It’s natural to want the ideal protective detail for your car. Car insurance is essential for maintaining and preventing technical problems. Accidents can have far-reaching consequences, which is why having adequate car insurance is necessary.
However, the more features and benefits you have, your car insurance will be more expensive. Third-party car insurance is among the most basic types of car insurance and is required by the government of India. A third-party car insurance policy protects you from financial liability in the event of an accident with the other party.
If a third party’s property or car is damaged in a mishap, the insurer will cover the costs, and you will not have to pay anything out of your pocket.
Let’s look at some options for controlling the cost of your car insurance premium.
- Carefully examine your vehicle’s model –
Every car has a variety of models with varying prices and features. Consider the model you own when looking for car insurance because the car insurance premium is based on it. Insurance premiums are higher for models with a higher accident rate or a history of engine problems.
Advice: Use an online car insurance calculator to find the ideal premium rates that are both affordable and cater to your needs.
- Buy the add-ons you need –
When you purchase comprehensive car insurance, you can purchase add-ons. Comprehensive car insurance provides more coverage than third-party car insurance, but the premium is higher. The add-ons must be purchased separately, and the utility of each must be considered because each add-on has its own cost.
- Compare available insurance options –
In addition to third-party and comprehensive insurance, you can purchase your damaged car insurance. Own damage car insurance covers damage to your car, theft of your vehicle, fire losses, and natural disaster damage to your car. In short, own damage car insurance covers costs incurred by the insured’s car.*
- Increase your voluntary deductibles –
A voluntary deductible is an amount contributed by the insured in the event of an accident. The insurer adds the remainder of the claim amount to pay for all repairs. The vehicle insurance premium will undoubtedly be higher if the voluntary deductible is low.
- Filing claims only when necessary –
The insured is not required to claim for every scratch and small dent. The benefit of not claiming for an entire year is the no claim bonus, a percentage of your assured sum added to your assured sum at no extra charge the following year. Because the sum grows, you can claim it if there is a significant accident, and you require additional funds to cover the damage. *
- Install anti-theft devices –
Most vehicles are equipped with sophisticated anti-theft systems. However, if you instal your system, the cost of your car insurance drops because your vehicle becomes a safer bet. There are numerous anti-theft devices on the market; however, selecting an authorised dealer and a well-known company is critical to make your car safer.
- Avoid unnecessary vehicle modifications –
People frequently modify the appearance and engine of their cars to make them more sporty, elegant or suited to their tastes. However, these changes often increase your car insurance premium. Your car insurance premium is determined by how dangerous the insurer believes the modifications are. That is why it is ideal to avoid making any unnecessary changes.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## 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.