying A Car Because Without A Car Insurance You Cannot Land Your Car On The Road As Per Direction Of IRDA And Motor Vehicle Act 1988. And As We Know That This Car Insurance Increases Thousands Of Rupees In Our Expenses.

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But Friends, You Can Save A Lot Of Money On Car Insurance By Following Certain Tricks And Tips. Car Insurance Is A Costly Purchase But It’s A Compulsion So We Have To Purchase It Any How And This Purchase Of Car Insurance Is Most Costliest When We Have To Insure A Brand-New Car Rather Than A Five, Seven, Or Nine-Year Old Model. So Let Us Begin With The Tips On “How To Save On Car Insurance” And Keep Your Car Insurance Premiums In Line Without Taking Any Unnecessary Risks.

There Are Seven Things You Need To Know In Order To Save On Car Insurance And We Are Going To Explain Them Below:

1. No Claim Last Year: Get No Claim Bonus (NCB) And You Can Save Upto 50% Of Own Damage Premium. Now The Question Is That What Is No Claim Last Year, There Are Many Here Who Are New As An Insurer And Are Not Much Aware About Car Insurance. No Worries Here We Will Explain What Is No Claim Last Year.

  • What Is No Claim Year ? 

If You Have Not Claimed Any Insurance For Your Car, Then You Are Eligible To Get No Claim Bonus (NCB) At The Rates Mentioned Below (Based On Number Of Years Of No Claim), The Premium Is Accordingly Reduced.

  • The NCB Increases Each Year (As Indicated Below) Till No Claim Has Been Taken
  • The Rates Of The NCBs (No Claim Bonus) Is Given Below:
    • 20% On 1st Renewal.
    • 25% On 2nd Renewal.
    • 35% On 3rd Renewal.
    • 45% On 4th Renewal.
    • 50% On 5th And Subsequent Renewals.

car insurance quote

2. Purchase Online And Compare Car Insurance QuotesDo You Know If You Purchase Your Car Insurance Online You Can Save Thousands Of Rupees As Brokerage Charges And Your Paper Work Is Also Reduced If You Purchase Your Car Insurance Online. There Is Also Some Difference In Your Premium Rate. If You Buy Car Insurance Online, It Is Very Likely That You Will Save A Big Amount On Your Car Insurance.

It Takes Less Than 10 Minutes To Buy Online Car Insurance. You Can Even Compare Car Insurance Quotes In No Time Even While You Are Cooking Dinner Or During Long Commercial Breaks Of Your Online Television Program!

3. Voluntary ExcessIf You Agree To Pay A Higher Excess Fee, Then You Can Save More On Your Premium.

  • Voluntary Excess Insurance Meaning – Voluntary Excess On Car Insurance Is The Amount Which You Pay When You File A Claim Towards Your Motor Insurance Company.
    • There Is A Mandatory Part Which Is A Set Amount And You Have To Choose An Amount For Which You’re Comfortable With.
    • But Please Remember That, If You Make A Claim, You’ll Have To Pay Both The Compulsory And The Voluntary Excess Amount.

4. Select Top Rated Insurance CompanyTo Save Money  It Doesn’t Mean That You Have To Find A Vehicle Insurance Company Which Charges Lowest Premium. As Some Vehicle Insurance Companies Have Lower Premiums, But End Up In Costing You More At The End By Loss Estimates, Hassling The Repair Shop To Cut Corners, Which In Turn Forces You To Pay An Extra Amount For Original-Equipment Replacement Parts.

Many A Times It Unfairly Jacks Up Your Premium After An Accident. So Be careful About This And Always Select A Top Rated Vehicle Insurance Company Which Gives You Good Claim Settlement Amount.

car insurance premiums

5. Take Advantage Of Discount: Many A Times Car Insurance Company Offers You A Whole Range Of Discounts.

  • Here Are Some Questions You Can Ask Your Insurance Company Or Insurance Agent While Purchasing Car Insurance, It May Help You To Take Benefits Of The Available Discount.
    • New Drivers Who Have Taken A Driver-Training Course.
    • Students With Good Grades.
    • Anti-Theft And Safety Equipment.
    • Maintaining A Driving Record With No At-Fault Accidents.
    • Renew Your Policy Early.

car insurance companies

6. Buy Additional Riders Policy: Buy Additional Riders Like:

  • Medical Expenses Reimbursement Cover,
  • Depreciation Cover,
  • Ambulance Charges Cover And
  • Personal Effects Cover, These Are Optional Forms Of Coverage Only If You Require Then Only Take These.

7. Bundle Your Policies: Have You Ever Noticed How You Save Money By Bundling Your Home Services Like Cable TV Charges, Phone Bills, And Internet?

You Can Do That Same With Your Insurance Policy Too! Buying Your Home Insurance From The Same Insurer Who Covers Your Auto Insurance Will Likely Qualify You For The Multi-Line Discounts. This Discount, May Apply To One, Or Sometimes Even To Both Policies Which Usually Ranges From 5 to 15 Percent.

** Insurance Reminder: – Use Insurance Reminder Services Offered By Some Websites Like ICICI-Lombard, HDFC-Ergo , etc. It Will Help You In Filing Your Premium In Time Or Regularly. This Also Saves The Cost Of Late Fee Or Reinstatement Cost.

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