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Get Car Insurance in India at affordable premiums

by SSrajdeep
car insurance

Do you want to buy affordable vehicle insurance in India? The first thing you should know when buying insurance is that the amount of car insurance premium you pay is determined by various factors. Secondly, there are several valuable tips that you can adopt when searching for affordable vehicle insurance premiums. Also, you can calculate your likely car insurance premium with an online premium calculator. 

This post reveals factors that can significantly influence your premium amount. We also provide tips on finding comparably cheaper premiums and what is needed to calculate your Car Insurance premium online.

 

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1 Factors that can influence the value of your car insurance premium

Factors that can influence the value of your car insurance premium 

Some of the key factors that can greatly determine how much premium you pay when purchasing vehicle insurance include:

#1. Car type and available features: The type of vehicle you drive affects your premium price. Regular vehicles have an affordable insurance premium. However, luxurious cars almost always attract high premium payments because of the high cost of repair and replacement and the scarcity of car parts. 
#2. Age of vehicle: Insurers will always consider the age of your vehicle in determining the amount of premium you are expected to pay. You may consider buying a comprehensive car insurance plan if you want wider coverage for your brand new car. 
#3. Purpose of vehicle use: If you intend to use your car for a commercial purpose, you are likely to pay a higher premium than someone using the same vehicle brand, make and model for private use. Note that if you misinform your insurer of the actual purpose of your car use, you could be denied future claims on your Car insurance. 
#4. Your driving record: In determining the premium for vehicle insurance, an insurer would also consider your driving record. If you have a relatively clean driving record devoid of traffic violations, accidents, and tickets, you will likely get affordable premium pricing from insurance companies. 

However, suppose you have a record of accidents, incurring traffic tickets, DUIs, and other traffic infractions. In that case, your insurer might require you to pay a high premium in either purchasing a new insurance policy or renewing an old one.

#5. Deductibles: When redeeming a claim, you must pay deductibles. You can know the amount of deductible you will be expected to pay when you read through the insurance policy of your insurer. You can lower your vehicle insurance premium by paying a higher rate for deductibles which is the cost due to you during a claim. 

 

Add-on benefits can increase the price of car insurance premium  

It is also worth noting that add-ons like emergency roadside assistance or zero depreciation cover would cause an increase in the price of your vehicle insurance premium. You can request these add-on benefits before you buy any insurance policy, such as Acko car insurance renewal, or at the point of purchasing a new insurance plan for your car.

 

Tips for finding affordable car insurance premiums

Some useful tips for finding low car insurance premium prices include:

  • Get as many vehicle insurance quotes from as many insurers as possible.
  • Always compare the insurance coverage features and premium prices offered by different insurance companies.
  • Find out the IDV on offer, which is the optimal amount of money due to you in the event of a complete loss of the vehicle. Some insurers lower the IDV to reduce the premium price.
  • Consider the no-claims bonus offered by insurance companies. Note that you may be unable to file a claim for minor repairs if the no-claim bonus mentioned by the provider is high.
  • Buy your car insurance directly from an insurance broker rather than an insurance agent. The former sells policies of numerous insurance companies, while the latter only sells policies of one insurer. You will get the chance to compare policies when buying policies from a broker.

 

Finding low premium prices with an online car insurance premium calculator

You can find cheap premium pricing by using an online insurance premium calculator. However, to get the right premium price, you will need to submit some vital information such as:

  • Car details- Make, model, fuel type, and year of manufacture. 
  • Show-room price of your car.
  • Name of the city where your car was registered.
  • Year of purchase of your car.
  • Claim history stating if you have filed a claim on your car insurance in the previous year.

 

In conclusion

As you can see, you can find affordable vehicle insurance premium pricing in India. However, you should know that the premium you pay is greatly influenced by the value of your vehicle, your purpose of using the car, the type of policy you purchase, the inclusion of add-on benefits, and so on. Make sure to stick with the tips highlighted in this post and not misinform your insurer with false information, as this can lead to your claim being denied. 

 

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