8 Smart Ways to Save Some Money on Car Insurance
Mumbai, August 18, 2021
Whether you already own a car or are planning to buy one, you will have to select the right insurance policy to protect yourself against potential road accidents. Paying a certain amount every month/year can be challenging for many, but it is one expense car owners wouldn’t want to avoid. If you’re planning to buy car insurance online, you can save the smart way by adopting the following practices:
1. Compare Insurance from Different insurance providers
Before you finalize any policy, you should compare car insurance policies from at least three insurance companies. Different insurers have different coverage, terms, and conditions. The more you research, the better are the chances of finding cost-effective insurance that provides enhanced protection. While comparing the policies, also consider the riders you would want to include in your policy and then compare the overall price. It will give you a true and reliable picture of the pricing, and you’ll be able to pick the best from the lot.
2. Analyze Your Deductibles
Higher deductibles translate to lower premiums and vice-versa. Most people keep their deductibles lower because they want to keep their out-of-expenses minimal during any accident. If you are a great driver with an impressive driving record, you may want to increase the deductibles, as it is a reasonably easy way to reduce the premium. For more details, it is best to have a detailed discussion with your insurance agent.
3. Don’t Enable Auto-Payment for Insurance Premium
Setting up auto-payment can be convenient for many, but enabling this feature can cost you more in the long run. Irrespective of the policy you’ve taken, it is wise to review its terms and conditions annually, as they may be subject to changes. You can compare your current policy with others in the market for price, coverage, etc., and switch to better cost-effective options during this period.
4. Consider Insurance Costs Before Buying a Vehicle
If you’ve saved for a long time to buy your dream car, it’s time you also include car insurance to the vehicle cost. No car owner can ever ignore car insurance, and planning for it from the beginning can help him pick the most cost-effective policy in the market. Example: If you are planning to buy a used car in Mumbai via a certified platform, you should pay special attention to the car’s specifications, model, price, etc., as these things significantly influence the insurance premium. If you buy a car after taking everything into account, it can help you reduce the premium amount to some extent.
5. Install Safety Features in Your Vehicle
Another great way to minimize your car insurance premium is by equipping your car with the best safety system. As loss due to theft is covered in an insurance policy, the premium rate remains high. But if you install a robust car safety system that prevents or at least reduces the chances of car theft, you can ask for great discounts from the insurer.
6. Talk to Insurance Agent About Other Discounts
You can only get exclusive discount details from an insurance agent who has long been associated with an insurance company. The best way to maximize savings and secure a value deal is by asking the insurance agent about available discounts. When you buy car insurance from well-known platforms or offline, there are many factors that need to be considered and discussed. Before your insurance agent arrives, make sure you have a document ready with all the positive points that you can talk about to convince the agent for some discounts.
7. Buy Insurance Online to Save Money: Buying insurance online is more convenient as you can compare insurance plans from different companies. Comparatively the premium charged will be lower compared to the offline plan. It will have a higher transparency because one can check all the terms and conditions on the website before buying a policy.
This also involves less paperwork & the renewal car insurance policy online will be simpler. All you need to do is just log in to your account and enter the policy details to renew. Hence, another smart way of saving money is to buy car insurance online.
8. Reduce Coverage on Older Car
If your car’s current worth is less than ten times the insurance premium you’re paying, it’s best to get rid of the collision/comprehensive coverage. It will save you money that can be used on better resources, like hiring the best car accident lawyer when the need arises.
Whether you own a non-luxury car or a luxury car, the rules for having car insurance are the same for all. You cannot drive your way through without getting good car insurance registered. While this expense cannot be avoided, you can certainly save money if you follow the tips discussed above. If you don’t just compare car insurance policies and always look for newer ways to save money, you will never face problems with any insurance.
(Disclaimer: This is branded content. Readers are advised to exercise due diligence and discretion before entering into any correspondence, investment, purchase, business dealings or any other decision on the basis of this content.)