Car insurance, also known as auto or motor insurance protects you and your car from unforeseen incidents such as accidents, theft and other disasters by providing you financial protection. With a car insurance policy, you can also get protection for third parties such as your driver and your co-passengers, and their cars. A car insurance Policy is therefore a great boon and gives you the peace of mind to drive without anxiety, but with responsibility. Also, car insurance is mandatory by law in India.
With so many motor insurance companies in the market, you must be at a real loss to figure out which policy and Insurer to choose. You need an insurance policy that fulfills your requirements and is also cost effective. You must therefore ensure that you get the best insurance in the market at the most reasonable premium.
Factors That Determine Insurance Premium
You can always search for companies that give you cheap car insurance
along with adequate benefits. However, there are various factors that affect the premium. The Premium
is normally dependent on factors such as:
- The type of car and its cost like luxury car will have a higher premium than ordinary cars.
- Most companies give a discount if there are safety and security accessories in your car.
- Safe Driving- if you have been Accident free for a stipulated period of time, you get a discount in the premium.
- Insurance for loss of personal belongings and car locks, luxury gadgets like night vision equipment and ultrasound sensors etc. will increase your premium.
- The more the amount of voluntary excess you pay after an emergency will reduce your premium.
- A No Claims Bonus (NCB) will get you some discount.
How to Get a Good Insurance Policy
To get the cheapest auto insurance with the best coverage, you must do the following from your side:
- Get insurance quotes from various companies and compare them you must compare both the prices and the features
- Do online research and find various auto insurance rates and quotes Insurance portals like Easypolicy.com help you do this easily.
- You must also crosscheck the information provided by the insurer on websites like Easypolicy.com
- You must be truthful in all your declarations to avoid problems during the actual claim.
- Get all that is promised by the insurer in writing.
- Ensure that your Insurance Agent provides you first with the cover note. You then get the final policy document after 60 days.
- Find out which company has a cashless-settlement process tie-up with which garage in your city.
- Buy insurance from insurance brokers who unlike insurance agents don’t work for particular companies.
Above all, you must drive carefully and responsibly, with respect for your life as well as for others on the road. This is the best way to never have to use your insurance, or at least to bring down its usage.