Tips to Reduce Your Tata AIG Car Insurance Premium

Planning to buy a Tata AIG car insurance policy but worried about paying a higher premium? Well, if you do not purchase insurance for your car, you may end up paying a lot more on car repairs than your existing premium. It is also mandatory for every car owner to have a valid motor insurance policy as per the motor laws of India. Thus, to help you get four-wheeler insurance at the best rate, here are some tips to reduce the Tata AIG car insurance premium.

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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

How to Reduce Tata AIG Car Insurance Premium?

Before purchasing an insurance policy for your car, you must compare different insurance plans and choose the one that suits your needs. When it comes to purchasing car insurance, you can use these tips to reduce Tata AIG car insurance premium:

1. Increase Voluntary Deductibles

A voluntary deductible is an amount that the insured voluntarily agrees to pay for car repairs in the event of an insurance claim. The remaining sum is paid by the insurance company. Thus, the higher is the voluntary deductible, the lower will be the premium of the insurance policy.

So, to reduce your Tata AIG four-wheeler insurance premium, you can opt for a higher voluntary deductible. However, make sure to choose an amount that you can pay without much hassle.

2. Build Your No Claim Bonus (NCB)

No Claim Bonus is a discount that you get every year if you do not register an insurance claim. Once accumulated, an NCB can be used to reduce the premium of your renewal policy. For example, if your car requires minor repairs and you pay from your pockets instead of filing a claim, you will be able to build up your NCB, which can be used to reduce your next year’s premium. Moreover, if you save 5 years of NCB, you can get up to a 50% discount on your renewal premium.

Thus, another tip to reduce Tata AIG car insurance premium is avoiding claims for minor repairs and increasing your NCB discount.

3. Add Security Features

Installing security devices, like anti-theft alarms, brake locks, etc., in your car can also help in reducing your four-wheeler insurance premium. Devices like anti-theft devices can protect the car from theft or robbery. By installing these devices, you can reduce the chances of making insurance claims, which can help in reducing your premiums as well.

However, make sure to install ARAI-approved (Automotive Research Association of India) security devices if you want the motor insurance company to lower your premium.

4. Renew Policy on Time

A motor insurance policy expires in one year of purchase, after which it has to be renewed again. If you do not renew your policy on time, it will get expired and eventually lapse. In that case, the insurance company may charge an extra premium for the time you have been driving with the expired policy. Besides, a lapse in the insurance policy can lead to re-inspection of your car as well.

Thus, renewing car insurance before the expiry date can help in avoiding premium hikes. You can also continue at the old premium rate of the policy with timely renewal.

5. Compare Policies Online

To choose the best insurance policy for your car, you should first compare different car insurance plans online. You can visit Policybazaar Insurance Brokers Private Limited and compare different insurance policies. You can also check and compare their premiums using a car insurance calculator online.

By comparing the insurance policies along with their premiums, you can decide the one that best fits your requirements. Lesser premium does not always mean the best policy. Therefore, compare premiums as well as other factors and choose your motor insurance wisely.

6. Carefully select the Add-ons

Buying add-ons for your four-wheeler is not mandatory. If you wish to increase your insurance coverage, you can buy add-on covers under your motor insurance policy. However, any additional add-on will increase the premium amount of your Tata AIG car insurance policy.

Thus, make sure to only select the add-ons which suit your needs and drop any unnecessary add-ons to save up on your premium.

Types of Car Insurance Policies by Tata AIG Car Insurance

Before knowing how to reduce Tata AIG car insurance premium, let us first understand the types of insurance policies this company offers. Tata AIG General Insurance Company offers three major four-wheeler insurance policies. These are:

1. Tata AIG Private Car Package Policy

The Tata AIG Private Car Package policy offers comprehensive coverage against third party liabilities as well as damage to the insured car arising due to accidents, theft, natural disasters and more. Third-party liabilities cover third-party’s property damages, injuries or death during an unfortunate accident caused by the insured car. The comprehensive insurance policy also offers a personal accident cover of Rs. 15 lakh.

2. Tata AIG Standalone Own Damage Private Car Policy

If the insured car suffers from any loss or damages due to events like accidents, fire, landslides, riots, theft, etc., the Tata AIG Standalone Own Damage policy will cover its financial implications. This policy does not cover third party liabilities and only applies to cars bought after September 2018.

3. Tata AIG Liability Only Policy

The Tata AIG Standalone Liability Only policy offers third party cover, which is the mandatory cover for every car owner in India. It offers protection against third-party liabilities, such as property damage, injury or death of the third party by the insured car. However, this policy does not cover damages to the car and its owner.

In addition to the above-mentioned plans, Tata AIG General Insurance Company also offers a usage-based private car insurance policy as well as compulsory personal accident insurance to its customers.

Wrapping Up!

Choosing the right insurance policy can help you in financially protecting your car from unfortunate events like accidents or theft. If you are willing to purchase four-wheeler insurance from Tata AIG General Insurance Company, you can adopt the above-mentioned tips on how to reduce Tata AIG car insurance premium and save yourself from paying excessive premiums.

Written By: PolicyBazaar - Updated: 24 January 2022
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