Seven Tips to Pick the Cheapest Insurance for your Car

When buying car insurance becomes a necessity, you cannot escape it. If you’re a wise person, you would look forward to cutting down on the insurance premium. Unfortunately, many people don’t spend enough time to review and compare car insurance plans offered by various car insurance providers. Their lack of research results in shelling out more money from their pockets. Apart from that, they don’t avail the benefits of their insurance plan because they don’t know about the benefits in the first place.

If you want to save a few pennies on your car insurance, you should be careful at the time of buying the insurance plan. Here are some car insurance tricks and tips that will help you to pick the cheapest insurance for your car.

Use the Technology wisely and Go Online

It is possible that when you want to buy car insurance, you might just inquire about it at the nearest car insurance provider and visit the branch for further procedure. For some people, it is easy, convenient and simple. That being said, it should not be your ideal approach when it comes to buying car insurance. It does not ensure that you are getting the car insurance at the cheapest or rather the most affordable price in the insurance market.

Buy car insurance online and save on insurance premium. Since there is no involvement of any middleman, no commission is paid to him/her from your pocket.

Insure Multiple Vehicles from one Insurance Provider

If you are wondering about the best car insurance tip that helps you save a good amount, then the answer is right near you. The best car insurance is the one that suits your situations well and fulfils your insurance expectations. In case you have various vehicles in your family, one of the most effective ways to save on your premium rates is to buy vehicle insurance from one insurance provider and avail additional discounts.

Deductibles

It is a rule of thumb that the higher the deductible value, the lower the car insurance premium will be. So, if you are comfortable in spending a higher voluntary deductible amount from your pocket without any hesitation, go for it. It will help you to save on insurance premium. In case of an unfortunate incident, you will have to pay your share from your own pocket.

No Claim Bonus

No Claim Bonus is also known as NCB. It is a reward given by the insurance company to the policyholder for not filing for any claim request during a policy year. In simple terms, it is a gift for the insured by the insurer for a claim free year. If the car insurance policyholder has not filed for any claim for the entire previous year, then he/she enjoys a certain percentage discount on the premium rates for the next year at the time of renewing the policy.

Buy a Car Wisely

The type and model of your car affect the premium rates to a certain extent. The car insurance premium rates depend on the average estimated expense of claims for a particular brand, make and model of the car. Thus, it is essential that you make a wise choice at the time of buying a car.

Install Anti-Theft Devices in your Car

If you have installed an anti-theft device in your car, then there are less chances of your car being stolen. Although most of the modern cars come with a pre-installed alarm system, if your car doesn’t have one, you can get it installed. It adds an extra security that will help you get additional discounts from your insurance company.

Go for Third-Party Coverage

There are 2 types of vehicle insurance plans available in India- comprehensive insurance plan and third-party car insurance plan. While third-party insurance plan is mandatory, it provides basic insurance coverage. In case you don’t want to pay a hefty premium, you can opt for a third-party insurance plan.

Just keep in mind that it won’t provide own damage coverage.

Over to you

If you keep these seven tips in mind before making a decision, you will surely save a good amount of money. You can make better use of that money by spending it judiciously.

 

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