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How to Save Money While Buying Car Insurance

How to save money while buying car insurance?

Having a reliable car insurance policy is both prudent and smart. However, there is no denying the fact that it adds to the overall expense of owning & driving a car. The good news is that the premium rates for the car insurance might vary based on a series of factors –thus, you can go for choosing the most effective car insurance policy based on your personal needs and budget.

As per the Motor Vehicles Act 1988 by the Indian Government, it is mandatory for you to buy a car insurance policy for your vehicle to ensure its overall security from any man-made as well as natural disasters. If you have recently bought your car and need a car insurance policy for your vehicle, then here are some tips that can help you save money on the same:

  • Compare the Insurance Policies Online: With the advent of the Internet technology, you are given the ease of searching almost anything without any hassle. When you wish to compare the insurance policies, you can do a car insurance online comparison to get the best results of the most effective policies available in the market. Most of the motor car insurance companies have their respective sites wherein you can look into the benefits offered by the same. You must always use the different car insurance quotes offered by the different companies at the time of buying or renewing the insurance policy.
  • Be Aware of the Required Documents: While buying or renewing your four-wheeler insurance policy, you might need certain documents in your support. Do not forget to read the given “terms & conditions” of the given car insurance policy. By doing so, you can be aware of all the possible hidden clauses and become familiar with them at the same time. This knowledge will prevent you from landing in problems in the future.
  • Get NCB (No Claim Bonus): NCB (No Claim Bonus) is a specialized discount that is offered on the car insurance premium by the particular car insurance company to the respective car owner. This is done when the car owner has made no claims during the policy period of the motor car insurance plan. When you are eligible for NCB (No Claim Bonus), then you must make a claim during the policy period of the car insurance to avail its benefits. By doing so, you can reduce the overall premium rates significantly through the succeeding years.
  • Demand High Deductibles: It is a popular belief that in the four-wheeler insurance scenario, higher deductibles reflect lower premium rates. When you are paying higher deductibles, during the car insurance policy claim, you can save on a substantial amount of money on the overall premium.
  • Maintain a Good Credit History: By building up a strong credit history, you can avail several benefits of a reliable car insurance policy for your vehicle. Moreover, it can also lead to a reduction in the overall insurance costs. There are several car insurance companies that take into consideration the credit history of the car owner before presenting lucrative insurance plans to him or her.  It is advised to maintain a record of your individual score on a regular basis while maintaining a good one.
  • Seek Additional Discounts: There are several types of additional discounts and add-on covers that car insurers usually offer to the policyholders. . You may ask the insurance company to brief you on the same before taking the final call.

Make sure you buy the best car insurance policy for yourself!

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Disclaimer : The information published on this website is for the public's reference only. Content of this information is to provide an overview of your Travel needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel, services, or any other items mentioned on this subject for any purpose whatsoever.

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