How to Get the Best out of Your Car Insurance Cover?

Availability of a large number of policies from top car insurance companies, make it a challenging task to choose the policy that works just right for you. Comparing different plans online at the time of purchase help you find the most suitable and more personalized car insurance policy. Industry reports also reveal that people in our country can save up to 50% on their car insurance after assessing the market.

Mentioned Below Are Some of the Factors That You Should Take Into Consideration

Here is what you need to know to ensure that your existing car insurance company is offering you the best cover-

1. Cost of Premium

As long-term third party car insurance for three years is now mandatory for vehicles that are purchased after Sept. 01, 2018. There might be a slight increase in the cost. But you don’t have to pay it every year. This amount is locked for three years and you can enjoy continuous cover in a hassle-free manner.

Based on the make and model of your car, the average cost of car insurance can also vary from one insurance provider to another. It is also affected by various other factors such as the age of the driver, driving experience and engine power.

The major difference lies in the comprehensive car insurance plan. However, the cost of third-party liability insurance remains the same for cars with the same engine power. For Instance, two car models with same engine power can have similar average third-party liability insurance premium, but their comprehensive insurance premium may vary because of the other factors that are involved.

2. Opt-out of Cover That You Do Not Need

Before you come to a conclusion and sign-up on a quotation, make sure that you are not opting for more optional covers than you need. For instance, if you only use your car to drive twice a week for a shorter distance, you can probably avoid paying an extra premium for certain add-on covers like zero depreciation cover roadside assistance etc. But there is no harm buying them if you can pay the extra premium cost.

Your car can get repaired at the authorized manufacturer if you have added an agency repair cover to your car insurance. It will allow you to avail car repairing facility at the manufacturer’s workshop, but will certainly increase the cost of the premium.

If you opt for coverage against natural calamities and get an extendible cover to other cities, then also your cost of car insurance premium increases. It’s imperative that you analyze each feature carefully before including it in your policy.

Do not overestimate your car’s value, as you will end up paying extra only. Once you have fine-tuned your requirements, you can contact various motor insurance companies to compare the cost of the premium.

3. Excess or Deductibles

Every insurance policy has some amount of deductibles. It is the amount that you will have to pay on your own.  There different insurance providers such as Future Generali Car Insurance, Tata AIG car insurance, SBI Car insurance etc. If you want to pay lesser premium than choose a policy with more deductible limits and vice versa.

4. Policy Renewal

Always renew your car insurance policy before the expiry date. It will keep your No-claim-bonus intact and you can enjoy the continuous policy benefits.

Car insurance companies regularly update their insurance policies and premium rates, and this is the reason why you are not able to make the most of your current car insurance policy. If you were able to find the best deal with a particular insurance company then but it does not assure you the best deal this time. It is advisable that you compare it with other policies in the market and replace it with a more appropriate policy.

Enclosed below is a list of other factors that you should consider to make the most of your car insurance policy –

  • Agency Repair – If your car is still under warranty, ensure that your policy includes agency repair cover.
  • Passenger Cover-If you travel with your family, it is important that your policy covers passengers also.
  • Personal Belongings Cover – Check if your car insurance scheme provides personal belonging cover at the time of an accident or theft.
  • Car Replacement Service – If you are driving to work daily, choose a policy that provides you with a car replacement service in case of an accidental emergency or collision.
  • No-Claim Discount – At the time of policy renewal you can avail a good discount by presenting your no-claims certificate from the last insurer to the new insurance provider. It will assure that you drive safely, and your claim-free records in the last year.

Summing it up

So, the next time when you are buying/ renewing your policy, make sure that you take care of the above-mentioned parameters to avail the maximum benefits. Also, compare policies from different car insurance providers and then choose the best car insurance policy for yourself.

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