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While choosing a third party car insurance online policy one should be aware that your policy has two components – own damage and third party damages. Your premium will be based on these two components of the insurance cover. People look to save money on the insurance premium. Those who wish to lower their premium should understand that only the own damage premium part is under your control and third party premium is prefixed by the regulator so it’s same for all plans by various insurance providers.
The article gives some tips to control the costs you pay for your own damage third party car insurance online:
No Claim Bonus – Every time you complete your car insurance year without a single claim you’re rewarded with No Claim Bonus points. You can redeem the points against the claim amount or premium reduction. So check and see if you can avail of this benefit. If yes, then the discount will be deducted from your premium and you have to pay less for the current year. It is advisable, don’t claim for petty scratches or dent. Instead, accumulate your bonus points and go for higher claim or discounts. The other way to keep your NCB intact would be applying for add on cover for NCB protection. Though you may need to pay a bit extra on your premium but it is always a valuable protection. It helps to reinstate your NCB to a certain measure.
Garage Repair – Every third party insurance online company has its own network of garages where you can avail cashless repairs. Network garage offer services at cheaper rates compared to your local shop. These deals are 20% lower compared to a local garage. A lower cost of repair means a lower depreciating value of your car or bike. Taking your motor to a network garage helps you get a negotiated deal on repair costs.
Long-Term insurance policy - Keeping in mind the huge growth opportunities and high FDI flow, the government has decided to boost the two-wheeler insurance segment. They have launched the first three-year comprehensive cover for scooters and motorcycles. The comprehensive cover is 30 percent cheaper than buying annual policies and comes with lucrative offers for the buyers. The best part of a long term policy is that the third party insurance premium and the service tax hikes would not affect the premium of the policy.
Voluntary Deductible – A voluntary deductible means you will have to pay a part of the claim whenever the situation of claim arises. The part of the claim you promise to pay decides the costs of the premium for the rest of the cover. If you opt for this option it will help you lower the premium rate.
It is advisable, if they are small dents or scratches don’t make a claim. It will affect your no claim bonus in the long run and you won’t be able to reduce the premium or make higher claims. Prudent and smart strategies will always help you to keep the premium lower so it proves easier on your pocket.
Online comparison always helps to get better third party car insurance online deals. You can get multiple quotes from a single window. Based on the comparison of policy in terms of benefits & features, discounts, claim settlement ratio, etc. you can choose the one that fits your needs and budget.