Motor insurance is mandatory in India and a minimum requirement of third party insurance cover. People looking to fulfill insurance clause are required to buy this form of insurance only. But before buying auto insurance policy, we must understand the needs and benefits of an insurance policy. While buying a new car we consider the price for it but we give just a remote consideration to the auto insurance price which plays vital role in any contingency.
Auto insurance policy must be bought keeping several things in mind like the coverage of the policy and how much are you paying for it. Car insurance premium depends on the car insurance coverage and they are positively correlated to each other. If you increase your car insurance coverage, your car insurance premium will also rise. But there are some ways to get maximum coverage yet paying less for them like buying car insurance online. Below are some of the factors helping an individual to buy maximum coverage with lesser costs:
* Channel of buying auto insurance: Car insurance online is the modern and emerging trending in the auto insurance industry. There are various insurance aggregators providing you an option to apply it online which is cheaper as compared to offline methods. You can end up buying more coverage online with similar amount of premium when you buy it offline. This is due to the fact that there is no involvement of the middlemen and reduction in documentation, every document can be submitted online. Moreover, auto insurance applied online is issued very quickly.
* Higher deductibles: Higher deductibles means you will pay more in case of damages due to an accident. An individual opting for higher deductibles will pay less towards the car insurance premium thus making it cheaper.
* No claim bonus: A no claim bonus is the reward you get for not making any claims throughout the year. This can help you take a substantial discount on your premium from the second year onwards or at the time of car insurance renewal. However, you lose this gain if you make a claim. So, avoid making small claims, especially when the amount is lower than your premium as it helps you lowering your car insurance premiums.
* Insured declared value: The insured declared value is the market value of your car which decides your car insurance premium. Higher the declared value, higher the premiums and vice-versa. Thus, an individual can save money if they declare a lower value for their car.
Get the best car insurance coverage from leading insurers in India. Compare free quotes and save money on car insurance premium though online. For more information visit: www.paisabazaar.com
Orignal From: Looking for lowest premium on Auto Insurance?
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