Who doesn’t love to save money while fulfilling their needs and wants? So yes, you can save your hard-earned money by going for a cheap car insurance policy in India. According to the Motor Vehicle Act., of 1988, a four wheeler insurance policy is mandatory in India, especially third-party car insurance. So while searching for an affordable car insurance policy, do not overlook the legal compliance and necessary coverage.
In this article, we will learn how to get an affordable and cheap car insurance policy in India.
Best Way to Get a Cheap and Affordable Car Insurance Policy in India
- Compare the quotes from multiple insurance companies
The best practice is to assess your needs first, then browse and research the different companies and their insurance plans. Then compare car insurance by checking out the benefits and coverage they provide. If it fulfils your needs, check out the premiums so you will get the best one that fits best to your budget.
- Choose the right coverage and policy
To make your car insurance more affordable, you have to select the right coverage for your and the right car insurance policy. For instance, there are different car insurance policies, such as third-party liability, stand-alone own damages insurance and a comprehensive car insurance policy. The third-party car insurance policy is considered the cheapest and the most affordable car insurance policy as it provides coverage against third-party liabilities. However, the best practice is to choose the right policy, which also is affordable to your pocket.
- Opt for voluntary deductibles
The voluntary deductible is the amount you want to pay out of your pocket before filing the claim from the insurance company. So when you choose the higher deductible amount, you will be charged a lesser premium or vice versa, allowing you to take a cheap and affordable car insurance policy.
- Maintain a good driving record
Premium on the car insurance policy is also based on the car owner’s driving record. So maintaining a good driving record will also help you get a cheap and affordable car insurance policy, as your driving history with no accidents or traffic violations will help you reduce the premium rates.
- Install anti-theft devices
The safer your car will be, the lesser the premium will be. So installing anti-theft devices in your car will help you to get a discount on your car insurance premium. However, one must check with the insurance about the type of anti-theft devices they qualify for the discount.
- Avail non-claim bonus
Non-claim bonus is a discount that the policyholder can avail of if they don’t make any claims during the policy term. So you can avail of discounts based on the number of claim-free years on the premium rates for the next policy term.
- Choose the suitable add-ons
Choosing the right add-on coverages will also help you to get the car insurance policy at affordable premiums. Add-on coverage is additional coverage that helps enhance and customise your car insurance policy. So after assessing your needs carefully, you should go for the right coverage to save yourself from paying an extra premium on unnecessary add-ons.
- Choose the right insurance company
Choosing the right insurance company also helps you get the best suitable parent insurance policy with higher coverage at competitive premium rates. For instance, Tata AIG comes with a wide range of insurance policies with the proper customer support and a higher claim settlement ratio, resulting in satisfied customers at affordable premium rates.
- Renew your policy on time
Renewing your car insurance policy on time will help you to avoid fines and penalties. In addition, if you renew your policy on time, you can avail of the discount offers premium rates, which the insurance company will give to their disciplined customer. However, this depends on the different insurance companies and plans.
- Pay your premiums annually
Instead of the monthly payment when you pay your premiums annually, you are entitled to get some discount on the premium, which is generally like a cash discount on premium rates that helps you save money on the premium while leveraging the same benefits of your car insurance policy.
Conclusion
So when you go to buy a car insurance policy, after proper research, you will get the best policy at the best prices. And it will be great to find cheap full coverage car insurance that gives you the whole coverage of your car. Still, it is always advisable don’t compromise the name of the insurance company in the market. Going with reliable companies like Tata AIG is always recommended to ensure you will get more in less. So take a decision wisely. Good luck!
