Tips to Save Money On Car InsurancePosted on: December 7, 2020, by : Rakesh Sashmal
Car insurance gives the car and the policyholder a layer of protection by compensating for damages in case of a mishap and thereby providing financial stability in such moments of crisis. Moreover, having a third party insurance policy is mandatory according to the Indian Motor Tariff. With the increasing costs of medical care and car repairs, having car insurance has become crucial, yet most people still want to avoid the costs whenever possible. But this is not necessary, because we have a guide that can help you save money on car insurance while also having the protection it offers.
How to Save Money on Car Insurance?
The following are a few tips you can follow to save on the money spent on car insurance:
- Compare: With insurance available for purchase online there are several car insurance companies and quotes to choose from within each price range. However, do remember not to simply look at the cheapest policy, the best policies are affordable yet effective.
- Higher Deductibles: The amount of money you pay before the insurance provider begins compensating for the losses is called deductibles. The higher the deductible the lower the insurance premium. However, remember to make sure that you have enough money to make the payment during a claim. There will be a number of policies with a variety of deductible levels, compare this with the quotes when choosing a plan.
- Good Credit History: With some insurance providers who check credit history people with a good track record are offered premiums at lower costs. You can achieve this by staying on time for your loan and debit card payments and ensuring you provide your insurance company accurate information about it.
- Discounts: Insurance companies provide discounts for several reasons. Driver-owners with good driving history, lower than average distance covered in a year, those who take a special driver’s education programme are sometimes offered benefits or discounts by the insurance provider. Additionally, having safety features such as air-bags, anti-theft devices, anti-lock brakes and alarm systems can also lower the premium to a great extent.
- Review Coverage: At the time of renewal it is advised to look over your existing policy. Check if the policy still fits your needs, if the depreciation rate makes certain aspects financially ineffective and look for any changes made in the terms and conditions of the policy. If you need any help with understanding certain aspects you can read more articles on car insurance by clicking here or contact the customer care to clear your queries.