Want to Save Money on Your Car Insurance coverage? Here’s How You Can Do It

Car Insurance coverage

The pandemic has kept employees at home, working remotely from their private spaces. Along with the perks that come with the situation, there has been either a rise in expenditure or a reduction in disposable income.

But the bills require judicious management and cost control is a crucial need of the hour. The car insurance rates have shown a 17% rise in May according to a Forbes report.

And when you are not driving to the office every day, or finding it difficult to make ends meet, why not strategically reduce your car insurance cost? You can save on your car insurance premiums by taking a few steps on your own.

Ways to Reduce your Insurance Cost

Now that you have been working from home, it’s the perfect time to get your vehicle insurance premium reduced.

  • Update your Annual Driving Mileage

Car insurance premiums are affected by annual driving mileage. It is advisable to inform your insurer about your updated annual mileage which would help you to reduce the premium of your car insurance online.

This would significantly reduce your car insurance costs, especially if you have been in a work-from-home setup.

●  Ask Company for Discounts

Inquiring with your insurer about the discounts and rebates available to you under the policy and getting them into implementation will help you to reach a low premium.

Check if your company has multiple-car discounts, multiple policy discounts, payment-option discounts and other forms of rebates which are often available under special circumstances in the policy.

  • Cut down optional coverage:

There might be optional coverage included in your premium amount. Though it is always advisable to have a comprehensive car policy, if you do not want to continue with it, it is a better idea to opt-out of the collision coverage included in your car policy.

Often updates are made to the policy providing additional perks like cash backs. Check on those and opt-out if you find them not adding much value in your case. This often results in low insurance premiums.

  • Choose the right insurance provider

There are many companies available to provide vehicle insurance online. But not every policy is the same.

You can check information of car insurance companies online on various platforms and compare what each company provides to select the best one as per your needs.

Other ways to reduce car insurance premium:

  • Pay attention to the car you drive: The make and model of the car play a key role in deciding the premium amount.

    If your car is well protected with an anti-theft system, it will get you a lower premium. If you use a second-hand car or are planning to buy one, it shall further reduce your cost.
  • Safe and responsible driving: Lesser the less damage caused to the car, the better it is for you to get a reasonable premium.

    Your driving history is taken into account by the company while providing the policy. Your history on the road, number of Challans etc play an important role.
  • Comparing various coverage: As discussed before, not one size fits all in the case of insurance online.

    When trying to get car insurance, it is important to conduct thorough research and compare the plans available online. Ensure to opt for the policy with the lowest premium rates.

Ensure to secure the right car insurance policy

Here is a list of the best companies to buy car insurance online:

CompaniesIncurred Claim (2018-19)
Bajaj Allianz 65.86%
Bharti axa 65.83%
Cholamandalam82.95%
Digit 74.82%
Edelweiss116.31%

Make the most of your car insurance:

Motor insurance for the most part is often not thought of after investment for most people. It is like any other insurance requires thorough study and information on how companies work.

Hence, it is important to educate yourself before making a long-term investment in your car. The right coverage is the one that fulfils the best of your needs at the lowest possible rate and does not involve something that you don’t need.

It’s important to choose the right car policy, a good insurance company and also great customer service to make the process of ‘buying car insurance online’  smooth for you.

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