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Affordable Car Insurance Plans

Wish

Written by Amit Jain

Updated Oct 18, 2023

Affordable Car Insurance Plans

 

Car insurance provides protection against any monetary losses brought on by accidents, including collisions with other vehicles or objects, theft of the car or its components, damage from water or fire, etc.

A comprehensive auto insurance policy will assist you avoid any liabilities that may result from an accident involving a third party, person, or piece of property. It also includes all types of catastrophes, both natural and man-made. A third-party insurance policy for your vehicle is required under the Indian Motor Vehicles Act. To find out more on affordable car insurance plans, read on.

Affordable Car Insurance Plans

What Are Some Factors That One Should Consider While Buying Car Insurance?

Following are some of the factors that an individual should consider while buying car insurance -

  1. Claim Settlement Ratio - This factor indicates what portion of claims an insurer has resolved out of all claims received within a fiscal year. It is a crucial factor to consider while selecting a vehicle insurance policy. Even if an insurer has the lowest premium for automobile insurance, that doesn't guarantee a high ratio of claims settled.
  2. Add-Ons - Add-ons are supplemental insurance policies that expand the benefits of both solo own-damage and comprehensive auto insurance. More sorts of add-ons are offered by certain insurers than by others. Therefore, while picking auto insurance, be sure your provider offers the extras you need.
  3. Ease Of Purchase & Renewals - It is an additional factor that has to be taken into account when purchasing an insurance. You should determine whether the procedure for purchasing or renewing insurance is quick, simple, and paperless.

What Are Some Things That One Can Do To Ensure Lower Car Premiums?

Following are some things that one can do to ensure lower car premiums -

  1. Necessary Coverage - Not only does this keep your home organised, but it also creates space for the items you do need. Similar to this, choosing not to purchase coverages you don't require may result in a reduced insurance rate. Your automobile will undoubtedly benefit from add-on covers, but you should only use the ones that are truly necessary and discard the rest.
  2. Avoid Minor Claims - It's crucial to refrain from filing minor claims under your auto insurance policy. This will assist you in keeping the NCB on your policy and lowering renewal prices. In other cases, such as fixing a damaged tail light, the cost of having your automobile fixed is really low. In such a situation, it is crucial to speak with a nearby mechanic in order to avoid filing a claim and maintain the NCB. By as much as 50%, personal damage premiums can be reduced by maintaining the NCB.
  3. Safety Adjustments - While we will undoubtedly keep an eye out for your automobile in the event of a tragic event, this only assists if you also take all reasonable steps to keep it from getting into such a predicament. Safety features like air bags, steering wheel locks, and anti-theft alarms not only shield your car from accidents and thefts, but they also help you come off as a responsible driver who takes good care of their automobile. Installing these gadgets in your car might significantly reduce the cost of your auto insurance.
  4. Modifications - Yes, modifications like alloy wheels and spoilers may improve the appearance of your automobile by many notches, but they also increase the price. This is due to the expense involved in replacing these types of technology in the event of an accident or incident. The premium amount increases as a result of the insurer taking on additional risk under certain circumstances. Any such changes or installations must be disclosed to your insurer in order to prevent your claim from becoming rejected.

Endnotes

The most convenient way to get auto insurance is online. You may quickly compare the various auto insurance providers, the pricing they provide, and their networks of cashless garages.

Also read: Different Types Of Car Insurance Plans In India

Best Car Insurance Plans In 2022

Wish

Written by Amit Jain

Amit is an upcoming name in the motor industry be it new cars/ bikes or used ones. Amit in his last stint worked as a consultant for major Fortune 500 companies across the globe.&Read More

Disclaimer

This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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