When the time comes to purchase or renew vehicle insurance, people often struggle to choose between affordable car insurance and a policy that offers higher coverage. The good news is, you don’t always have to make a difficult choice. Here’s a look at some easy ways to lower your car insurance premium while still enjoying the best possible coverage!
Explore All Your Options
Every year, start your car insurance renewal process by browsing through the plans offered by various insurance providers. Other insurers might offer higher coverage at the same premium. Or, they might provide similar coverage at a better price. If the cost difference is significant, you can switch your vehicle insurance to another provider. While evaluating your options, ensure you check the IDV offered by each insurer. Some car insurance companies may quote a lower IDV to make your premiums more affordable.
Choose Your Add-ons Wisely
Most people today opt for comprehensive policies instead of third-party liability only ones. If you have chosen the former, you can purchase add-ons with your policy. You need to pick your add-ons wisely since they come at an added cost. The more add-ons you get with your vehicle insurance policy, the higher your premium. New cars benefit more from the zero-depreciation add-on than older ones. So, if your vehicle is over four years old, you can give the add-on a miss.
Get Anti-Theft Devices
Before you decide to purchase or renew your vehicle insurance policy, you should install anti-theft devices on your vehicle. These devices deter thieves from attempting to rob your car, making your vehicle less risky for your insurer. With verified anti-theft devices, you can enjoy a lower premium while still getting the cover you need for your car.
A car is a personal purchase. You may want to modify your vehicle to reflect your personality and style. But, modifications can increase your overall insurance cost. The more you enhance the car, the higher your premium. Whenever possible, avoid making modifications to your vehicle
Forget Small Claims
Once you have insurance, you may want to ask your insurer to cover all your repairs. But doing this does far more harm than good to your wallet. Once you file a claim, your premium for the next year increases. Additionally, you lose out on any No-Claim Bonus (NCB) that you collected over the previous years. For every subsequent year that you do not make a claim, your NCB could increase.
Purchasing vehicle insurance is mandatory in India, but you don’t have to break the bank. Use these tips to get the policy and coverage you need at a price that fits your wallet.