Many people end their year with a bang by purchasing a car during Christmas. If you got a car, you also need car insurance. When you buy car insurance online this Christmas, you should find a plan that’s well-suited to your needs. Make sure to capitalize on some Christmas offers. You need to shop smartly and buy car insurance online at the best possible price without compromising on the features of the policy. Take a look at this article to know how you can save money when you buy or renew your car insurance policy this Christmas.
Tips to save money on car insurance
Listed below are the most effective ways in which you can save money on your car insurance.
- Do some homework: Buying car insurance isn’t really rocket science but it has its own tricks and loops. You therefore need to do some homework and understand how car insurance works. For example, you must note that purchasing third-party car insurance is mandatory and its cost doesn’t differ much from insurer to insurer. Once you are familiar with the workings of motor insurance, you can find a cheap plan that caters to your requirements.
- Compare: The easiest way to save money on your car insurance plan is to compare. Only after you compare do you find plans that are affordable and purposeful.
- Choose the correct type of policy: Car insurance is available in two forms – comprehensive car insurance and third-party car insurance. Understand how each form works and then choose wisely as per your needs. This way, you will end up saving a lot of money by skipping unwanted covers.
- Use your NCB: This is applicable mainly when you renew a car insurance plan. If you just had a claim free-year, make sure you claim your No Claim Bonus (NCB) in the new policy period. You will get a discount on your car insurance premium on renewal.
- Select your deductible properly: When you buy a new car insurance plan, choose your voluntary deductible carefully. If you are confident of your own driving skills, you can opt for a higher deductible amount. This will lower your premium and push up your savings. However, this will also reduce your claim amount relatively.
- Check for the accurate IDV calculations: Every vehicle depreciates with age. The value of the car drops consequently and so does the cost of the insurance cover. Make sure the Insured Declared Value (IDV) of your vehicle is calculated properly. If the IDV is not calculated properly, you will unnecessarily end up spending more on your car insurance.
- Right plan for the right car: A high-end model would call for a higher insurance coverage. When you buy a new car insurance plan, make sure you get the right cover as per your car’s model. Assess your insurance requirement as per the car’s model and usage.
- Buy the riders you need: Riders are add-on covers that come at an added cost. They are handy, but choose your riders carefully. Buy only the ones you really need as that will help you to keep your car insurance costs in check.
- Install anti-theft devices: Your insurance provider might reward you for being careful. Therefore, installing certified safety gadgets in your car can reduce car insurance cost.
- Flaunt your automobile association membership: Are you a member of a registered automobile association in India? If yes, then inform your insurer about it. You might get a discount on your car insurance policy.
In a nutshell
Choosing a comprehensive car insurance policy is beneficial as it includes the mandatory Third-party car insurance cover as well as provides extensive coverage. Keep all the tips and guidelines mentioned above in mind and you will surely find a great car insurance policy for your beloved vehicle.