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Top 5 Way to Get the Cheapest Car Insurance

A few years ago, buying a car was one of the significant events in the life of any individuals. But with rising income for middle class and easy credit available across all sections of society, buying a car is like buying any other thing from the supermarket. But the fact that nobody wants to overpay especially when it comes to insurance remains the same in both the times. Beyond the cost of maintenance, servicing and other expenses, the cost of the car insurance bothers the most. So, one can opt for the best possible way mentioned below to get the cheapest car insurance.

Compare premium and purchase policy online

When it comes to getting the cheap car insurance, you have the best option to compare with the proficient and reliable web aggregators like Policybazaar and Probus Insurance. The only way to ensure that you are getting the best deal is to shop around for rates instead of trusting the vehicle dealer for the insurance he advices to you buy while purchasing the vehicle. However, one should also look that the insurers are not blindfolding you with the premium amounts without including GST. In such case, you can completely rely on a company like Probus Insurance, where they keep themselves as an open book for their end customers by displaying the right amount inclusive of GST.

Look out for No Claim Bonus (NCB)

The No Claim Bonus add-on is an optional add-on that can be attached to your car insurance policywhich will protect the no claim bonus up to a certain limit. With the help of NCB add-on, you can go on to claim your NCB discount of your accumulated percentage slab even if you have made a claim. This add-on covers a pre-defined number of claims that can be made by owner of the car without affecting the NCB at all.

Check for discounts or schemes

Car insurance companies always come with discounts and new schemes including price breaking for their valuable customers. Don’t be swayed with the long list of possible discounts, you can compare with multiple car insurance online for the best and lowest premiums.

Renew Policy before it lapses

One might be in the misconception that if the policy has lapsed and premium is not paid on time then it can be renewed at any point of time. But the fact is if the policy is not paid on time, the NCB would be fortified and even the policyholder would not get the perks of a discount and will have to pay higher premiums next time he /she buy the policy. Furthermore, the policyholder is subjected to high risk arising out of the accident.

State the right Insured Declared Value (IDV)

Insured Declared Value is the maximum sum assured which is fixed by the insurer and is given in case of theft or total loss of the vehicle. It is always advisable to declare the right IDV which will ensure that they get the right amount when the claim arises. People often declare lower IDV just to reduce the premiums. However, such an approach would lead to a higher loss in an unfortunate event of claims or theft of the vehicle.

A few years ago, buying a car was one of the significant events in the life of any individuals. But with rising income for middle class and easy credit available across all sections of society, buying a car is like buying any other thing from the supermarket. But the fact that nobody wants to overpay especially when it comes to insurance remains the same in both the times. Beyond the cost of maintenance, servicing and other expenses, the cost of the car insurance bothers the most. So, one can opt for the best possible way mentioned below to get the cheapest car insurance.

Compare premium and purchase policy online

When it comes to getting the cheap car insurance, you have the best option to compare with the proficient and reliable web aggregators like Policybazaar and Probus Insurance. The only way to ensure that you are getting the best deal is to shop around for rates instead of trusting the vehicle dealer for the insurance he advices to you buy while purchasing the vehicle. However, one should also look that the insurers are not blindfolding you with the premium amounts without including GST. In such case, you can completely rely on a company like Probus Insurance, where they keep themselves as an open book for their end customers by displaying the right amount inclusive of GST.

Look out for No Claim Bonus (NCB)

The No Claim Bonus add-on is an optional add-on that can be attached to your car insurance policy which will protect the no claim bonus up to a certain limit. With the help of NCB add-on, you can go on to claim your NCB discount of your accumulated percentage slab even if you have made a claim. This add-on covers a pre-defined number of claims that can be made by owner of the car without affecting the NCB at all.

Check for discounts or schemes

Car insurance companies always come with discounts and new schemes including price breaking for their valuable customers. Don’t be swayed with the long list of possible discounts, you can compare with multiple car insurance online for the best and lowest premiums.

Renew Policy before it lapses

One might be in the misconception that if the policy has lapsed and premium is not paid on time then it can be renewed at any point of time. But the fact is if the policy is not paid on time, the NCB would be fortified and even the policyholder would not get the perks of a discount and will have to pay higher premiums next time he /she buy the policy. Furthermore, the policyholder is subjected to high risk arising out of the accident.

State the right Insured Declared Value (IDV)

Insured Declared Value is the maximum sum assured which is fixed by the insurer and is given in case of theft or total loss of the vehicle. It is always advisable to declare the right IDV which will ensure that they get the right amount when the claim arises. People often declare lower IDV just to reduce the premiums. However, such an approach would lead to a higher loss in an unfortunate event of claims or theft of the vehicle.

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