Insider Tips to Save Money on Car Insurance
5 min read 29 Mar 2023, 03:12 PM ISTLearn insider tips from industry experts on how to save money on car insurance. Reduce your premiums & keep more money in your pocket. Continue reading to learn more
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How To Save Money On Car Insurance: Insider Tips From Industry Experts
If you are a car owner, it is mandatory to have a car insurance policy, and it is crucial you invest in it. Car insurance prices differ from one person to another due to various factors, including the state you live in, the car you own (yes, it has a role to play in the price of your car insurance plan!), and more.
An insurance policy is always going to work in your favour as it provides you with financial assistance in case your vehicle is involved in an accident or incurs damage or loss due to any other natural or manmade calamities. Depending on the scope of your car insurance plan, you will be covered completely for the damages incurred by the vehicle in the event of an accident or loss.
Different types of car insurance policies offer different coverages. For example, third-party coverage, which is mandatory to buy at the time of the car’s purchase, will give you assistance for any third-party damages. Own damage insurance plan will cover your medical as well as damages to the car. Comprehensive car insurance, on the other hand, will provide you with coverage for both your own damage as well third-party damages.
Different plans come at different costs. In this blog, we will discuss how to save money on car insurance. But before that, let us briefly take a look at how car insurance works. Read on!
How Does Car Insurance Work?
You should invest in buying car insurance so that you do not suffer from any financial loss in case your car is involved in an accident. While it is mandatory for you to buy a third-party insurance policy while purchasing the car, it is usually recommended that you buy a comprehensive insurance plan or any other add-on insurance policy that will cover for you and not just the third party.
Here is how car insurance works - approach an insurance company to enquire about the different policies they offer. Usually, when you buy insurance, you will have to pay an amount known as the premium. The insurance company will assign an insurance agent for you who will take you through the different policies available to you.
Today, with digitisation in place, there is no need for an agent to assist you in zeroing in on a policy. Information is vast online and the content is easily understandable. In addition to this, insurance companies have also digitised the process of buying and renewing insurance, making it even easier to buy insurance. Everything can be done online and this makes the process faster than ever before. Once the premium is paid, there will be a waiting period before you can make a claim.
In case your vehicle is involved in an accident, you need to intimate your insurance company immediately, file an FIR with the police, report the incident at your local Regional Transport Office, and file for the claim at the insurance company with all the necessary documents.
In the next section, let us look at how to save money on car insurance! Keep reading!
How Can You Save Money On Car Insurance?
Buying a car is a heavy investment in itself and insurance can sometimes add to it. While insurance is not cheap, it is completely worth spending on and there are ways in which you can save money.
1. Compare policy prices
Premium rates for car insurance usually differ from one company to another and for this reason, you should go around shopping for car insurance policies. Visit different insurance companies, and get their quotes for comparison. Evaluate the premium price and the benefits each company is offering before you zero in on a policy.
2. Compare policy features
Get quotes for the same type of policy from different insurance companies and check what they are offering along with each policy. Companies may offer a few add-ons free of cost, while some may offer slashed prices and discounts on premiums. Ensure you do your research well before going on to buy a policy.
3. Focus on the no-claim bonus
This is a reward you can avail yourself if you have not made any claim for a whole year. Insurance companies offer up to 50% off on renewal premiums as a no-claim bonus. Check different insurance companies that offer the no-claim bonus and go for the one that will provide you with the best no-claim deal without compromising on other benefits. This is an excellent way you can save up on your insurance cost. As you clock in more years with no claim, the lower premium.
4. Buy insurance bundles
This is another cost-effective way to buy an insurance policy. For this, ensure you choose the right insurance company. When you buy more than just one insurance policy from an insurance company, they are more likely to give them as an insurance bundle, with an attractive discount. This will help you bring down the insurance cost drastically.
5. Increase the deductible
A deductible in car insurance is the amount you will be paying toward the damages incurred before the insurance company settles the rest. The higher the deductible, the lower the premium rates. However, you must ensure that you do not raise your deductible to the extent that you are unable to afford it.
These are a few ways you can save money on your car insurance policy. If you are looking to buy car insurance, look no further than Chola MS. We are one of the best in the insurance field, offering a wide range of insurance policies, including motor, health, travel, and housing. If you want to buy insurance for your four-wheeler, the Chola MS car insurance is your best bet.
We are partnered with some of the best garages across the country and offer premiums at competitive rates for the Chola MS car insurance, with a very minimal waiting period. We also offer a variety of policies for your car and we focus on providing you with the best customer assistance.
For more details about the Chola MS car insurance, get in touch with us through our website.
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