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Possessing a car gives you complete freedom to travel on roads according to your convenience. However, it needs to be covered with a mandated third party car insurance policy as per the Motor Tariff Act, 2002. There are different types of car insurance policies with various features. The quotes also differ based on vehicle insurance one purchases. To obtain the best yet cheapest car insurance policy, a car owner needs to do homework before the final purchase. The article will list and discuss some of the best tips to get car insurance at affordable rates in the year 2020.
Compare and select the right type of cover:
The cost of the insurance varies depending upon the features and functionalities of a car. Apart from this, the vehicle insurance can be broadly categorized in third party policy and comprehensive coverage. The third-party insurance policy only provides safeguards against third party accidents and damages. In comprehensive coverage, the car owner will get protection from third party damages along with other protection like theft, vandalism, natural disasters, etc. The comprehensive policy is more expensive than third party policy.
As a car insurance purchaser, you need to be rational while selecting between the two, which depends upon your requirements. Additionally, it is better to compare the rates of the different insurance company before you finally shop one. There are several players in the market, and online platforms offer the best tool to compare the rates to find the cheapest car insurance for you.
Look for a good deductible option:
A car insurance deductible is the total sum of money that has to be contributed towards the repair before your car insurance policy gives coverage for the rest. Generally, people prefer to increase the amount of deductible to save money. This is simply because opting for a greater value of car insurance deductible a policy owner can significantly lower the amount of premium. It is vital to comprehend the mechanism behind the working of deductibles and being aware of what amount you can afford. The ideal way is to have a perfect balance between both the deductibles and premium. This can be an effective solution to get an insurance policy at affordable rates.
Seek discounts benefits:
There are many times when car insurance companies provide deals and discounts to policy buyers. While shopping for a car insurance policy, you can look out for such lucrative deals and discounts. If you can find one cost of your car, the insurance policy will come down significantly. Another way to get discount is to register with notable automobile associations of India if you haven’t registered yourself then you can do this to get discounts in your car insurance discounts are also available when a car owner installs an anti-theft device. The insurers consider the car owners as prudent and award them discounts in their insurance premium. All these will help to get the cheapest car insurance policy through discounts.
Select a good car insurer:
A good car insurer will guide to purchase the ideal and cheapest car insurance policy based on your preference and requirements. The insurer will brief about all the features in the policy and the price structure. It will provide its policy buyers with an excellent customer care facility and help them in having a healthy claim settlement process.
Avoid over-insuring:
Add-ons are the extra coverage that offers sound financial coverage when a car suffers complete damage or loss. This typically gives enhanced protection over the primary insurance plan. A car owner should able to recognize the essentials and select the corresponding add-ons at the time of purchase of a car insurance policy. These affect both the car insurance policy and premium amount. Over-insuring the components of a car should be avoided to obtain a cheaper car insurance policy.
Downsize the car:
It is a convincing idea to get a car with the best features and functionalities. This also related to the performance of the vehicle on the road. However, at times some of the aspects can be fancy and have actually nothing to do with a car’s operation. Car buyers need to consider this matter and downsize on the lavish attributes. The higher price tag a car fetches, the cost of insuring the car becomes expensive eventually. If you want to have a tight budget in terms of car insurance, consider this part.
Pay your premiums annually:
Nowadays, many car insurance policyholders prefer to pay the premium amount in monthly instalments. This helps them to spread the cost of a premium over the time horizon. Though, many insurance companies offer discounts if you pay the premium annually. This is another way which will help in making your insurance policy cheaper.
Read the terms and conditions carefully and keep yourself updated with the necessary knowledge to get deals that will land you in purchasing the cheapest car insurance policy.
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