How To Buy Car Insurance At The Best Possible Price?
Updated On Oct 13, 2023
How To Get The Best Quotes While Buying Car Insurance?
With so many insurance companies selling car insurance, choosing the right car insurance policy can be difficult. The best car insurance policy is one that ensures maximum coverage at nominal premium rates. However, many people are ignorant about factors that affect car insurance prices and settle for the policy with the lowest premium rates.
A simple understanding of certain basic factors helps in buying the right kind of car insurance. While detailed research by interested customers is quite unlikely, keeping certain essential tips into consideration helps to avail the best quotes while buying a car insurance plan. These include:
Know your budget: Before choosing any car insurance policy, understand details including third-party liability insurance and comprehensive insurance. Also, the insured declared value of your car must be roughly equal to its market price. Then, choose the extent of cover that you are aiming for. Opting for too low premiums implies that you are underinsured. Paying very high premium rates in a bid to avail excess coverage does not help. The need is to evaluate and determine the ideal cover amount before proceeding to pay for the plan.
Driving habits: Insurance companies will take into account your driving history before deciding on the amount of coverage you must opt for and its corresponding premium rates. In addition, car insurance companies in India consider relevant details including the incidence of traffic violations in the past, incidents of rash or careless driving, road rage instances, etc. Too many claims raised in the past increase the risk of the insurers having to make claim payments. Existing policyholders who have made no claims in the past or had paid for minor accident damages from their pockets avail the benefit of the no-claim bonus (NCB). This allows them to renew their policies at discounted premium rates, thus, allowing them greater coverage at low premium charges.
Check online: Comparing insurance quotes on companies’ sites and insurance web aggregator portals (like www.insurancedekho.com) helps to save money and gain access to multiple coverage options. Moreover, you will be able to view the claim settlement ratio of each company along with their performance details. This means that you not only have access to the coverage and pricing details of all the insurance companies on the same page but are also able to choose the one that suits you best.
Check for discounts: In a bid to stay ahead of the competition, many insurance companies announce seasonal discounts to their prospective customers. There are some who announce reduced premium rates for customers agreeing to pay safety and anti-theft devices on their cars. This is because fitting such devices means increased safety for your car, thus, reducing chances of claims made on thefts. The benefit of making low claims is then passed on to the insured policyholders.
Add-on covers: Add-on covers are bought to enhance the protection element of your car. However, all add-on covers may not serve your purpose. Instead of opting for all available add-on covers, opt to buy car insurance from the insurer that sells add-on covers tailor-made to the needs of your car.
Being informed helps. This is also applicable to car insurance policy that one must not buy without having complete knowledge about factors that influence its prices. Browsing through the sites of various insurance web aggregators or the insurance companies’ portals help in better understanding of insurance before you decide to pay for one.
Disclaimer: Every detail provided in this website is for information purpose only. Insurancedekho under no circumstances, endorse the information provided. However, we are constantly doing our best to keep our privileged customers up-to-date with neutral and factual information.