10 Guidelines to save money on your Car Insurance

Car Insurance

Car insurance is a must have In India. The government has made it mandatory for all motor vehicles running on the roads to have a car insurance. If you are planning to buy a car, you cannot skip to buy car insurance. Choosing the best among them requires research and time. But, How to save money on car insurance, requires just following the below mentioned guidelines.

Car Insurance Tips

Telematics or Black box insurance

Determine your needs

Research and comparison

Checking Reviews and complaints

Checking Ratings

Checking for package Discounts

Checking for Festival discounts

Choose for Higher deductibles

Good CIBIL score

Good driving record

Telematics or Black box insurance

This is a new revolution in Car insurance which will give you several types of other benefits along with less premiums. As it’s new in a market, we’ll talk about it first.

Telematics is the type of insurance which will connect a GPS server with the car or with a mobile app in a car.

• This GPS will let the insurer to be known with the following facts:

• How long the driver has driven the car?

• How much is the average speed of the driver?

• Is he driving rash?

• On what kinds of roads, he usually drives?

• At what time of the day, he usually travels?

This information will help insurance company in fixing up the premiums according to the record

Determine your needs

One must determine his/her needs based upon the status of the car, he/she owns. If a person is having an old car, then, he/she may not go for high riders like collision cover or comprehensive cover. But if they possess a new car with high book value, they should opt for high riders like collision cover or comprehensive cover.

Research and comparison

As there are many players in the market who sells car insurance, one has to do research and comparison among them to check their offers, their premium rates, their popularity etc. to decide on the right option. This will give them an option to choose less premiums. You can compare them at www.bankbazaar.com.

Checking Reviews and complaints

There are many public open forums and blogs, where you can see people talking about their experience with particular type of insurance company providing their reviews and complaints, if any. They also share the suggestions about which company will provide better premium rates and other offers.

Checking Ratings

You can find on various websites, blogs and forums about the ratings given by customers on a Likert scale from 1 to 5, where 5 being the best and 1 being the worst or vice versa. Checking these ratings will save you ending up with high premiums

Checking for package Discounts

Some car insurance companies provides package discounts, for example: if you are keen to take a car insurance as well as a health insurance with the same company, they will give you good discounts on your premiums.

Checking for Festival discounts

India is a land of festivals. So, there are lots of running discounts on festival season. If you are planning to take a car insurance, try to take it on festival season as many car insurance providers gives you ample of discounts on the premium value

Choose for Higher deductibles

Deductibles is the amount which you have to spend from your pocket in case you claim for an insurance. Higher deductibles means lesser premium. But, choose the amount of deductibles carefully by assessing your pocket size, as this is the amount which the person himself/herself has to pay in case of any kind of repair.

Good CIBIL score

A good Credit score will save you from paying high premium. If you have a track record of paying your premiums on time with no default, you’ll have to pay less premiums based upon that.

Good driving record

A person with a history of good driving i.e. less number of accidents or 0 accidents, no or very little scratch or dent on the body of a car, single handed driving or with no drunk driving record, can fetch less premiums on their car insurance.

Get More Details

Cram these guidelines and make your way for paying less premiums and saving your money on your car insurance.

Now, I would only say “Enjoy your safe driving”. All the best!

Visit at http://www.bankbazaar.com/insurance/car-insurance.html