It can be quite cumbersome to deal with car insurance. The different policies, premiums, add-ons, and whatnot are confusing for many. However, it is important to have one regardless, not just for the sake of security of your car and finances but also because it has been mandated by the Indian government.
The various elements of an insurance policy are necessary to review smartly to ensure that you don’t break your bank while paying for the premiums and keep your finances preserved in case your car needs damage repair. With the wide range of options available for these insurance covers, you need to find the best one which fits your requirements while complying with your budget. However, there are some ways in which you can save some bucks on your insurance, irrespective of which one you choose.
If you want to learn some hacks to save money while keeping your car well-protected with an insurance cover, you’ve landed in the right spot! Let’s check out some great tricks that will help you achieve it without any hassle!
Compare and Select
Before you crack open your wallet and buy car insurance
, take some time to browse through different insurance providers and check their policies. You can request a quote for your car online as well. The aim is to find the best insurance policy that complies with your requirements at the least cost. However, it is necessary to ensure that you don’t end up compromising on the safety and value for a lesser cost.
Check Your IDV
Insured Declared Value is the maximum amount that the insurer can pay in case of a theft or total loss of the vehicle. It is calculated using the current market value of your car and the depreciation factor. It varies according to the policy or norms of different insurers. Higher IDV leads to higher premiums. You need to select the right IDV for your insurance cover so that neither you end up paying exorbitant premiums, nor do you stand without a decent coverage in case of a total loss.
At some point, maybe you thought it would be a great idea to get an add-on but it does not pay off well for you and you only keep paying the premiums. Don’t let that happen to you. Review your add-on covers during renewal. Deduct what you don’t require and add what you do. You can save a lot on your premiums that way.
Adding extra protection to your car never hurts, and it is better if it saves extra bucks. Insurance companies offer discounts on vehicles installed with accredited anti-theft devices. This is because it minimizes the chances of theft, hence IDV claims are reduced.
If you renew your vehicle insurance policy
45 days before its expiry, you can be safe from any financial changes that might be implemented in the new financial year. This way, you might end up saving a lot on your premiums and keep your car well-protected at all times.
Everyone faces a tough time parting with their hard-earned money. It is always good to have a way to save some extra money while solving the purpose effectively. Follow these simple tips and keep your finances and car protected!