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In India, it is compulsory for every car owner to have insurance for a four-wheeler. Irrespective of what insurance policy you want to buy, a comprehensive car plan or a third-party insurance policy, you must strive to find the best deal for your car insurance.
Many car owners do not make an effort when buying a policy. However, it is their car policy that protects them from financial losses in case of third-party property damage or the event of a car accident. This is the reason why you should look for a cheap car insurance but reliable policy that fits your budget while providing you with ample financial coverage.
How You Can Get Cheap Car Insurance through Discounts?
Anti-theft Device Installation
One of the best ways to get car insurance discounts is by ensuring insurance companies that your car is safe and risk-free when it comes to theft claims. There is a chance that your insurer will offer you a discount on the premium when you buy car insurance from them if you install any anti-theft device in your car.
Opting for Higher Voluntary Deductibles
You can also avail of car discount insurance by increasing the voluntary deductibles. In car insurance, deductible is the amount that you pay voluntarily for car repair when raising a claim. Agreeing to pay a higher deductible means that you share the liability with your insurer at the time of claim settlement, which entitles you to a lesser premium.
Setting Accurate IDV
Another strategy to ensure you get driving insurance discounts is to set an accurate Insured Declared Value for your car. You should neither be underinsured nor overpay in case of a claim.
With the help of insurance experts and proper research, you can find the accurate IDV for your car. Further, regularly reassessing the IDV based on depreciation can help you ensure you are not overspending on the premiums while receiving sufficient coverage.
Saving on Add-ons
A good strategy for how to get cheap car insurance is to invest in add-ons that you require instead of including add-ons that do not benefit you. This way, you can lower the premium by eliminating unnecessary add-ons from your policy.
Paying for Insignificant Damages
One of the ways of learning how to make car insurance cheaper is by making payments for insignificant damages from your end. If you can avoid making claims for minor damages and have not made a single claim at the end of the policy year, you can earn the No Claim Bonus discount to lower the premium amount.
Purchasing Car Insurance by Comparing Online
To know how to get the best car insurance rates, you have to conduct research online where you can compare different insurance companies and find the one that meets your budget. Although it may sound tedious, going through this process will help you find the most reasonably priced car policy.
Safe Driving
If you want to know how to get discounts on car insurance you have to incorporate a safe driving habit. This will not only ensure that road safety is well-maintained, but will enable you to enjoy financial benefits. Apart from being qualified for an NCB discount, your accident-free driving record can earn you reduced premiums or lower deductibles. This way, when you renew your car policy you can enjoy huge discounts on the premium.
Conclusion
Finally, you should always renew your car policy on time. When you opt for timely renewal of your car policy, you can prevent potential gaps, which may result in higher premiums. Furthermore, timely policy renewal ensures continuous coverage, which keeps you financially safe in unexpected scenarios.
Frequently Asked Questions
- What is the way to avail the most discount on car insurance?
To get the maximum discount on car insurance you can use the No Claim Bonus discount while renewing your premium which can reach up to 50%, provided you make no claims during the previous policy year/s.
- Who normally has the cheapest car insurance?
There is no single insurance company that normally has the cheapest car insurance according to your budget. You must research online for the right insurer that provides you ample coverage at a cost-effective rate.
- Which insurance company offers the most discounts?
Most reputed insurance companies like TATA AIG offer a lot of discounts on car insurance premiums. You should look for an insurer who will offer you maximum discounts while providing you ample coverage.
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