10 Tips To Reduce Your Car Insurance Premium From Insurance Companies In India

Things You Need to Know Before Buying Car,House, Health & Life Insurance online.

Insurance Buying Tips #1: Shop smart
When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.
Insurance Buying Tips #2: Look for discounts
Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.
Insurance Buying Tips #3: Fill in the gaps
An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.

Car insurance is a vital addition to your car and protects it in times of need. However, as the cost of the car goes up, so does the cost of your insurance plan from car insurance companies in India. Many people complain about the high cost of car insurance premium. Even though it largely depends on the IDV of you car, there are a few tips and tricks which you can use to save the extra bucks.

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Insurance Buying Tips #4: Purchase life insurance—you aren’t too young
Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.
Insurance Buying Tips #5: Talk to an independent agent
An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.
Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living
You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.
  • Reduce The number of Luxury gadgets : With every extra item you add to your car, the cost of insurance goes up as well. There are a couple of luxury and extra items which when added, can shoot up the insurance costs. Some of these are night vision, ultrasound sensors. etc.
  • Avoid Insurance for Personal Belongings : If you like to spend on your car, as you drive for long distances in it, then it is great. However, if you show all your personal items to amp up the looks and usability of your car, then you can do with not claiming or adding them to your insurance list. For instance, stereo systems, car locks, monitors on the back seats, etc.
  • Restrict average age of drivers: Young drivers are notorious for rash driving and overall increases the overall expenses of the insurers. Hence the insurance of young drivers is usually higher than that of middle aged person with a good driving history. When adding nominees to your car insurance, you can restrict the number of younger drivers or not add them if possible.
  • Equip car with anti theft and safety devices: The safer the your car, the lower your insurance premium. When buying a car, make sure that it has theft proof and accident proof features. Some examples are air bags, burglar alarms, automated locks etc.
  • Compare insurance plans online for discounts: You may be surprised to find that a good well compared policy can help you save quite a bit on premiums. Online aggregators like Turtlemint.com, list plans from all the major insurers in India. Find the car insurance plans from the best insurance companies in India for your needs becomes easy on the website. You can also avail the discounts offered by the online websites.
  • Avoid Lapse of Policy: If your insurance history shows multiple lapses in policy renewal, then it may not look good to the insurer. It is important that you renew insurance policy and pay your premium regularly in a timely manner.
  • Transfer No Claim Bonus: If you have been a good driver and have accumulated a decent amount of NCB over the years, it is important to reap the benefits. When you buy a new car, make sure that you transfer your old NCB. As NCB depends on the owner and not the car.
  • Avoid Small amount claims: If you have a small damage, then it is wise to pay it off that claim it. If your claim is less than the NCB you will accumulate if you don't take the claim, then it makes sense to take care of it on your own.
  • Choose your Add Ons well: There are a couple add-ons which you can get with your insurance policy. For example, Engine Protect, Zero Dep, Roadside Assistance, etc. It is important to understand what these add-ons mean and whether they will be helpful for you depending on the situation you drive in regularly.
  • Drive Safe: More accidents: This is the best case scenario for your safety and your insurance premiums. Insurance premiums are lower and NCB accumulation is higher for those with good driving records and no claim history.
  • So make sure you keep these tips in mind when you buy car insurance or renew car insurance online the next time. Get the best car insurance plan from the top insurance companies in India for you and your needs.

    Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover
    Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.
    Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier
    here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.
    Insurance Buying Tips #9: Review your insurance needs on a yearly basis
    As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.
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