How To Reduce The Amount of Car Insurance Policy Quotes?

Published On Jun 10, 2021 10:00 AM By InsuranceDekho

Read this article to understand how you can reduce the amount of your car insurance policy quote.

Purchasing a car is a huge expense which includes a whole lot of processes and documents to get in order to drive your car without any hassle. The most expensive part about owning a car is its repair costs in case of any accidents. If you want to avoid these expensive repair bills, investing in car insurance is the best remedy. Car insurance will keep you financially covered if you happen to be involved in any accidents. The car insurance company will provide monetary assistance to compensate third-party loss or repair damages sustained by your car in case of any accidents. However, the cost of the premium for car insurance differs from person to person and car to car. 

Factors Affecting Car Insurance Premium 

Car insurance quote is the estimated premium amount that is provided by the insurance company after glancing through the details of the car and the owner. The car insurance quote provides you with a vague estimate of the cost of your premium. There are many determinants that play a key role in deciding the insurance quote for your car. It could be the age and model of your car, Insured Declared Value and personal details of the policyholder like past driving record and the residential location, etc.

Top 5 Ways To Reduce Your Car Insurance Quote 

Insurance companies consider different parameters while setting the car insurance quote. The insurance quote will vary from car to car. This is mainly because different cars have different features and different policyholders have different preferences over their policy. With the availability of over hundreds of car insurance plans, picking an affordable car insurance policy is not that difficult. The following are the general ways that you can adopt to reduce your car insurance quote- 

  • Compare Different Insurance Quotes 

While purchasing car insurance, your primary step should be to compare different insurance quotes. Check the prices of different insurance plans and weigh the facilities provided in the plan against the price set for the policy. This will give you a clear idea on the worth of the policy along with the opportunity to pick the policy that best suits your needs. 

  • Pick Your Additional Covers Wisely 

Insurance companies offer certain facilities that can be added to your standard insurance policy in the form of additional covers. These covers help you to get maximum coverage but at the same time, they add on to the overall cost of the insurance policy. Thus, make sure you pick the covers that are absolutely necessary to arrive on an affordable insurance quote. 

You may also like to read:- Factors Affecting Car Insurance Quotes

  • Avoid Claiming Insurance For Minor Damages

Refraining from claiming insurance to repair minor damages sustained by your car throughout the mentioned policy period will fetch you discounts on your insurance premium. These discounts are called No Claim Bonuses. This is the biggest discount you can get on your car insurance premium

  • Install The Right Modification

Installing modifications in your car can be fancy and beneficial at the same time. If you install security enhancing devices in your car, your car insurance quote will be reduced. This is mainly because of the reduction in the risk. However, modifications that enhance the performance and appeal of your car may end up raising your car insurance quote due to increased risk of your car being involved in any accident or theft. 

  • Use Car Insurance Premium Calculator

Premium calculators are online tools that help you to estimate the cost of your car insurance premium. You can calculate the estimate of your car insurance premium cost for different policy plans and later purchase the policy that best suits your needs. This way, you can make an informed decision regarding your car insurance quote.

Also read

How Is Car Insurance Premium Calculated?

Take Away

With the increase in the number of vehicles on road, it has become imperative to invest in car insurance. Having at least a third party car insurance is mandatory according to the Indian Motor Vehicle Act. Thus, ensure to purchase an affordable car insurance plan that offers maximum coverage. 

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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