Owning a car has several advantages, yet these advantages would add a certain amount of costs to your monthly budget. Since you have decided to own a car and clearly weighed your cost and benefits, there is not much reason to worry. However, you must ensure to get an adequate car insurance cover for your car. The many additional features of a car insurance plan may make your car insurance policy costly. To keep the car insurance premium costs on the lower side you may decide to take up only third party car insurance.
Third party car insurance online plans are now being offered by the top car insurance companies like Oriental car insurance. Third party car insurance online plans have made it easy for car owners to purchase the mandatory third party liability cover instantly. In India driving a motor vehicle without a third party liability cover is against the regulations and car owners should not make any delay to get their vehicles covered atleast for third party insurance.
At the same time ,it is important to consider that only a third party liability car insurance policy does not provide you withadequate car insurance cover. If your accident policy does not cover the (owner) driver, you will require personal accident cover as well. Apart from this, your car will also need to be insured against damage and theft. All these covers and the third party liability cover as well, can be availed by purchasing a complete car insurance policy plan. Read on to know how to keep your comprehensive car insurance policy costs on the lower side.
Renew your car insurance
Whether it is third party car insurance online plan or a comprehensive car insurance online plan, you can always renew your car insurance through the secure portal. Top insurance plans like Oriental car insurance offer discounts on subsequent renewals and no claim bonus years which can be up to 50%. Oriental car insurance plans also have provisions for free transfers of car insurance policy and no claim bonuses from existing plans into new Oriental car insurance plans.
Go for a long tenure
Car insurance policies are short term policies ranging from one to two or three years. Oriental car insurance plans offer discounts on long term policies. If you are planning to purchase a third party car insurance online plan or a complete car insurance online plan from Oriental’s car insurance product offers then you can save significantly on car insurance premiums by getting yourself a long term car insurance policy plan. Shriram car insurance plans offer third party car insurance online plans as well as comprehensive car insurance online plans.
Leave out the accessories
Car owners who opt for a complete car insurance plan can save on premium costs by sticking to basics. A comprehensive car insurance plan can include accessory covers like cover for tyres, battery, audio system, air conditioner and other accessories. Each accessory cover cost adds on step by step to the total car insurance cost. By clicking out the accessory covers, car owners can save much on the car insurance premiums.
Install security systems
Top ranking car insurance plans like Shriram car insurance plans offer discounts for security systems installation in the car. Car owners who have security systems in their cars should mention the security features of their cars while filling the online car insurance application forms, or while getting car insurance quotes, and avail sizable reductions on premium amounts.
State your membership
Several car insurance products including Shriram car insurance plans offer discounts if car owners have a membership with certain organizations like police or security force, retired defense club, and certain women oriented groups among others. Car owners can avail attractive discounts on car insurance premiums by clearly stating their memberships.
State the correct IDV
IDV is the initial declared value of your car. The car insurance premium cost is calculated on the basis of car IDV. A high IDV value is associated with higher premium costs. IDV may be thought of as the amount to totally replace the car. New cars have high IDV value but low depreciation. As the car ages the insurance premium goes up due to depreciation. However, the cost of replacing an old car is much less than the cost of replacing a new one. Car owners can revise the IDV values to a lower amount at the time of car insurance policy renewals and save substantially on premium costs.
Buy your car insurance online
Most car insurance plans including Shriram car insurance products offer attractive discounts for online purchases and renewals of car insurance policies. Log on to the secure car insurance aggregator portal to swiftly compare and purchase Shriram car insurance plan that is apt for you and save majorly on premium amounts.