Under Motor Vehicles Act 1961, car insurance is mandatory for every car that runs on the road in India. As per the law at least there is third party insurance. If the driver fails to do so, he can be imposed penalty for the same. In addition to this taking motor insurance plan helps you in getting rid of the financial liability that arises due to accident causing injury or damage to the third party.
But the question is there are lots of car insurance deals available in the market so how to choose which is the best car insurance deal for you. Do you already have purchased the car insurance for yourself? Well, need not to worry as you can use the tips given below to get discount on premium or at the time of Car Insurance policy renewal.
Tips to Get Best Car Insurance Deal
Make selection of Insurance Plan smartly
Buying car insurance plan is similar to managing your personal finances as it affects your monthly budget. It is very important to analyze what you want from your Car insurance policy. According to it choose your plan. Here you have to choose whether you want a complete coverage of your vehicle or a cheap car insurance policy.
Analyze all the car insurance coverage plans and see in which plan you are getting all the options that you want in your motor insurance policy. Compare insurance plans of various insurance companies in order to get the best car insurance deal.
Do not look only ‘cheap premium’ while making comparison
Most of the people believed that the best car insurance plan is one in which the premium is low. However this approach is completely wrong. Because of this thinking, most people ignore those car insurance policy which provides comprehensive coverage and select the plan in which they have to pay low premium. In order to get the best deal in car insurance, it is very important that there should be balance between your insurance needs and the coverage that car insurance plan is offering.
Do research over Insurer’s market reputation
Before taking the final step of purchasing the car insurance policy, it is very important that you made a thorough research about the various General Insurance companies available in the market. Do not forget to look into the claim settlement ratio, financial status, etc.
Never Ignore Deductibles
There is an inverse relationship between the deductibles and the premium. The higher the deductibles, the lesser the amount of premium that you have to pay. So if you choose less deductibles, this means that the premium will be high on your car insurance plan.
However, if you are thinking of taking insurance policy with higher deductibles just to save your premium, then think again. As at the time making claim in the future, you have to pay from your own pocket.
Do visit an Insurance agent
Most of the people think that Insurance broker and Insurance agent are the same person. An insurance agent is a employee of a Insurance company and belongs to a particular insurance company. On the other hand, insurance broker does not belong to any insurance company. He sells insurance of multiple companies. So if your want to get the best car insurance deal for yourself, go for insurance broker. As he is having insurance coverage of multiple companies which offers you with multiple choices.
We really hope that with the help of the about tips, you would be able to get the best car insurance deal for you. The most important tip is don’t do blind selection of car insurance policy just because your friend has also bought it. Think smartly and choose the best for you.