So you’re finally getting that new car you’ve always wanted. You’ve sat down with the dealer and worked out the best EMI you can get. Congratulations! But what kind of deal did you get on the insurance? The great majority of new car buyers will go through the entire purchasing process blissfully unaware that they could have saved a few thousand rupees if not more, on their insurance amount. To know more, read on.
The first thing on car insurance discounts you should know about is that if you were to shop around at various insurers, you could get a better deal. Take advantage of online offers and you could drive down costs even further.
Depreciation can erode the value of a new car and the higher priced it is, the greater is the hit. Also, the first few years of ownership are when the car depreciates the most in value. Nowadays, zero-depreciation policies are available irrespective of the sticker price of the car. Thus, one can safely purchase one for even the cheapest budget hatch in the market and say good bye to depreciation shocks.
The No-Claim Bonus (NCB) is another tool towards getting the best auto insurance discounts. It is transferrable from an old car to a new one. You can also sell your existing car to a new owner, while keeping the NCB benefits for yourself. Cautious, safe drivers that have not yet drawn a claim on their insurance can avail a sizeable discount when getting the insurance done for their new car.
If you are a member of a recognized automobile club, such as the Western India Automobile Association (WIAA) among others, you could work out a deal through them. Most insurers offer deep discounts to automobile club members and you could ask for car insurance discounts from them.
The voluntary deductible is the amount that the owner/insured agrees to pay out of their pocket in the event of a claim being made, before the insurer contributes their share. So if you are confident of your driving driving skills being good enough to offset the risk of a claim being made, then you could use this to ask for a lower premium.
Ultimately, the crucial thing on car insurance discounts you should know about is that you ought to get the most insurance coverage at the best premium possible. For owning a car means you are likely to get into a fender-bender at some point or other. At that time, you’d rather be happy that your insurance will cover you than cry over having been under protected.
