Cheap Auto Insurance

How To Get Cheap Auto Insurance Without Losing The Perks

Auto insurance has been made compulsory in India and is strictly regulated by combined efforts of government and Insurance Regulatory and Development Authority or IRDA. However, the efforts to find cheap auto insurance seem like a gigantic task for the common man. It may be helpful for such seekers to have an idea what might give them an edge in gaining a more beneficial policy with less investment and a broader protection for you and your vehicle.

The insurance companies provide the same insurance at varied rates because of differing factors like age, claim history, community distance, credit history, driving record, marital status and other factors. Being an ideal customer with no track record will gain you access to lesser premium than others, in toto a cheap auto insurance. But since the IRDA regulates the insurance market to a great extent, the difference in the value you can get for the policy is not very much.

Further the Insured Declared Value, commonly known as IDV, will also make a huge difference to the premium you pay on the insurance. This will be decisive and shall be dependent on factors including which form of fuel is used in your car, vehicles which use gas in CNG will be generally more expensive than other diesel/petrol car. Also, the accessory you get fitted in your dream car will also compromise your cheap auto insurance deals.

Getting cheap auto insurance is also dependent on the sort of insurance policy you opt for. While a third party liability insurance is compulsory by law in India, other forms of insurance like collision coverage and comprehensive coverage has its own list of factors to be kept in mind to gain cheap auto insurance in India. The collision coverage is specifically meant to insure your vehicle’s damage in the unfortunate case where your car meets with an accident with another vehicle. Other incidence like theft, etc. are not secured by this coverage. Comprehensive coverage is the umbrella insurance aimed at protecting you and your vehicles from injuries and damages from all directions whether it is accidental, theft or lawsuits due to the former two. It also allows for additional coverage which can be opted for by paying extra amount.

Beside the above mentioned categories of auto insurance, other additional coverage are available in the market which can be opted for either in combination with one of the three categories mentioned above or separately, depending on the purpose and wishes of the vehicle owner. These can also be compared based on auto insurance quotes available at various places.

While looking for cheap auto insurance, premium may not be the sole requisite for determining the same. Instead, features like No Claims Bonus (NCB), ease of claim fulfillment, etc. can be measured to determine the most beneficial and cheap auto insurance. The No Claim Bonus is what insurance company offers when the vehicle insured has not suffered any damage or injury and not filed a case in the previous year, this can vary between ten percent to fifty percent of the policy amount. This amount then is deducted from the premium paid for the auto insurance which can also make valued reduction to your insurance amount, making it cheap auto insurance.

In conclusion, a person should opt for cheap auto insurance without compromising on any of the protection requirement. Most importantly, the driver of the vehicle should always carry his government provided Driving License (DL) or else, no matter how much you spent to insure your car, the claim will not be entertained.