Buying a Car Insurance

Factors Depend on Cheap Car Insurance

The comprehensive cheapest car insurance cost depends on the following factors. There is no standard list in respect of insurance companies that provide the lowest price for car insurance in India for different types of cars.

  1. IDV of Car

The Insured Declared Value of the car defines as its manufacturer’s showroom listed price minus the cost of depreciation.

  1. Make and Model.

The model and make of the car also decide the premium price of the insurance company.

  1. Age of Car.

The more the age of the car, the cheaper will be the car insurance premium price and vice versa.

  1. Add-Ons Purchased.

The cost of availing of add-on covers leads to the cheap car insurance premium price. If more add-ons are purchased, the higher the car insurance policy’s premium price will be, but the more might be insurance coverage.

  1. Geographical Location

The car insurance prices are also affected by the location of the RTO at which the car is registered. The car insurance policies for the same car and from the same insurer will be may differ for cars registered in different cities or different areas of the same city.

 

Points to Find the Best and Cheap Car Insurance Policy in India

For buying a cheap car insurance plan, the following points may help to find the best one:

Compare Quotes:

One must compare the car insurance features and quotes online before purchasing car insurance from various insurance companies. It will help to choose the best and most economical deal.

Inclusions:

Few significant features that one must observe like Insured Declared Value (IDV), No Claim Bonus (NCB), Voluntary Deductibles, etc., as these are the major factors that enhance the value of a policy.

Cashless Service:

Find out the cashless service coverage provided by the insurance company. With this feature, one gets the car repaired without paying anything after an accident. It makes huge relief for policyholders; hence, one must ensure its availability.

Insurance Brokers:

It is advisable to purchase a cheap car insurance policy from an authorized insurance company and not from insurance agents. The insurance agents are associated with a particular company, while insurance brokers are having the plan for all the companies. It means that the former can be biased and may insist on a particular product but the latter will show the products as per the choice or requirements.

Car insurance depends on factors like a personal profile, coverage limits, car type, and vehicle usage. Based on all these one must decide which type of auto insurance to be purchased. Carrying a form of car insurance or verification of financial responsibility is a requirement for all drivers. Because the exact amount and categories of coverage required vary by state, it is important to understand the different types of car insurance that are available. This may help an individual for determining the types of insurance one want to carry based on their needs and circumstances. This article explains the different types of car insurance and for whom it is generally appropriate.