How to Get the Best Car Insurance at Affordable Premium

Buying a new car gives you excitement, but it also means great responsibility. You need to make sure you protect it from any future damages by investing in the best car insurance policy. Read further to know how to get one at an affordable premium rate.  

Over the years, the car insurance premium has become expensive, especially after the IRDAI (Insurance Regulatory and Development Authority of India) gave its nod to increase the third-party insurance premium. The insurance companies consider several factors to determine the premium, as an insurance buyer, you must be aware of these factors, as discussed below, to get the best car insurance at an affordable premium. 

1. Choose your car wisely

Getting the best car insurance at an affordable rate starts with the type of car you drive. Today, the insurance companies keep a close watch on the various car models and its claim record. Therefore, the insurers also decide the premium based on your car model’s claim history. For example, some high-speed car models are deemed to be risky because of their functionality and usage. In such cases, the insurer may not offer any discount on the premium.

2. Be a safe driver

Driving history is an essential factor that a few insurers may consider while determining the premium. So, if you have an account of getting involved in an accident or if you have filed multiple claims, the insurer may consider you a risky driver, and you may have to pay a high premium. But, if you have been a safe driver and have no claim record, you can use this to your advantage and negotiate with the insurer to get a discount on the premium.

3. Avoid the frills

Often, car owners tend to modify their cars like add a pair of new alloy wheels or install any fancy gadgets like night vision, speakers, etc. But, remember, modifying the vehicle and adding accessories are not only covered under the car insurance policy, but it also leads to a higher premium. Hence, if you wish to get the best car insurance policy at an affordable premium, you must avoid such modifications.

4. Focus on the safety

Not all modifications increase the premium. Installing safety features like airbags, anti-theft locks for steering wheels, and anti-theft alarms can fetch you a discount on the premium. Additionally, if you are associated with WIAA (Western India Automobile Association) or AAI (Automobile Association of India), you are eligible to get special discount on the car insurance premium. The Motor Vehicles Act empowers these associations, and the members of these associations are considered safe drivers.

5. Avoid making small claims

The core objective of getting a car insurance policy indeed is to save the expenses incurred on repairing the damages. But, making small claims can be detrimental in the long run. Even if you make a small claim, you lose the accrued NCB (No Claim Benefits). The NCB is the benefits bonus you accumulate over the years for not claiming in a policy year. The NCB can help you get a significant discount on the premium upon renewal of your best online car insurance policy. The discount can be up to 50%.

6. Loyalty can be rewarding

If you have purchased multiple insurance policies like health insurance, home insurance from the same insurance company, you can approach them for a car insurance policy, too. Generally, the insurance companies in India offer an attractive discount on the car insurance premium to their loyal customers. It is the easiest way to ensure security to your vehicle at an affordable premium.

7. Transfer your benefits

Another significant benefit of not making small claims is that you can transfer your accumulated bonus to a new car. Therefore, it is paramount that you retain your car insurance in your name even if you sell your old car and ask the insurance company to issue a no-claim certificate. If you are not buying a new car immediately, you can also reserve the bonus for later. Whenever you buy a new car, you need not look for the best car policy again; you can simply transfer the previously accumulated bonus, and get a discount on the premium for insuring your new car.

8. Renew on time

No matter, if you have the best car insurance, you must renew the policy on time before the expiry date to stay protected against damages and avoid losing the accrued benefits. When you buy your policy, keep a note of the expiry date, so that you can renew your policy without fail and avoid the risk of termination of your policy.

Thus, there is more than one way to get the best car insurance at an affordable premium. Make sure that you do your research well about the insurance company from where you want to purchase the policy. Know about their claim settlement ratio, the quality of services offered, the types of add-ons they offer, etc. This will help make an informed buying decision.

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