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Road accidents are unforeseen. Therefore, buying a car insurance policy is crucial to protect yourself financially from mishaps. However, insurance premium rates are rising. So, read this blog as it highlights effective tips on how to reduce car insurance premium so that expensive premium rates don't deter you from buying an insurance plan for your car.
Here are 10 ways through which you can reduce the premium payable towards your car insurance policy:
All auto insurance policies offer financial protection for the vehicle of the insured. However, the degree of coverage may vary with policy. The amount of coverage an automobile insurance policy gives incredibly impacts its valuation. In the case of auto insurance, a cheaper premium typically translates to less coverage.
A cheap auto insurance policy may provide third-party insurance, the most basic type of coverage. Since third-party insurance only protects you against third-party liability, an accident resulting in loss or damage to your car could result in significant financial losses.
An automobile insurance policy combines essential protection and advantages provided by an insurance provider. In this regard, insurers' coverage benefits are decreased, which lowers the cost of auto insurance. Hence, a cheap policy might deprive you of getting essential benefits.
So, comparing different auto insurance plans and conducting a cost-benefit analysis is crucial. It will assist you in determining whether or not a cheap auto insurance plan comes at the expense of necessary advantages.
The higher deductibles that come with the cheapest auto insurance policies are an additional disadvantage. A deductible is a portion of the claim amount that the policyholder/car owner pays at the time of claim settlement, according to the uninitiated.
Your vehicle insurance provider will pay its portion of the claim amount after you have paid your deductible. The insurance will bear less of the cost of the claim the greater the deductible amount. So, if the deductibles are more significant, insurance firms provide automobile insurance plans with reduced costs.
The ability to submit claims without using cash is one of the best features of car insurance. A car owner can raise cashless claims to fix their four-wheeler at one of the insurer's network garages.
In this regard, you could only have the choice of reimbursement claims regarding inexpensive auto insurance coverage. However, if you choose an all-inclusive car insurance plan, there is a potential that you will need to pay for your vehicle's repairs out of pocket to make cashless claims.
Comprehensive coverage, broader perks, and effective customer service might be included in a reliable auto insurance plan. On the other hand, a cheaper auto insurance policy might only provide less protection, fewer extras, and average customer support. Also, the insurer might offer you only some of the essential services and can have a lax customer service system.
So, follow these effective tips on how to reduce car insurance premium. Besides, beware of falling into the trap of car insurance providers offering cheap or free insurance plans. Such free offers may be available for the first year of the policy term, and you cannot customise the same at your convenience. Finally, remember to read the policy document carefully before investing in any car insurance plan to avoid hassles in future.
You can avail of a discount of up to 50% on a car insurance premium. This discount may vary depending on the claim-free years.
You can avail of a discount of up to 50% on a car insurance premium. This discount may vary depending on the claim-free years.
If you drive occasionally or are confident in your driving skill, you can raise the voluntary deductible to lower the premium payment of your car insurance plan.
If you drive occasionally or are confident in your driving skill, you can raise the voluntary deductible to lower the premium payment of your car insurance plan.
Purchasing add-ons to your insurance plan can make your overall insurance a bit expensive but will provide you with extensive coverage.
Purchasing add-ons to your insurance plan can make your overall insurance a bit expensive but will provide you with extensive coverage.
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Author: Team Digit
Last updated: 02-04-2025
CIN: L66010PN2016PLC167410, IRDAI Reg. No. 158.
Go Digit General Insurance Limited | Corporate Office Address: Atlantis, 95, 4th B Cross Road, Koramangala Industrial Layout, 5th Block, Bengaluru 560095 | Registered Office Address: 1 to 6 floors, Ananta One (AR One), Pride Hotel Lane, Narveer Tanaji Wadi, Shivaji Nagar, Pune-411005, Maharashtra | Trade logo of Go Digit General Insurance Ltd. displayed above belongs to Go Digit lnfoworks Services Private Limited and is provided and used by Go Digit General Insurance Ltd. under license.