You might have wondered of cracking the best car insurance deal ever, but never known how? You can yet drive down your car insurance premiums by following these simple secrets.
A recent survey shows that 80% of the Indian population fail to shop for a good deal for their car insurance. They, unfortunately, spend a lot of bucks, and miss out on the innovative hacks to get a good car insurance deal.
Car insurance costs have steadily risen over the years now. You need to determine whether the deal offers a considerable benefit to you.
You need to keep a simple funda about car insurance coverage. Its presence would reimburse the damages or the total cost of your car due to an accident.
Here are the 7 top secrets to make your choose the most profitable car insurance ever.
Be smart enough to choose your insurance
You need to analyze your personal needs like any other financial product. The same hack applies to car insurance. Along with it comes your budget, driving history too. So understand the amenities and your coverage need. You can then customize your car insurance plan accordingly.
Is your focus mainly at seeking cheap car insurance? But, did you weigh your options and made sure that choosing the cheapest option would not affect the coverage you are getting? 24*7 customer service should also be one of your primary requisites. You should choose a company that offers premiums at affordable rates along with a rewarding customer service. An optimum coverage should be on your checklist too.
DO NOT make CHEAP car insurance your only motive
Making cheap car insurance your perpetual savior is a common mistake that most of the people do. You might have to burn more holes in your pocket, at the price of being under insured.
A perfect balance between your budget and your coverage needs is what you should be looking for. This would help you to strike the top most deal while buying a car insurance policy.
Check the financial status of the insurance company
Make a list of different insurance companies offering car insurance. Explore these companies. Investigate the financial standing, customer service and claim settlement ratios of these companies. You can then finalize on the top most one.
Claim settlement ratio is nothing but the capability of an insurance company to pay off your claims. Higher the claim settlement ratio, higher is the chance of your claim getting paid off smoothly.
Keep an eye on the deductibles
Remember, lower the deductibles, higher would be the policy cost. So, play smart while you compare major companies. Pick-up the one with a decent deductible. Simply because, opting for a higher deductible is not the right choice, for the sake of saving money on the premium.
It is important to know that choosing a higher deductible would mean inviting unwanted expenses at the time of claim.
Consult an insurance agent or a broker
Many people don’t understand the difference between an insurance agent and a broker. For them, both are financial advisors who help them get an insurance policy.
Well, that’s not the case! Insurance agents can sell insurance only for one company. Wherein, insurance brokers deal with many companies at a time. Thus, they give you a variety of companies to short list as per your choice with the best rates.
Opting for a broker sounds perfectly good if you a busy person always tied-up with a tight schedule. You can then opt for a broker at the ease and convenience for a quote comparison.
Opt for add-ons as per your need onlyCar insurance add-ons add value to your car. But, some may feel it’s a waste of money! No, not at all. Because, if your car actually needs it, then it acts only as a savior. But, buying all the possible add-ons doesn’t make sense. You need to make a smart move and pick and choose only those as per your requirement. Zero Depreciation, No Claim Bonus protector, engine protector, etc. prove to be beneficial in a long run.
Check for discounts
What? You haven’t claimed car insurance in any year?
That’s a good news. The insurance company would reward you with a No claim bonus every year, ranging from 20% to 50% for 5 good years! Now, that’s what you call a steal deal. So, be a good driver to grab this opportunity year on year and avoid making silly claims.
There are some more discounts that you avail to trim your car insurance premium. If you install ARAI approved anti-theft devices, you can avail a 2.5% discount on your own damage premium.
You can also earn a discount if you are a member of any recognized automobile association of India.