Rising concern for getting a cheap car insurance

In India it’s an age old saying “Buying an elephant is not difficult but feeding and bringing it up is a difficulty”. The same thing implies somewhere for car as well. We all know that it’s mandatory to buy a car insurance in India because our law totally believes in the safety of the driver, owner and the third party people who are injured due to any mishap or car accident. Today, the running cost of a vehicle is definitely higher than the day you bought it. Further it’s never going to get down, infact with regular hikes in fuel prices, you will now have to pay more to insure your vehicle as well.

Recently, IRDAI has acted on the general insurance industry's long-standing demand for a revision of third-party motor insurance premiums. The new rate structure for this mandatory cover, released by IRDAI has proposed a 68% rise in premium rates for commercial vehicles, and a 10% rise for private vehicles. Apart from this, the regulator has also decided to review these rates every year which brings additional burden on premiums thing about cheap car insurance only in dreams.

Adding fuel to the fire, researchers claim that there is a strong possibility that car insurance costs might go up further if insurers raise 'own-damage' premium rates as well. "Premiums for own-damage covers are already market-determined and so no change is expected immediately. However, if third-party premiums consistently remain unprofitable, there the Authority might think to increase in premiums on the own damage cover in an attempt to make up for the shortfall.

Although your car insurance bill is bound to rise we can still manage to evaluate a technique to buy a cheap car insurance known as “DISCOUNT”

Well discount is one word which creates a sense of harmony and happiness in everyone’s mind. It brings a desired smile on your face. While most of us are eager and happy to avail of the no-claims bonuses, we often miss several smaller discounts, which together can add up to a substantial amount. You know all comprehensive policies offer a reward for a good claims history, with a discount on the premium that can be as much as 50% of the own-damage premium.

Concessions are available in case the customer has a valid membership of a recognized Automobile Association, such as Automobile Association of Upper India, Automobile Association of Eastern India, Western India Automobile Association and Automobile Association of Southern India. Moreover, installation of antitheft and safety devices approved by the Automotive Research Association of India will help you bank upon additional discounts.

Good and safe driving is another aspect that adds value for discount getting cheap car insurance for you. Let’s understand how it relates. If you have an extremely good record of claims-free driving, consider opting for a higher 'voluntary deductible' amount, an amount you would need to pay before the insurer contributes his/her part of the claim. Good record reduces your premium. Insurance companies typically allow you to choose between Rs 1,500-Rs 15,000. Since the insurer is not going to pay you this amount, the company will offer you a suitable discount on the premium charged. Also, check for a loyalty discount if you are renewing your policy with your current insurance firm.

Professionals, such as chartered accountants, doctors, defense personnel and government employees may also be able to avail special discounts helping to get cheap car insurance for your car. Avoiding policy lapses will help you avail the eligible discounts on time.

Source: https://storify.com/nishantmehta333/rising-concern-for-getting-a-cheap-car-insurance#publicize