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6 Tips to Get the Cheapest Car insurance Policy

6 Tips to Get the Cheapest Car insurance Policy
March 19, 2018 Simon Hopes

Who doesn’t like to save money on their purchases? You look eagerly for discounts, do some research online just to save those extra bucks. But, did you ever wonder how will you actually end up buying the cheapest car insurance policy for your prized possession? Though car insurance is mandatory, there are knacks to save money on your premiums. The below 6 tips will definitely help you to get the best and the cheapest car insurance policy. So, let’s have a look at these knacks.

  • Compare before you buy

Car insurance is not given much thought when it is bought. You choose a plan blindly on the recommendation of your car dealer or your agent even though there are better plans in the market whose premiums are low. So, be careful. When buying a car insurance policy, shop around. Compare the different plans available in the market to know the different premium rates. Then choose a policy which offers a good scope of coverage at the most reasonable premium rate. When you compare you can select plan with the lowest premium and save money. You can go online, compare and buy the cheapest car insurance plan. So, explore the benefits of the online medium when you are buying a car insurance policy.

  • Make your car safer

When you add safety devices to your car you reduce the risk of accidents tremendously. This also reduces the possibility and severity of claims for the insurance company. Therefore, the company offers you a premium discount. So, add safety features to your car for getting a cheaper rate on your car insurance policy. You can avail up to 2.5% discount on your car insurance premium if you fit anti-theft devices that are approved by Automotive Research Association of India (ARAI).

  • Avail membership of approved bodies

The members of Automobiles Association of India and other recognized bodies are charged a lower premium rate than non-members. So, if you want your car insurance to have a lower quote, seek membership of these approved bodies by IRDAI.

  • Cut down on extras

Car insurance add-ons are available at an additional premium. These add-ons are beneficial in increasing the scope of cover provided by the policy. However, it is recommended to buy add-ons only as per your requirement.. For instance, engine protect add-on covers engine damage due to water-logging. If there is no problem of water-logging near your residence or office or where you frequently use your car, this add-on would be useless. Similarly, roadside assistance is helpful in case of car breakdowns. If you don’t drive your car beyond city limits, this cover is of no use. Lastly, a zero depreciation add-on is useless if your car is older than 4 years. In fact, after 5 years you wouldn’t even get this add-on benefit. So, though add-ons are important, be careful when choosing them. Cut down the extra add-ons which are not useful for you.

  • Go for voluntary deductible

A deductible is that portion of the claim which is borne by you while the insurance company pays for the rest. In a car insurance plan there are two deductibles. One is compulsory and you have to pay a fixed amount of money at each instance of claim. The other is voluntary deductible. You have the choice of choosing this option and also choosing the amount. If you choose voluntary deductible you get a premium discount. This discount, thus, helps you in lowering your car insurance cost.

  • Avoid making small claims in the policy

For each claim-free year of your car insurance policy, you get a no claim bonus. Once a claim is made, however, this discount is lost and you start from scratch from the next year. No claim discount helps you in availing a premium discount when you buy a new policy or renew your existing one in the coming years. So, try and avoid making small claims in your policy and protect the accumulated no claim discount. The amount of discount earned would far outweigh the expenses paid for small claims and make your car insurance policy cheaper.

These are the ways to buy a cheap car insurance policy Understand each factor and try and implement one or more of these tips when you plan to buy a car insurance plan. The money you save would definitely bring a smile to your face.

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