Articles

3 Ways to Save Money When Buying Vehicle Insurance

by Jessica Kappor Project Manager

A lot of people are in love with the vehicles they have bought, be it a two-wheeler bike or a car. They maintain their vehicles well, and do all that is possible to avoid damages. If you are one of them, you must have also bought vehicle insurance for the vehicles you own. It is actually mandatory to buy vehicle insurance, especially third party liability insurance in India which saves you from the damage caused to the other party in a possible accident. But you do want to get insurance cover for your own vehicle too to protect it against theft and possible damages, don’t you?

Other than the class of people understanding the importance of buying two wheeler insurance and car insurance online, there are also those who love to break rules. They do not want to buy insurance as they consider it as an extra expense. But they do not want to understand how an insurance cover can help them avoid financial burden in case of any road accident or vehicle theft. If you are one of them, you need to change your mind-set by knowing the benefits of buying car and bike insurance.

Want to know how to save money while buying vehicle insurance? Here are three ways with which you can save money and get comprehensive vehicle insurance cover too:

1. Compare Insurance Policies

You will never get to know if the cost of buying a vehicle insurance policy is high unless you know about the premiums of similar policies offered by other insurance providers. So, it becomes highly important that you compare the available insurance policies offered by different insurance service providers. Now, this comparison should be made in terms of overall insurance premium amount and added benefits of available insurance policies. You also need to know what makes up the cost of vehicle insurance as it will help you in making the right choice of an insurance policy.

2. Avoid Paying for Optional Covers, if Not Needed

Complete vehicle insurance premium is the sum of basic features covered by the insurance service provider, plus optional covers and add-ons. You might have heard about insurance agents suggesting to add optional covers while selling insurance policies as well. These optional covers and benefits increase the premium amount. But you need to know well about the condition and requirement of your vehicle while paying for such add-ons. Even a vanilla car insurance policy with lower premium can give you the financial protection you seek. To be on the safe side while getting your vehicle insured, it is best to adapt to the modern way of buying two wheeler insurance and car insurance online.  

3. Look for No Claim Bonus, if Available When Renewing Policy

Just like a new policy purchase, insurance policy renewal is important, and you can save money while renewing your older car and bike insurance policies. Some insurance providers also give discounts at the time of motor insurance renewal if there are no accidental claims made by you during the tenure of the policy. If you are a safe driver or rider doing all you can to prevent road accidents, these insurance renewal discounts are more like a reward for you. So, you need to look for No Claim Bonus or NCBs while buying or renewing two wheeler insurance and car insurance online.

About Jessica Kappor Advanced   Project Manager

70 connections, 0 recommendations, 176 honor points.
Joined APSense since, January 27th, 2014, From Gurgaon, India.

Created on Mar 5th 2018 07:08. Viewed 87 times.

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