Get Best Deals on Motor Insurance - 11 Quick Tips

Motor insurance has become costlier over the last few years. Whether you are looking for a third party insurance or a comprehensive cover, you have to play it smart to save your money. There are many motor insurance companies in India.

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#TP price for less than 1000 CC cars. All savings are provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.

Car Insurance Premium Price

New India Assurance

Cashless Garages

253

Plan type

Comprehensive

Starting from

₹ 2,727

Check premium
Claim Advantage
  • Self-Video Claims
  • Reimbursement Within 7 Working Days For Non-Cashless

National Insurance

Cashless Garages

268

Plan type

Comprehensive

Starting from

₹ 2,757

Check premium
Claim Advantage
  • Self-Video Claims
  • Reimbursement Within 7 Working Days For Non-Cashless

Bajaj Allianz

Cashless Garages

1024

Plan type

Comprehensive

Starting from

₹ 2,868

Check premium
Claim Advantage
  • Spot Claims Upto Rs. 30,000
  • Repair service at select cashless garages

DIGIT

Cashless Garages

Repair Anywhere

Plan type

Comprehensive

Starting from

₹ 2,962

Check premium
Claim Advantage
  • 6-Month Repair Warranty
  • Advance claim payment
  • Free Pick-up & Drop

Oriental Insurance

Cashless Garages

258

Plan type

Comprehensive

Starting from

₹ 3,005

Check premium
Claim Advantage
  • Self-Video Claims
  • Reimbursement Within 7 Working Days For Non-Cashless

DIGIT

Cashless Garages

Repair Anywhere

Plan type

Third Party

Starting from

₹ 2,094

Check premium
Claim Advantage
  • Covers damages to third party property
  • Covers damages to third party person

Bajaj Allianz

Cashless Garages

1024

Plan type

Third Party

Starting from

₹ 2,094

Check premium
Claim Advantage
  • Covers damages to third party property
  • Covers damages to third party person

Oriental Insurance

Cashless Garages

258

Plan type

Third Party

Starting from

₹ 2,094

Check premium
Claim Advantage
  • Covers damages to third party property
  • Covers damages to third party person

National Insurance

Cashless Garages

268

Plan type

Third Party

Starting from

₹ 2,094

Check premium
Claim Advantage
  • Covers damages to third party property
  • Covers damages to third party person

New India Assurance

Cashless Garages

253

Plan type

Third Party

Starting from

₹ 2,094

Check premium
Claim Advantage
  • Covers damages to third party property
  • Covers damages to third party person
See more plans

Above-mentioned prices are for a 7-year-old Maruti WAGON R AVANCE LXI (998 CC) registered in Gurgaon and 15 days before expiry of previous policy

But rather than making the matter easy, the baffling choice ends up confusing the buyer. Let your confusions come to an end. Here are some quick tips on which insurer to choose and how to get best deals on two-wheeler and four-wheeler insurance.

  • Shop Around – Getting and comparing quotes online can help you save big while insuring your vehicle. With online portals such as Policy Bazaar, comparing quotes is now just a matter of few clicks, saving up your time, effort and money.

  • Know the Comparison Parameters – Do your homework; get to know what are the exact parameters that makes plan ‘A’ better than plan ‘B’. Don’t go with a brand only because it’s more popular. Get to know the Claim Settlement Ratio of the insurer for the past few years. The turnaround time that an insurer takes to settle a claim is crucial as well. Such data can be downloaded from the annual reports of IRDA or from the company's website itself. Remember, making an informed choice goes a long way to save your money.

  • Look Out for the Riders and Benefits – Adding some riders can significantly enhance the value of your coverage. Such riders include roadside assistance and towing rider, personal accident rider, rental reimbursement, zero depreciation cover and so forth. These often seemingly small riders often act as big saviors at the time of trouble.

  • Don't Weigh a Plan on Premium Alone – Many buyers often make the mistake of buying a plan taking the premium as the sole criteria of their decision. But in a car insurance, cheaper is not always better.Getting a wider coverage is more important than a cheaper premium. First of all, decide what you want in specific terms such as the type and extent of coverage. Only after that, the options at hand should be compared on the basis of premium.

  • Be Smart and Save on Premium – There are certain measures that you can adopt for reducing your premium. Such measures include opting for voluntary deductible, getting anti-theft device installed,decreasing Insured Declared Value (IDV), raising the deductible and so forth.

  • Know the Exclusions – Insurance is an intricate financial product and there are as many exclusions to a plan as there are inclusions. For example, did you know that the engine of a car is excluded from a standard car insurance? Yes, you heard it right, your insurance company is not liable to pay for the repair of your damaged engine. 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 even a penny for it. Knowing such exclusions beforehand ease out the claim settlement process.

  • Pay Attention to the Fine Print – Even if you like a quote, don’t go for it until you read the fine print carefully. The fine print contains the detailed clauses relevant to coverage, claims and features in a plan and hence is crucial to make a wise buying decision. Even if you already bought a plan, you can still go through the fine print in the 15 days free look period given, and if you do not like a clause, you can return the policy and get your premium back.

  • Merge your Plans - If you have more than one car, it is always better to get all of them insured with one insurer. This will not only get you concessions on the premium but also make the paperwork more simple and sorted out. Also, if you are married, it is more economical to merge your car insurance policy with your spouse’s. A married couple, if insured under the same policy, is entitled to get a discount on the premium.

  • Switch your Insurer – Different companies offer different prices, features and benefits. At the time of renewing, it's time to reassess your policy. If you are getting a better deal for the same price with some other insurer, it is smart to switch over.

  • No Claim Discount - Drive safe, keep your claim history clean and eventually get to enjoy the No Claim Discount in the subsequent year. Just so you know, NCB is retained even when switching between insurers.

  • Cash in your Profession – Some professionals such as medical practitioners and chartered accountants are offered certain discounts on premium. Be sure to mention your profession while getting quotes online.

Keeping these small tips at fingers will help you bag the best deals on motor insurance.

Written By: PolicyBazaar - Updated: 15 July 2021
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