With thousands of vehicles running on the road every minute and unpredictable weather and road conditions all around the country, it is a wise thing to get car insurance as soon as you buy a car. However, four-wheeler insurance plans are quite expensive these days. The third-party car insurance might cost lower as it does not provide any coverage for the damages inflicted on the car of the owner. Getting a comprehensive motor insurance policy that includes a personal accident cover and coverage against a wide range of damages and theft usually comes with a high premium.
Here are a few ideas or tips you can use to reduce the cost of a car or four-wheeler insurance:
Comparing insurance plans
You should compare the price of the best car insurance policies that are available online by checking their official websites. Or else, you can visit the website of an insurance aggregator such as Bajaj Finserv to compare several motor insurance policies at once. By doing so, you will get to know which insurance policy provides the maximum features and benefits at the least possible price.
Avoid unnecessary claims
You don’t have to claim for coverage every time an accident occurs. This is because some damages might cost very less, and you will also waste the opportunity of getting an NCB. NCB (No Claim Bonus) is a benefit that you will get if you raise zero claims in a specific year. It includes benefits like a discount on the premium that will help you to reduce the cost of your car insurance.
Transferring NCB
Many people forget to transfer their NCB as they don’t know the NCB is not associated with the policy provider but is associated with the subscriber. Therefore, if you have transferred your insurance policy from one provider to another, you need not worry about NCB as you can still transfer it and get the insurance premium reduced.
Clean driving history
Individuals who have a clean driving history might get a discount on some of the car insurance policies. Also, if you install an anti-theft kit or device in your car then many policy providers will provide you with a special discount on the premium fee.
Renew policy on time
It is a must to renew a car policy on time as you might have to pay extra charges for getting the inspection and documentation done again in case your policy gets lapsed. Also, renewing the policy before it expires is a wise thing to do as it keeps your benefits such as NCB intact.
Don’t get additional cover unnecessarily
You can top-up your car insurance policy with many additional covers. For example, you can add zero depreciation car insurance cover to your existing insurance to avoid the loss due to the depreciating value of your vehicle. Similarly, there are other additional covers like roadside assistance cover, no bonus claim protection cover, etc.
You need not add all these additional covers as they will increase the cost of your premium. Therefore, it is a smart thing to be choosy while picking the additional coverage or benefits.
Also, if you are a professional driver, you might not need comprehensive car insurance. Therefore, you can avoid it and manage with a much affordable third party car insurance policy.
Discounts for WIAA or AAI members
If you are a member of AAI (Automobile Association of India) or WIAA (Western India Automobile Association), you will surely get a good discount on the premium. This is because the members of these associations are considered to be safe drivers.