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Tips to Get Lower Car Insurance Premium

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Published on February 20, 2019. EST READ TIME: 3 MIN

Car insurance is a safeguarding shield that keeps you safe in case of accidental damages and other perils. In India, third party liability only policy is a mandate which helps in tackling the legal liabilities arising due to death, disability and injury caused to third party person or damage caused to third party property.

Third party liability premium is usually low as it offers the mandatory coverage and does not offer a wide cover for your own vehicle. Similarly, buying a comprehensive car insurance would cover both own vehicle damage and third party liability as well. Though comprehensive cover premium would be on a higher side as compared to the third party liability, it’s advisable to opt for the former as it gives you an all-round coverage against a wide range of risks such as accidental damage, natural calamities or malicious act of terrorism.

While buying an insurance policy for your car, premium should not be the only factor to consider, you have to look at the other aspects as well such as:

• Claim settlement ratio

• Coverage and benefits

• Customer support

• Cashless garage network

If you overlook the above aspects, and buy an insurance policy keeping the premium amount in mind there are high chances that you might end up buying a policy with lower coverage, proving of no use when you need it the most. As said popularly, it’s better to be safe than sorry, never choose lower car insurance premiums before policy buying but also look at the wider perspective to ensure a total cover, even if it comes at a little higher price.

How to get lower car insurance premiums?

Let’s understand and deeply analyse how we can lower car insurance premium payment by smart means, so that your coverage remains unaffected and you win a lower premium policy too.

Long term policies

• If you choose to buy long term policies for your car, you won’t have to bear with increase in annual increase in TP premium in subsequent years.

• NCB discount remains protected for multiple years irrespective of claims taken in the policy tenure.

• Savings in the form of discount for long term policy

• No hassle of yearly renewal, lesser chances of break in ( renewal post expiry)

• No inspection for a long term

Comparing Online

You can always compare car insurance quotes online to see which insurance company is offering wider coverage at what premium quotes. Comparing wide range of car insurance policies online always helps in making an informed buying decision. So, never forget to compare car insurance policies before buying one for your beloved vehicle. Before buying a car insurance always check the policy coverage, which is excluding base policy. One should not get lured just by lower premium rates. You must also check the service differentiators like cashless facility, instant policy issuance and customer reviews.

Transferring old car insurance to new car to get NCB benefit

In case you are planning to buy a new vehicle always transfer your No claim bonus discount to your new vehicle’s insurance policy, this will help you reduce the premium amount payment. Similarly, if you are transferring your vehicle from one state to another, and the premium amount for your new state remains the same carry forward your NCB bonus for lesser premium quote.

Drive Safe

Always drive safe complying the traffic rules. Driving safe would keep untoward incidents at bay and zero claims can give you No claim discount benefit on timely basis. At the time of renewals, if your vehicle has a lot of scratches or damages then you have to shed higher premium amount, hence drive safely.

This blog has been written by

Mukesh Kumar| Motor Insurance Expert |36+ years of experience in insurance industry

A veteran in the insurance industry, Mukesh Kumar has the expertise of handling various functions like Business Development, Underwriting, Claims, Human Resources, Quality Management and Marketing. With rich knowledge of the industry, he loves to share his views on topics of insurance sector and takes special interest in educating people on advantages of having insurance.

Mr. Mukesh Kumar recommends "getting your two wheeler insured from HDFC ERGO, a brand serving more than 1 crore+ customers. With overnight repair services and more than 7,600+ network garages, you can be assured of help in event of any damage to your vehicle".

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