Tips to Avail Discounts on Car Insurance

We all love to hear the word “discount” while shopping and we easily get attracted to that label. Did you know that car insurance policies also have discounts? The citizens of our country cannot drive without insurance and must at least have third-party insurance. It is a fact that everything is very expensive in today’s world, including insurance. Here are a few tips to reduce car insurance rates:

Set the Right IDV

IDV stands for Insured Declared Value, which is the basic value which the insurance company will promise to pay while buying comprehensive insurance. It is the current market value of the car and it is important to set the correct IDV as it will, in turn, affect the insurance premium and claim amount. Remember that a high IDV will demand a high premium rate and a low IDV lower the claim amount

Voluntary Excess

It is a deductible amount that, as the name suggests, the insured volunteers to pay at the time a claim is made. This means that when a claim is made, the insured would have to pay the amount that is promised. If one is a decent driver they can choose a higher Voluntary Excess to get a higher discount on the car insurance premium

Compare and Buy Car Insurance

One advantage of buying insurance online is that there are various options that one can choose from. If one really wants the best discount on their insurance policies, they must compare all the available insurance policies online and choose what is best for them

Install Anti-Theft Device

Insurance companies give a discount for those who have anti-theft devices installed in their cars as it shows that the car owners are cautious. Thus, an anti-theft device is not only good for protecting the car but is also good for protecting the wallet!

Join an Automobile Association

One must consider joining an Automobile Association like, Automotive Research Association of India (ARAI), Automobile Association of Southern India (AASI), to get a discount on Car Insurance

Make Use of No Claim Bonus Benefit

When a claim is not raised during policy tenure, the insured is eligible for a discount at the time of policy renewal. If a claim isn’t raised in five years, one can avail of up to 50% discount on insurance premium rates. Check with your insurance provider and make use of NCB when a claim is not made

Buy the Right Insurance Policy

There are several types of car insurance policies available like Third-Party Insurance, Comprehensive Insurance, Own Damage Insurance, and so on. It is important to understand one’s needs before buying an insurance policy and this will help avoid any unnecessary expenditures

Choosing the right insurance policy is crucial since that will determine the amount we will avail and at the same time, the premium must also be affordable. Thus, it is important to take time out to choose an affordable and efficient policy that will benefit us. Check with various insurance policies before settling with one policy. To know more about car insurance policies, click here!