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    • Why are you paying a higher car insurance premium than your friend

       

      Satish bought a car six months ago. Recently, he met a friend for coffee. Their conversation driftedtowards their respective car insurance plans.Satish was shocked to discover that his friend was paying a much cheaper premium than he was. His friend had researched well on the various car insurance plans on offer. He had also augmentedthe cover by buying add-ons. Satish just went by the insurance agent’s suggestion. That mistake was costing him dear.

       

      The Motor Vehicle Act 1988 makes buying car insurance mandatory. But you must check everything before zeroing in on the right insurance policy. There are two types of car insurance. A comprehensive cover is a great buffer if your car has an accident. But that is not all. You have to insure your caragainst many kinds of disasters.These may be manmade,like riots, vandalism, and theft.These can also be natural,like floods, earthquakes, and cyclones. Freak accidents like bird or animal hits, falling trees, and car windscreen damagealso have to be covered.Third-party insurancetakes care of any legal liability arising from damage caused by your car. These include injury, death, and damage to third-party property.

       

      But how should you bring down your premium? Here is how to do so:

    • Voluntary deductible:

      In the case of the ‘voluntary deductible’, you and the insurer share the repair expenses. In other words, you pay up to a decided amount and rest is taken care by the insurer. If you choose a higher value for the voluntary deductible, you bring down the premium. But make an informed choice.Choose only what you can meet without any stress.

    • No Claim Bonus

      Suppose you have not filed any claim for your car during the policy period.You are then eligible for a no-claim bonus. This will reduce the car premium. So try not to make claims for small damages that you can get fixed on your own.

    • Security features

      Add-on covers and security features are your best bet to bring down the car premium. If you install an anti-theft alarm, immobilisers, and other systems, your premium will go down. However, this depends on the type of car.Many other useful covers, like an engine protector, also affect the premium. For instance, a hydrostatic lock cover takes care of any damage to your car in waterlogged areas.

    • Compare products

      You want the best for yourself and your car. So, go to an online aggregator and compare all the available car policies. Compare their premiums, drawbacks, advantages, and the operating procedures on the offers.You will then know what suits you the best. A low premium does not mean cheap service. Choose wisely. 

    • Renew on time

      An early bird gets the worm in the insurance world too.Renew your car insurance before it lapses. It saves you the hassle of getting your car inspected all over again. Even better, you dodge the sword of higher prices!





    So, remember to do somehomework to select the ‘right policy’.Figure out what would suit you in the long run and save yourselfa lot of trouble in future.

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