Cars are popular, but it’s also important to remember the value of a car insurance policy. A car insurance policy proves to be a financial lifesaver in an emergency involving your car in addition to being required by law. However, car owners search for the ideal premiums available to reduce their costs.
There are indeed ways to make your car insurance policy more cost-effective. Here are five examples:
- Select Appropriate Coverage
Third-party liability policy and comprehensive package policy are the two types of plans. According to the Motor Vehicles Act of 1988, the former is required, and the latter is optional. Due to third-party plans’ limited scope of coverage, their premiums are very low. On the other hand, comprehensive plans offer a wider range of coverage and, as a result, have higher premiums. Claims are subject to terms and conditions set forth under the motor insurance policy. ##
- Make Wise Use Of The No-Claim Bonus
The insurer gives you a no-claim bonus for each year without a claim under your policy. After the first claim-free year, the bonus begins at 20% and increases to 50% after five additional claim-free years. Therefore, if you have a no-claim bonus, use it to get a deal on a renewal. Additionally, try to refrain from filing minor claims under your policy. This is because a single claim cancels your prior no-claim bonuses, costing you the renewal concession. Get familiar with all the details of the car insurance claim process. Claims are subject to terms and conditions set forth under the motor insurance policy. *
- Look For Concessions
Numerous concessions are available for every comprehensive car insurance plan to help you lower the premium. For instance, if you purchase the policy online, are an existing customer, have installed ARAI-approved safety devices in your car, etc., you may be eligible for a concession. To lower your premium, watch for these concessions and take advantage of them. Additionally, you can choose a voluntary deductible if you drive safely and do not file many claims. You would receive a sizable concession on your own damage premium if you chose this deductible. ##
- Compare And Buy
Your car may be covered by a car insurance policy from over a dozen insurance providers. Although the policies have comparable coverage features, their premiums differ due to the various pricing policies of the different insurers. Therefore, you should always compare the available car insurance plans before purchasing. By shopping around, choose a policy that provides the ideal coverage advantages at the most affordable premium rates.
- Renew On Time
Last but not least, timely renewal of your Bajaj Allianz car insurance policy can result in cost savings. You need the coverage to legally operate the vehicle because car insurance policies are required by law. As a result, timely renewal of the policy is advised to receive car insurance benefits from continuous coverage. Additionally, timely renewals help your policy’s cost-effectiveness in two ways. You could get a lower renewal premium rate if the policy were active. If an expired policy is renewed, insurance companies frequently raise the premium. In addition, if you continue the policy within 90 days of its expiration, you can keep the no-claim bonus that would otherwise expire. ## *
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*Standard T&C Apply
##All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.