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Car Insurance is mandatory for every car plying on the roads in India. The Motor Vehicle Act, 1961 has made it mandatory for every motor vehicle to have a valid insurance policy or third party insurance at the very least. Failing this could impose a penalty on the driver when traced. Also, a valid motor insurance policy eliminates the chances of any legal liability arising out of a mishap, such as an accident causing injuries or damages to a third party. This is because a package policy covers such third-party liabilities.
If you’ve been through the fact stated above, you must be wondering to get the best insurance coverage for your car. However, only wondering won’t be in your favor whatsoever! If you’ve already purchased insurance for your car, you can still learn from the below-stated secrets to trim down your car insurance premium on renewal. There you go:
Choose your Insurance Plan Smartly.
Your need for car insurance plan is somehow similar to that of your personal finance, as buying an insurance policy for your car directly affects your monthly budget. The same goes for your driving history and abilities at present. Thus, you need to understand and be clear about the amenities and coverage you expect from a car insurance policy.
You must be clear about whether you’re looking for a cheap insurance policy or really need apt coverage for your vehicle. You need to weigh your coverage options and subsequently explore the options available in your budget. Choose to compare car insurance policies online in order to be facilitated in terms of the best car insurance deal.
Don’t always look for a Cheap Option.
In an effort to end up buying the best car insurance policy, people often look for cheap or affordable options while ignoring the ones offering comprehensive coverage. It’s a common scenario and many people make this mistake, and they end up paying more out of their pocket for being underinsured.
It’s apparent that you must be looking for a perfect balance between your insurance needs and coverage offered by the insurance policy. Evidently, this turns out to be helpful in getting the best deal available in terms of car insurance.
Check Insurer’s Market Repute
Before you purchase car insurance, you must prepare a list of general insurance companies offering different car insurance policies within your budget. After that, you can shortlist one or more insurers, based on your research around the company’s financial status, claim settlement ratio etc.
The reason why it’s essential to know about an insurer’s claim settlement ratio is that you eventually are going to claim at some point in the future, which, however, is totally unpredictable.
Don’t ignore the Deductibles.
Always remember the fact that the higher the deductibles in your insurance policy, the lesser the premium you pay. In other words, the higher the premium you will have to pay if you choose to buy a car insurance policy with lesser deductibles.
Technically, choosing an insurance policy with higher deductibles just to save on the premium is not a wise decision at all. This is because you are going to pay from your own pocket when you file a claim in the future.
|You may like to Read: What is Compulsory and Voluntary Deductible in Car Insurance?|
Reach out to an Insurance Agent.
Most people don’t have clarity on the difference between an insurance agent and an insurance broker. They think both are the same, i.e. the insurance advisors. However, this is not the case. An insurance agent belongs to one insurance company and can sell policies on behalf of that company only, whereas an insurance broker deals with multiple insurance companies and is authorized to sell their products.
Thus, it’s better to reach out to a broker as you can get to choose from a range of car insurance policies.
In the end, we really hope you are now able to crack the best car insurance deal ever, as you have got enough information to evaluate multiple car insurance policies and opt out the best one.
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