Who Provides Car Insurance at a Reasonable Price in India?

When Krishnamurthy planned to get a new insurance policy for his car, he was not sure of choosing a suitable insurance policy. On the advice of his coworkers, he looked online and found that some insurance companies had plans for car insurance at very reasonable price. So, he analysed different insurance plans and bought the one that helped him save money.
 

Even though buying reasonable car insurance cuts costs, it's a good idea to talk to an insurance expert to discuss the pitfalls.
 

What are the pitfalls when you buy affordable car insurance?

Krishnamurthy was getting a lot of advice when he started driving. Similarly, he should be careful and watch out for keen details when he wants to purchase a car insurance
 

Here are some typical tips you should watch out for while purchasing affordable car insurance policy.

Insufficient Coverage

Purchasing an affordable Online Car Insurance Policy might appear to be a good idea at first and this is something that many posts on the internet agree with. However, in the long run, it will only increase your expenses.
 

If an individual buys affordable car insurance, they won't get the protection their car needs. Realising this when they file a claim is too late and they will have to pay for the damages themselves.
 

Not enough covers to add on

Even though a reasonable Car Insurance Policy could cover your car for the basics, it won't be sufficient for any add-on covers. These extra covers are helpful when you require roadside assistance and a nil depreciation advantage.
 

Add-ons like engine coverage, Protection for "No Claim Bonus" (NCB) and motor protection can give your car comprehensive coverage.
 

Customer service and process for making claims

It's important that your insurance company's process of settling a claim should be quick, smooth and easy. After all, that's why you buy car insurance in the first place.
 

Want to Save on your Car Insurance Premium?

Imagine how simple life would be if we had a person to guide us through all of the challenges we face. The list we've put together below will help you understand the fundamentals of purchasing your car insurance at affordable premiums.
 

Be cautious while opting for add-ons

Purchasing essential add-on covers is good for your car’s additional safety. At the same time, it is always advisable to avoid unwanted add-ons, as it will increase your premium.
 

Don't make small claims

It's important to avoid making small claims on car insurance. This will help an individual keep their NCB and save on premiums when they renew their policy.
 

In some cases, like when they need to fix a broken rear-view mirror, the cost of getting it fixed is minimal. In this case, it would be best to talk to a local mechanic instead of filing a claim to keep the NCB.
 

Keeping the NCB can cut the cost of own damage by up to 50%.
 

Install Safety Devices

Installing features like air bags, anti-theft alarms and steering wheel locks not only protects your car from theft and other accidents, but they also show that you are a responsible owner who takes care of your car.
 

By installing these devices in the car, you can save on your insurance premiums.
 

Things to know about Car Modification

Changes like alloy wheels and spoilers can make your car look better, but they can also make your insurance premium go up.
 

Installing devices like automotive night vision and ultrasonic sensors can easily raise your car insurance premium by a few thousand rupees.
 

This is because it's expensive to replace these kinds of gadgets if something goes wrong. Since the insurance company is taking on more risk, the premium goes up.
 

It's advisable to let your insurer know about any of these changes or installations so that your claim doesn't get invalid.
 

Also Read: Do Car Modifications Affect My Insurance Premium?
 

Choosing a deductible

Deductible is the amount you have to pay out of your own pocket before our policy benefits kick in.

Choosing a high voluntary deductible is not a smart option. So, it's best to choose an amount that you can pay during a claim without much trouble.
 

The bottom line

Your car insurance policy must pass through all these certain standards to avoid any surprises during a claim. Vehicle owners who want to buy pocket-friendly car insurance can compare quotes online to find the best deal.
 

You don’t have to worry a lot. The team at Shriram General Insurance helps customers buy a good insurance plan that fits their needs and protects them well from possible risks like third-party liability and much more.
 

Key Highlights

• Even though buying affordable car insurance cuts costs, it's a good idea to talk to an insurance expert to discuss the pitfalls.
• If an individual buys affordable car insurance, they won't get the protection their car needs. Realizing this when they file a claim is too late and they will have to pay for the damages themselves.
• It's important that your insurance company is there for you 24/7. The process of settling a claim should be quick, smooth, and easy.

 

FAQ’s

1. Which is the most affordable insurance for cars in India?

You can get the best coverage for reasonable premium with Shriram Car Insurance. You can also take advantage of our car insurance's hassle-free cashless claim service.
 

2. Are older cars more affordable to insure?

The value of your car will go down as it gets older and more used. Each time you renew your online car insurance, the premium will go down. This is on top of any No-Claim Bonus or other factors that influence the price of the policy.
 

3. Can I transfer my car insurance to another car?

Transferring car insurance coverage requires an endorsement of the purchased policy, by submitting an application, together with the appropriate documentation and a transfer fee, to the respective insurance provider.