Buying motor car insurance has become quite expensive over the years. But due to the law, it is must to have a motor insurance.Â Whether you are purchasing third party insurance or comprehensive, all the car insurance plan are expensive and results in taking out huge amount of cash from your pocket. So, you need to be very smart in order to get best car insurance deal. Today I am going to discuss with you few tips to get great deals on Motor Insurance in India.
I is quite confusing to select the best motor insurance deal for yourself. This article will put an end to all of your confusion. The tips given below will help you in grabbing the great deals on Motor Insurance. So, stay tuned with us.
10 Tips to get Great Deals on Motor Insurance in India
1. Shop Around
You can compare the policies online as number of quotes are available online. Compare policies and choose the best car insurance plan for yourself. But make sure that the comparison factor should not only be premium. Other factors such as claim ratio, claim settlement time etc should also be considered.
2. Look Out for the Riders and Benefits
If you add riders in your insurance policy, it increases the value of the coverage. Few riders are personal accident rider, roadside assistance, rental reimbursement, towing rider, zero depreciation cover and so on. These riders might sound small but when in trouble they act as a big savior.
3. Pay Attention to the Fine Print
There is a saying that read the fine print carefully. Because the fine print consists of detailed clauses which consists of claims, coverage, features of the policy. Therefore it is very crucial to make a very wise decision. If you have already purchased a policy and miss reading the fine print, read it again.
There is a 15 days free look period that is given along with the policy. Now in these 15 days you can carefully read the clause. In case you donât like the clause then you can even return the policy. The insurance company is liable to payback your premium amount.
4. Be Smart and Save Premium
In order to save your premium there are a number of measures which you can adopt. Like you may opt for voluntary deductible, by installing anti-theft software, raising deductible, decreasing the (IDV) Insured Declared Value and so on.
5. Merge your Plans
If you are the owner of the several cars, then in that case it is advisable to take insurance from one insurer. As with this you will not only get concession on the premium of your policy, but it will also make the paperwork easy for you.
6. No Claim Discount
If you have a claim free year then the insurance company will offer you bonus. This bonus can be used to minimize the amount of next premium.
Also Read>>>Â How To Get the Best Car Insurance Deal?
Â 7. Switch Your Insurer
Well, different companies offer different features, price and benefits on a motor insurance policy. When you wish to renew your policy that is actually the time to reassess your policy. If you find that some other company is offering you better deals on motor insurance then switch to other policy. That is what is called as switch your insurer.
8. Â Cash in Your Profession
It is very important to mention your profession while applying for a motor insurance policy. Since there are several professions which are offered discount on their premium. Some of those professions are chartered accountants and medical practitioners. So use this tip to get great deals on motor insurance policies.
9. Â Donât Weigh a Plan on Premium Alone
Several buyer often commit mistakes like while buying an insurance policy people just consider premium as the sole criteria. But let me tell you that while buying an insurance policy looking for cheap premium is not a good idea. In reality looking for a wider coverage is an advisable option.
10. Â Know the Exclusions
If the insured car or vehicle get damaged due to the fault of the driver. Like driver didnât possess driving license or was driving the car under the influence of the alcohol or drugs. In any of such case the insurance company is not liable to pay claims. So by knowing all such exclusions beforehand the claim settlement process can be eased out.