Let’s face it; paying for car insurance always seems like a burden. Well, you can’t deny the fact that having car insurance, apart from being mandatory in India, is helpful when your vehicle meets with an accident or theft. So, now that we must buy car insurance here are some tips and tricks to lower the cost of hefty premiums.
Haven’t we stressed this enough? Yes, comparison saves a lot of money because you can see side-by side the premium and offered benefits for each policy. Simple, intuitive process leads to good decision and big savings. As, we at PolicyBazaar always say, “Ullu mat banno, ankhein kholo aur compare karo”.
Don’t fall for just advertisements. Review all the policy features and determine some riders or add-ons that may not be further required. Cutting on impractical add-ons such as rust protection, sealant cover, etc. can significantly save your premium cost. Make sure to check the utility of each aspect of the plan and keep your options limited.
Yes, you can save upto 50% on your car insurance if you aim for high No Claim Bonus points. Insurance companies will reward you with No Claim Bonus if you don’t make a claim for a full year, or more. The more claim-free years you achieve, the greater the discount that applies to your premium. Drive safe, gain NCB points and save more on your premiums!
Here’s the table showing discount percentage vis-a-vis claim free year/s:
Number of years with no claim | Discount on policy renewal (%) |
1st year | 20% |
2nd year | 25% |
3rd year | 35% |
4th year | 45% |
5th year | 50% |
Keeping your deductibles high can significantly cut down your car insurance premiums. For instance, if your excess is Rs. 3000 and your claim is worth Rs. 12000, you will pay the first Rs. 3000 and the insurer will pay for the remaining Rs. 9000. The more your deductible is, lesser premium you’ll have to pay. Just make sure you don’t get carried away and select a deductible that is unaffordable, as you’ll need to pay this amount when you make a claim.
Do you really need to install safety features in your car? While most of the new vehicles come pre-equipped with standard safety features, those with older cars have to think it through. Vehicles equipped with safety features such as anti-theft device, alarm system, anti-lock braking system etc., have generally low premium slabs. Installing additional safety features to older cars can reduce your car insurance premiums in a big way.
When it comes to saving on car insurance, it’s all about knowledge and research. Stay informed and act smart!
Car Insurance
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₹2,094*
Compare & Save
Up to 85%*
on Car Insurance
09 Jan 2023
Yes, your comprehensive car insurance policy may cover the damages03 Jan 2023
As per the IRDAI guidelines, all motor insurance sectors including09 Dec 2022
Roadside Assistance is an add-on cover offered with your06 Dec 2022
No, any damage to the nut bolt or any other consumable of your05 Dec 2022
Third-party car insurance is a mandatory cover as per the motorInsurance
*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
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