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How Can You Save on your General Insurance Premium?

Sumit Asrani Sumit Asrani 10 October 2017

A general insurance is all about the non-life insurance products like car, bike, health, travel, etc. All the general insurance products are short-term contracts between the insurance company and the policyholder, for which the policyholder pays premiums for the coverage offered. Read on to save on your general insurance premiums.

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Insurance domain is divided into two categories, life insurance and general insurance. Further, the general insurance category is sub-divided as motor insurance, health insurance, travel insurance, etc.

There are two common terms that you will come across when it comes to general insurance, sum insured and premiums. The sum insured is the coverage, the maximum amount an insurance company would offer you as a risk coverage. And the premium is the amount you pay to keep the policy in force.

If you are thinking either to insure your vehicle, getting a health insurance for yourself and your family, or buying a travel insurance for your planned trip, you would naturally wish to save money on premiums. Read further to know how you can save on general insurance premiums, either when you are buying for the first time or at the time of a renewal.

A quick guide on saving general insurance premiums

Here are a few points that can help you save big!

Go online and compare

Go online and compare different insurance policies offered by various insurers. Online comparison of insurance policies is the easiest and the best way to save money at the stage of buying and renewing of the insurance policy.

  • Motor insurance: Since it is mandatory to have a motor insurance as per the Motor Vehicles Act, 1988, spare some time, and compare car insurance policies or if you are interested in getting a cover for your two wheeler, compare two wheeler policies and save money on premiums.

  • Health: Whether you wish to buy a health insurance for yourself or your family, the right approach is to compare health insurance policies online. By comparing various health insurance policies side-by-side on the basis of inclusions and exclusions, you get an opportunity to select the right health insurance policy and save money too.

  • Travel: Are you traveling abroad or planning a family vacation? Then, travel insurance is what you need. Whether it's a single trip or multiyear trip in a year, compare travel policies to choose the right travel insurance policy.

Use Online Premium Calculator

Don't have any clue about how insurance works? Not sure how to save on premiums in the pursuit of buying the right type of insurance policy? Get some help, check out insurance calculators available online.

  • Motor insurance: We take pride in sharing knowledge and guiding you in saving money. Check out Coverfox's car insurance premium calculator and two-wheeler (bike insurance) premium calculator.

  • Health insurance: Check how much it will cost you to buy an individual policy and a family floater. Again, check how you can save money, get benefits of no claim bonus, or check if a super top plan is suitable for you, check full details on the health insurance premium calculator.

  • Travel insurance: Is a single trip policy right for you? Or do you need a multi trip one? Not sure about the ideal medical coverage you should opt? Know inclusions and exclusions, and how factors influence your insurance policy, check the travel premium calculator. Get all the facts straight and save big on your travel insurance policy, and use the savings to enjoy your trip.

Renew Policy on Time

If you already have a car, bike or health insurance policy, it's advisable to renew it on time. Any delay in paying of premiums may lead to the termination of the policy. And if not, you may end up paying a higher amount of premiums to keep the policy in force. Moreover, you may lose the No Claim Bonus benefit, a discount on bike and car's insurance premiums. While, in health insurance, a no claim bonus means an increase in the sum insured (coverage), a delay would lead to losing the benefit and also the termination of the policy. Do not delay. Renew it on time.

Talk to Experts

Short on time? Get in touch with Coverfox's team of insurance experts. We are always on your side. We are here to guide you all the way, right from comparing, choosing, and finding the right policy to claim settlement, while you keep safe your hard-earned money in your pocket. We understand your needs and are ready to guide our cost-savvy customers.

Save big on general insurance premiums by following the above mentioned quick tips. I hope it also serves you as a gentle reminder in case you have forgotten to renew your car, bike, travel or health insurance policy.

Stay covered, stay happy!

Sumit Asrani
Written by Sumit Asrani
He's a writer. His blood cells are woven with Hypergraphia, as he breathes in books, he exhales words and sneezes poetry. Captivated by the web-of-words he's trying to escape miraculously as a content writer at