There are a few things that you can do in order to get cheap car insurance in India. One of the best ways to get cheap car insurance is to shop around and compare prices from different companies & even not purchase unnecessary add on covers. However, let’s look in detail and understand the top 8 ways to get cheap car insurance.
1. Do not purchase all the add-on covers
Each of your damages are not going to be paid under the base coverage of your policy. In such cases, add-on policies come to your rescue. However, they also increase your insurance premium. For example, a person shouldn’t purchase engine protection add-on if he or she doesn’t live in a waterlogging prone area. Likewise, there are other add-on covers which may not be necessary for you. You have to evaluate this and save yourself from buying these unnecessary add-ons, thereby saving you a lot of money.
2. Do not proceed with too many upgrades or modifications
If you install an electronic device or a CNG kit, it’s like an upgrade or a modification. You will have to let your insurance company know about these modifications. However, informing the car insurance company will also impact your premium by increasing it. On the other side, if you keep it hidden from your insurer, it will create claim rejection issues & increase your cost.
3. Evade minor claims
Many times, your vehicle may suffer smaller damages. These include small dents or scratches. You may get tempted to make a claim for such damages. However, it is advisable not to make a claim during such instances. The reason is that you may become ineligible for an NCB during your subsequent renewal.
4. Install anti theft machinery in your vehicle
By lowering the risk of theft for your vehicle, you can have a good chance to reduce the vehicle premium. You can install devices pertaining to anti theft like steering locks, alarms and even gear locks from manufacturers that are registered.
5. Increase your deductible
Deductible is a particular amount you have to pay out of your own pocket prior to the claim being covered by your insurance company. The rule of thumb is, higher the deductible, lower the premium. So choose a higher deductible, in order to cut down your car insurance premium.
6. Transferring of NCB for the new vehicle
You may have collected an enormous amount of no-claim bonus over the years. In case you are thinking of buying a new vehicle, you can have a chance to lower down your car insurance premium by making a transfer of the current NCB to the fresh vehicle insurance.
7. Consider Joining an auto association
Another simple trick through which you can avail a discount on your vehicle premium is by enrolling as a member of a reputed & registered body like AAI Automobile Association of India or WIAA.
8. Purchasing a cover online & paying your premium on a timely basis
Two of the simplest ways that lead to the reduction of your vehicle premium are; No.1 to compare & buy your car insurance from online resources and No.2 pay your insurance premium right on time. Not paying your premium on the right time will give an indication to the insurance company that you are posing a risk to them and thereby, the insurer may increase your premium.