Numerous insurance products are marketed with the best rates tag, but it is rare to find a genuine one. Moreover, they charge heavy advertisement cost. On your quest for finding best vehicle insurance in India, beware of such lofty promises. Make sure you do your part of research before deciding on your service provider.Ways for Finding the Best Rates
Although all of the ways to buy vehicle insurance do not guarantee the best rates, still you can choose any of the following ways depending on your convenience:1.Shopping from a Branch/Agents
When looking to buy vehicle insurance from a branch or through an agent, make an informed decision to get a good deal. You can consider the following steps for this purpose:
i.Know about different branches offering good services in your area.
ii.For this purpose, you can take advice from your relatives, friends and colleagues.
iii.Explain your requirements properly to the branch official or agent who is attending you.
iv.Make sure the attendant have understood them.
v.When you are explained about the product, pay attention to details to understand the product features.
vi.Special emphasis should be given on terms and conditions.
vii.Get quote for the product which fulfills most of your requirements.2.Buying from a Broker
Purchasing insurance from a broker can help you get the best rates available in the market. This is because of the following reasons:
i.A broker has exhaustive knowledge about all the vehicle insurance products available in the market.
ii.The advice given by a broker is likely to be genuine since he will not be biased for commission.
iii.A broker can help you understand the technicalities related to the vehicle insurance claims and premium.
iv.Pay high attention to the details while understanding the terms and conditions of the recommended vehicle insurance policy.3.Online Shopping
An easy escape can be online shopping that will enable you to get the best rates on vehicle insurance:
i.Study your vehicle well and know your requirements.
ii.Study various products available in the market.
iii.Shortlist all those products which match your requirements and have high customer satisfaction ratio.
iv.Get quote for multiple products.
v.Enter valid and accurate information.
vi.Choose the one which offers maximum benefits at cheapest rates.Things to Consider
You can choose any method, there are several points which can help you get a reduced premium. These are:i.Vehicle Value:
A vehicle which costs high will require more Coverage
than the one which costs less. Also, the one having high resale value will have low premiums than others.ii.Safety:
Safety accessories help in reducing Risk
of accidents. Therefore, amount of Premium
gets reduced with the increasing number of safety accessories. iii.Driver’s Experience:
The insurance premium for an experienced driver is lower than that for the inexperienced one since the former driver is less prone to accidents than the latter. iv.High mileage and less usage:
Vehicles having high mileage enable you to get a low insurance rate. Again, those with less annual usage also cost less on insurance premium.v.Credit Score:
The credit history of the buyer is always looked for when you buy vehicle insurance
. If you can manage to get high credit scores, you are likely to get cheap vehicle insurance.vi.Deductibles:
Deductibles is the amount that is borne by the Policyholder
in case of any loss or damage to the vehicle. This amount is not paid by the company. Hence, higher the deductible, lower will be the premium.