Do you find it challenging to find the right car insurance policy every year? Finding the most profitable car policy is a daunting task. Don’t worry, we have got all your requirements covered! Here are the simplest ways to save thousands on your car’s insurance policy.
1. Compare policies
You will find multiple insurance policy providers online, such as Bajaj Allianz, Bharti AXA, Cholamandalam MS, HDFC ERGO, IFFCO Tokio, National Insurance Company (NIC), and many more. Check the premium charges, coverage, additional benefits offered, and other attributes to determine which policy offers you the best benefits.
2. Re-evaluate policy features
As a layman, you might not understand all terms and conditions under the car insurance policy. So do not rush with your decision. Take enough time to re-evaluate each policy feature and confirm if the terms match your expectations. You can remove the policy add-ons, including sealant cover, rust protection, etc. It will reduce the premium charges while keeping the policy features limited to what you want.
3. Utilise your no-claim bonus
If you didn’t claim the insurance on your previous policy, you could avail “No Claim Bonus” in the new policy. You can expect a discount of up to 50 per cent from the care insurer on your policy premium value. The no claim bonus discount rate might vary from one insurance company to another, depending on how old your car is and the previous policy terms.
4. Increase policy deductibles
You can reduce your car policy premiums by keeping the deductibles high. For example, if your claim is of 10k with a deductible value of 3k, the insurance company will pay the rest of the 7k. A high deductible value reduces the premium charged on the policy.
In conclusion
Keep your premium affordable for a long time with a good car insurance policy. Utilise the policy features efficiently to reduce your liability with an insurance cover. Before you finalise an insurance plan, consider the above pointers to help you save on your premium bills.