Buying car may be a onetime process but maintaining and insuring your vehicle is an ongoing process. Due to ever-rising cost of motor insurance, yearly car insurance renewal premiums are taking a bigger bite out of every working professional’s yearly budget.
With the skyrocketing rate of inflation and fast moving world, cost and time are the two major elements to be managed effectively especially for people with precise yearly budget.
It’s essential for working class crowd to convert every purchase into saving opportunity by making it more cost effective.
Here are some tips to consider while choosing an appropriate and hassle free insurance policy for your dream car.
Make Use of Online Platform
There are many online insurance comparison portals that make your car insurance shopping easy. They will provide you single platform to compare the policies from various insurers side by side. You can save some penny by opting for car insurance online as it saves on cost of paperwork and intermediary charges.
As working professionals do not have ample time to spend doing research and checking options, online platform helps you make an informed choice as all the policy-related information is at your disposal. Policies can even instantly be bought without any hassles by using mobile applications as well.
Check on Network Garages
Before you buy a policy, check with the insurer on the list of network garages to avail a cashless claim facility. It’s important to check the list of cashless network garages in advance to ensure your preferred garage is included in their list. As a working professional, you will not have too much time to spare to run to various garages or file a reimbursement claim.
Also, unexpected damages to your car can hit your monthly budget badly. In such cases, cashless facility will be of great support as claims are dealt between the insurer and garages directly. Your claims will be processed quickly with no hassle.
Pay Attention to Professional Discounts
Your occupation is one of the factors that are considered by insurers while pricing the insurance policy. Low risk professions’ which include teachers, scientists, nurses, accountants and doctors who are associated with lower accident rates statistically. Hence, many of the insurers offer occupational discounts to such professionals. Risk assessment and discounts may vary among various insurers. It’s better to check with the insurer before buying to make it a cost-efficient purchase.
Keep your Car Safe
Installing safety equipment approved by Automotive Research Association of India (ARAI) can get you an auto insurance policy at a discounted rate. For instance, equipping your car with anti-theft device will reduce the chance of your vehicle getting stolen. Enhanced security of your vehicle reduces the risk of such claims.
As a working professional, this will not only help you to keep your car safe but also provide a breather by way of reduction in premium. Hence, Insurers encourage the car owners by offering discounts on premium for cars equipped with safety gadgets.
Maintain Good Driving Record
Best way to bring down your car insurance cost is to have a clean driving record. Good driving habits are rewarded by insurers in way of no claim bonus or NCB as there will be no claim history. The western world provides discounts on driving records and tickets issued and India might soon start that too! However, as of now, there will be a discount ranging from 20-50% on own-damage premium year on year for each claim-free year as NCB.
Accumulated no claim bonus is the most effective ways to cut down your yearly expense on car insurance significantly. Hence, be a cautious driver and make use of NCB discounts while you renew your car insurance policy.
Seek Out Low Mileage Discounts
Some of the insurance companies offer discounts for car owners who drive lesser than the average number of miles per year. Make use of such discounts by using options like car pool. In such cases, an insurer may put you in low risk group and offer you premium at reduced cost while renewing car insurance.
Choose the top-ranked insurer
Brand loyalty, customer satisfaction and claim settlement process are the factors which are equally important to be considered before you buy car insurance. Quality customer support system, doorstep surveyor facility, cashless settlement, faster claim settlement, customer feedback, grievance redressal are some of the elements that make the insurer stand out and top-rated. It’s very much essential to choose the well-established insurer to experience the smooth and hassle free flow in case of any unforeseen events.
Cost effectiveness and time efficiency are the keys for hassle-free motor insurance which suits the needs of a working professional. Being always pressed for time and on a shoe-string budget, it makes sense to choose a policy from well-established insurance company that offers unique features and have excellent post-sale service record.
Customer support and maximum coverage at an affordable rate is all that you need to keep in mind as a smart professional and informed customer.