Cholamandalam MS General Insurance Company was founded as a business between the Murugappa Group, an Indian company, and the Mitsui Sumitomo Insurance Company, a Japanese Insurer.
It is famous for offering one of the most lucrative car insurance online rates. One of the most significant features of buying or renewing your automobile insurance online plan from Cholamandalam is its optimal premium.
You need to know the appropriate ways to buy or settle for the best vehicular insurance online plan at the lowest premium.
To help you decide better, you can also use the premium calculator available on Cholamandalam's website to assess the premium you need to pay. All you need to enter is a few relevant details such as the following:
- The make or model of the car
- Name of the manufacturer
- The age of the car
How Can You Reduce Cholamandalam Car Insurance Online Premium Rates?
Let us learn how you can reduce the premium for Cholamandalam car insurance online plans:
Keep Your Accessories to a Bare Minimum
Don’t go overboard by accessorising and outfitting your cars with fancy gadgets and cutting-edge technology for luxury or convenience. This can significantly increase your vehicular insurance online premium. Buy only what is necessary.
Compare Different Car Insurance Online Premium Plans
You must do your homework well and take time to compare various plans and policies offered by Cholamandalam Insurance Company. Consider your budget and find the best possible coverage per your vehicle use and preference.
You can also take the help of the online car insurance premium calculator available on the insurer’s webpage so that you can wisely calculate the premium payable of different plans and settle for the one with the best policy features, coverage and premiums.
Maintain a Good Track Record
If you are a safe driver and don’t claim for minor car damages and losses, you get a reward for all those years wherein you haven’t filed a single car insurance claim. This reward is technically known as the NCB or no-claim bonus. This reward comes as a reduction in the premium amount, which you can get at the time of automobile insurance plan renewal. This discount can go up to 50% of the premium amount payable, provided you don't claim for five successive policy years.
Choose the Right Cover
Don’t under-insure or over-insure your vehicle. Add-ons or additional riders are pretty enticing, and you may want to add them all to get maximum coverage.
Some of the most common Cholamandalam insurance add-ons -
- Roadside assistance coverage
- Engine coverage
- Key replacement coverage
- Personal accident coverage, etc.
Now, you must not unnecessarily add these riders as each comes with a price added to the premium. You surely must go for maximum coverage but avoid overdoing it.
Prioritize Safety
If you install safety gadgets on your car, it not only protects your vehicle from unforeseen financial damages and losses but also saves you on the premium. If you install anti-theft systems in your vehicle or anti-lock brakes, or if your car comes with airbags or immobilizers, these conditions can get you a lower premium on your Cholamandalam car insurance online plan.
Avoid Making Smaller Claims
As discussed above, if you make small claims each year, you lose out on the NCB in car insurance, eventually reducing the premium. Try and pay for minor and affordable car damages or repairs on your own
Reduce Your Driving
When you drive less, you have less chance of an accident. Think about how often you drive your car in a year, and then check with your insurance if you are eligible for premium low-mileage coverage.
Go Easy on the Voluntary Deductible
The voluntary deductible is the amount you have to pay yourself in the event of an accident. The policyholder determines this amount. The higher the voluntary deductible, the lower the premium and vice versa.
Key Takeaways
Cholamandalam offers a variety of car insurance policies and car insurance add-ons to customize automobile insurance online policy and extend insurance coverage. Premiums are affordable, and there are guarantees that your claims will be handled quickly and efficiently.
The vehicular insurance online policy by Cholamandalam is an excellent option that provides exceptional coverage benefits.
Thus, the next time you consider renewing your automobile insurance online policy or buying a new one from Cholamandalam, use the tips mentioned above to get you significantly lower premiums.
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