Car Insurance: Here are some tips to help you reduce your premium costs when taking out car insurance!

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#NewDelhi: Personal car status has become more of a necessity for city or urban dwellers today than a status symbol. This has come to the fore in the last few years as the number of car sales in India has increased rapidly. However, with the increase in the cost of buying a car. For example, car insurance has to be renewed every year. Many consider this annual cost to be a burden. However, there are a few things to keep in mind when insuring that the extra cost will be much less and insurance will be available cheaper.

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Department of Motor Insurance Policy

Motor Insurance Policy has two sections in total. The first is third party insurance and the second is on damage cover. In the case of a third-party policy, the cost of damage to another person’s vehicle will be paid in the event of an accident. It is compulsory to take this insurance. On the other hand, in case of on damage cover, the insurance company will compensate the customer’s car. Almost everyone carries this insurance scheme even though it is not compulsory.

Comparison of insurance company policies

Insurance costs should be well known before buying any car, new or old. A car insurance premium is determined keeping in mind the cost of repairs, safety records and the possibility of theft. Many companies also offer discounts on the cost of insurance, which reduces the cost of premiums. For this reason, it is advisable to compare the policies of different companies before taking car insurance.

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Renew insurance policy before maturity

The process of renewing insurance should start before the expiry of the first car insurance policy. Every insurance company carefully monitors the vehicle before renewing the insurance for which additional charges have to be paid and time is wasted. Starting the renewal process ahead of time can get rid of all these complications.

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The Insurance Declared Value (IDV) should be known when renewing car insurance as it is very important to reduce the cost of premium. When car insurance is renewed, the actual price of the car in the market at that time is known through IDV and the insurance premium is determined based on that.

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