Car Insurance

Top 5 Ways to Buy a Car Insurance in Your Budget

By Admin
Apr 28, 2021

Being a car owner you must be aware of the fact that buying car insurance is mandatory. Thus, it is compulsory that your vehicle must be insured when it hits the Indian road. But when it comes to buying a car insurance policy, people usually have this perception that car insurance is costly. You really have to shred a lot of money from your wallet to get your vehicle insured. 

Well, which is absolutely not the case. That’s right! Purchasing a car insurance policy is not only easy but pocket-friendly as well. The trick here is to know how to buy car insurance smartly so that it suits your budget. So, let’s give you an insight on how to buy car insurance meeting your budget

Say Yes to These Smart Methods to Purchase an Affordable Car Insurance Policy 

1. Online Comparison: Comparing various insurance companies online gives you a fair understanding of the best possible deals available in the market. It helps you to select an ideal company, which is offering car insurance as per your budget. The moment you select the best company, you would be able to reap maximum benefits in the long run. 

Yes, the first step towards enjoying cost-effective car insurance is to choose a reliable company. And, no other way is better than comparing multiple insurers online on various parameters such as premiums, offered discounts, incurred claim ratio, add-ons, policy type, etc to pick an ideal company. Just like what Rohan did when he purchased a car policy online in just a few simple, easy and quick steps. The biggest advantage of an online platform is that you can choose from multiple companies right under one roof. It is a very convenient, quick, and hassle-free thing to do. Hence, it saves your precious time and effort.  

2. Buy Online: After selecting your insurance company, your next step is to buy a policy. Buying an insurance policy online has many perks thus it is always recommended. Car insurance companies give lucrative deals and offer on premiums online which is usually not the case in offline processes. The reason being, agents take a commission if you opt for an offline route. Thus, in the online process, the same benefit has been passed on to the customers in the form of exciting discounts. Thus, premiums become affordable online, which is surely a good thing for every car owner.     

3. Select Apt Policy Carefully: It is highly important to choose a policy that works best for you, meeting your specific needs. With multiple policies available such as Third-party, Comprehensive and Pay-as-you-drive, make your pick wisely.  Different policies offer different features, benefits and coverage hence their premium also varies. So, don’t end up paying for a policy that is not according to your requirements as you might be paying a higher premium for it. Buy such a policy that you can utilize properly based on your needs.

4. Set Correct IDV: How budget-friendly is your car insurance deal also depends on the IDV of your vehicle. Before deciding the premium, insurance companies set the Insured Declared Value of your vehicle. And, in case, if the IDV of your car is high, you have to pay a higher premium. Thus, it is crucial that you should make yourself aware and involved in the process so as to check whether your car has the correct IDV or not.  

5. Ask for Discounts: Car insurance offers various discounts to the policyholders, which ultimately bring down your premium costs. Hence, make car insurance affordable to buy. Discounts can be availed on premiums in the form of Voluntary Deductible( up to 35%), Membership of Automobile Association of India (up to 5% discount), and Installation of Anti-theft devices(up to 2.5% discount). 

Summary

If you know how to buy car insurance smartly, it is easy for you to enjoy the best deal that suits your pocket. You simply need to pay attention to a few factors like online comparison, available discounts, correct IDV, and selecting an apt policy to crack an affordable car insurance agreement.

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