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9 Ways to Save Money on Your Royal Sundaram Car Insurance Policy Premium

By Juhi Walia
06 October 2022, 2:11 PM

As per the law in India, it is mandatory to have a third-party car insurance policy that protects you against legal and financial claims posed to you by a third party affected in an accident involving your insured vehicle. But for maximum protection, get a comprehensive car insurance policy.

One such company offering the same is Royal Sundaram General Insurance Company, which has a wide range of 4600+ network garages across the country. In exchange for the wonderful coverage, Royal Sundaram charges you a premium you need to pay when buying or renewing the policy.

Moreover, you can save on the Royal Sundaram car insurance premium by following the tips mentioned below. So, keep reading and implementing the same in real time.

Here are Ways to Save on Royal Sundaram Car Insurance Policy Premium

1. Get a Quote Using the Royal Sundaram Premium Calculator 

Prices of car insurance policies differ from provider to provider. Hence, the Royal Sundaram car insurance premium calculator can help you find the custom quote online. It also allows you to discover your savings on the premium amount. This way, you will better understand which policy best fits your car.

The price should not be the sole determining factor when selecting a Royal Sundaram car insurance policy. You should also check for other aspects like the claim settlement ratio, the scope of the cover, Royal Sundaram's financial strength, access to cashless garages, goodwill and discounts. The cost of the car, the repair expenses, safety record, etc., are significant determinants of the premium amount. Therefore, checking the cost of the Royal Sundaram car insurance policy is essential.

2. Select Higher Deductibles

The amount you pay before receiving compensation from the Royal Sundaram is a deductible. The premium cost can be considerably reduced if you select a higher deductible. Royal Sundaram car insurance usually increases the upfront amount (deductibles) to lower the compensation. This facilitates easy cash flow management by saving them from passing cashless claims. Make sure you have enough money to pay when you make a car insurance claim. Before making any decision, comparing quotes with different deductible levels is essential.

3. Choose a Bundled Policy

Royal Sundaram Car Insurance Policy includes optional riders, which offer additional protection. But you have to pay an additional fee for these riders, raising the policy's overall cost. Instead of buying individual policies, you can purchase a bundled approach that offers all these add-on covers within a single policy at a lower premium. Purchasing a group insurance policy from your employer can further help in a premium reduction by Royal Sundaram.

4. Avoid Unwanted Coverings

You will need to review the coverage amount on renewal to ensure the policy serves all your needs. You can skip a comprehensive cover if you think your vehicle is too old and don't need to travel much.

Royal Sundaram car insurance policy offers optional or additional covers that you may avail of or decline based on the coverage you require for your vehicle. Thus, to lower the premium, it is essential to select the covers prudently.  

5. Install Safety and Security Devices

Car theft incidents have increased at an alarming rate in the past decade. It is imperative to improve the safety and protection of your car. You can do so by installing safety and security systems. This way, you minimize the risk or likelihood of theft. Royal Sundaram car insurance is well aware of this fact and accordingly decreases the premium of policyholders.

6. Select Additional Covers Carefully

A typical Royal Sundaram car insurance policy does not include any additional benefits. To enjoy additional coverage, several riders are offered at different prices. These riders have zero-depreciation coverage, engine coverage, complete coverage for electronic and electrical fittings, and personal accident coverage. Be careful when selecting them as they will eventually add to the premium cost.

7. Avail Discounts

You can avail of Royal Sundaram car insurance premium discounts for several reasons. Many deals and discounts are on your way if you have a record of safe driving, are enrolled in a driver's education programme, or ride below an average number of miles each year. Premium can come down considerably if your car has safety features like alarm systems, airbags, anti-lock brakes, etc. Even if they don't offer a discount, they might still issue a car insurance policy at a lower price.

8. Maintain a Healthy Credit Record

A good credit record can help you save big on the premium costs. Royal Sundaram considers the policyholder's credit history before deciding the premium amount. So, clear all your credit card bills and financial debts. Having more than one credit card can negatively impact your credit score. You must furnish the correct details to Royal Sundaram.

9. Choose Your Plan Wisely

Royal Sundaram offers two basic car insurance plans in the market. These are 3rd party car insurance and comprehensive car insurance. The former will compensate you only for losses incurred by the 3rd party in the event of an accident, and the latter covers both your vehicle and 3rd party losses. A 3rd party car insurance is cheaper than comprehensive car insurance. Therefore, choose your plan wisely.  

Key Takeaways

Multiple car insurance policies at Royal Sundaram offer several coverages, including additional covers. All this adds up to an increase in the total premium amount. Various factors, such as the make and model of your car, location, driving record, etc., influence the price of each car insurance policy. Therefore, follow the tips mentioned above to make your car insurance policy budget-friendly.

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1. Can I maximise the NCB offer of Royal Sundaram car insurance?

You can use the no-claim bonus (NCB) to reduce your vehicle's insurance premium. NCB is granted to the policyholder for a claim-free previous year. If you sell an old vehicle and purchase a new one, you can transfer NCB to your new car.

2. What are the car insurance discounts offered by Royal Sundaram?

Royal Sundaram offers a 5% discount on the premium of "own damage cover" or a maximum value of INR 200 for members of the Automobile Association of India (AAI). If you limit the liability for 3rd party damage, you will be eligible for a deduction of INR 100 on the basic premium.  

3. Does Royal Sundaram offer free services for a car insurance policy?

Royal Sundaram offers cost-free fuel delivery and flat tyre service in any emergency. You have to contact customer care through the toll-free number and avail of these free services.  

4. How does Royal Sundaram calculate car insurance premiums?

Insurance rates are majorly determined by the type of car you own. It is more expensive to insure some cars. Factors like engine size, repair expenses, risk of theft, and safety records are evaluated before deciding the price.

5. Can I negotiate my car insurance premium with Royal Sundaram?

Many drivers think they can present a lower quote to Royal Sundaram and fix their coverage price. But in reality, it is not possible to negotiate a lower car insurance premium. One thing you can do is lower your IDV to the acceptable limit to get your premium reduced.

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