Purchasing car insurance is one of the most expensive insurance that a individual would like to buy. It is very important to buy right coverage for your car insurance. With the increase in time the cost of purchasing car insurance become expensive in-comparison to the coverage for a new car. So here are some important tips to buy cheap car insurance policy.
10 Tips To Buy Cheap Car Insurance Policy
1. Compare Car Insurance Quotes
You must carefully compare your car insurance quotes before buying them. As if you will compare the quotes of different policies then you will be able to save maximum on your car insurance.
2. Compare Different Policies
You must also compare other elements like price of the policy and features offered by the different policies. As different policies offer different price, features and premium so you must carefully compare.
3. Carefully Analyse
- Voluntary Excess – Taking an example in case of the accident suppose you opt to pay Rs 10,000. Now this amount can be easily removed from your premium. But the real problem that are coming up these days is that the agents might do this on your behalf but without informing you. So must check this out.
- IDV – IDV stands for Insured Declared Value. It refers to the maximum amount of money that you will receive in case of any loss. However in order to reduce your premium amount your insurance agent might even reduce your IDV amount.
- No Claim Bonus – You must insure that you right no claim bonus. In case if you take more bonus then you have entitled for then your claims if any then will not be processed.
Also Read >>> 5 Car Insurance Claims Queries that Requires your honest answer
4. Cashless
If you see cashless feature in any of the car insurance policy then you must not get excited by this. As there are several companies which offer cashless settlement feature as they have several partners in almost every city.
5. You must be honest in the declarations made by you in the proposal form. As if you will be honest then it will ensure that you receive all your genuine claims.
6. Your Cover Note:
Well this is only valid for first 60 days as after 60 days you will receive your final car insurance policy. If in case you have not received your documents then you have not been insured. So make sure that you receive your insurance policy documents.
7. Buy Insurance From Insurance Broker:
When ever you go for buying car insurance then you must always buy it from an insurance broker. You can cross check the insurance broker licence number and cross check that with the IRDA website. The insurance brokers receive certain amount from the company irrespective of the policies they sell. So the insurance brokers are not biased to any of the insurance company. While the insurance agents will sell insurance of a particular company only. So the insurance agents can be biased and will push that company’s policy only.
8. Mis-Information:
Well their are lots of mis-information going on in the market about the car insurance you can easily get them cross checked from various authentic websites just like ours www.cashstock.in
9. Additional Coverage
You can even take additional insurance coverage for other passengers and drive. With this additional coverage feature you can insure other people travelling in the car.
10. Follow Driving Rules:
You should always follow driving rules and never drink and drive. You should always drive your car within the speed limit as this will initially reduce your premium while taking cheap car insurance policy.
Also Read >>> How To Save Money at the time of Car Insurance Policy Renewal
