A car insurance coverage is absolutely vital for any car owner. From compensating damage and/or loss to the insured car, to protecting the owner from legal ramifications, it serves a variety of helpful purposes. In accordance with a law passed by the government of India, Third Party Insurance (TPI) is mandatory for all vehicle owners.
The cost of car insurance policies
As with any insurance policy, an amount in form of insurance premium is required to be paid by the policy-holder to the insurance company at regular intervals in accordance with the policy terms and conditions. In case of car insurance, the amount is dependent on several factors dependent on the car –
1. The age of the car – How old is the car? When was it was registered?
2. Car usage - How much distance has the car travelled?
3. State of car registration – In which state was the car registered?
4. Extents of the insurance policy – What kind of damage will the insurance cover?
5. Driving history – Was the car involved in any instances of rash driving? Has the car suffered any accidental damage?
6. The Type of car – Is it a branded luxury car (the insurance is based on the value of the car)?
Minimizing the insurance policy cost
There a number of different ways through which one can acquire a more budget-friendly insurance cost benefit. Here are some of those options –
A. Compare different insurance policy quotes
The insurance buy can get detailed information related to the insurance pricing quotes, the benefits, and the extent of the coverage. Whether it is buying a car insurance online or offline buyers are recommended to go through them and compare them before making the purchase.
B. Having a reduced frequency of insurance policy claims
Provided that the insurance buyer has a lesser occurrence of making claims of the insurance policy, he or she will receive a pricing discount in accordance with the history of claims. This applies to all types of insurance policies, from motor insurance to health insurance, regardless of whether it was procured online or offline.
C. Buying multiple insurance policies from the same company
When opting for multiple insurance policies from the same insurance company, a discount is given to the buyer. From instance, the buyer may opt for car insurance and a health coverage insurance policy at the same time. This will ensure that he or she receives an insurance discount from the company.
The cost of car insurance policies
As with any insurance policy, an amount in form of insurance premium is required to be paid by the policy-holder to the insurance company at regular intervals in accordance with the policy terms and conditions. In case of car insurance, the amount is dependent on several factors dependent on the car –
1. The age of the car – How old is the car? When was it was registered?
2. Car usage - How much distance has the car travelled?
3. State of car registration – In which state was the car registered?
4. Extents of the insurance policy – What kind of damage will the insurance cover?
5. Driving history – Was the car involved in any instances of rash driving? Has the car suffered any accidental damage?
6. The Type of car – Is it a branded luxury car (the insurance is based on the value of the car)?
Minimizing the insurance policy cost
There a number of different ways through which one can acquire a more budget-friendly insurance cost benefit. Here are some of those options –
A. Compare different insurance policy quotes
The insurance buy can get detailed information related to the insurance pricing quotes, the benefits, and the extent of the coverage. Whether it is buying a car insurance online or offline buyers are recommended to go through them and compare them before making the purchase.
B. Having a reduced frequency of insurance policy claims
Provided that the insurance buyer has a lesser occurrence of making claims of the insurance policy, he or she will receive a pricing discount in accordance with the history of claims. This applies to all types of insurance policies, from motor insurance to health insurance, regardless of whether it was procured online or offline.
C. Buying multiple insurance policies from the same company
When opting for multiple insurance policies from the same insurance company, a discount is given to the buyer. From instance, the buyer may opt for car insurance and a health coverage insurance policy at the same time. This will ensure that he or she receives an insurance discount from the company.
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