Discover the Hidden Benefits of Car Insurance That Will Save Thousands!
We all love cars and want to buy our dream car . In most of the cases the car comes to be costly. We manage our savings and buy it .Now in order to get a proper insurance at low price here are some measures to keep in mind .
- Modification: We all want to upgrade our vehicle car or bike to make it more attractive and powerful. For example, we want to upgrade our cars with Jaguar seat covers, alloy wheels, and more. Due to this, we have to pay 40 to 50% more on our insurance premium. This is because second-hand alloy wheels are sold in the black market. So they may get stolen frequently. So keep this in mind while upgrading your car parts.
2. No claim bonus(NCB): NCB is a discount offer from the insurer or the company we buy the car. It is like a bonus that ranges from 20% to 50% depending on the car and the years we claim for the offer. It can save a lot of money in our insurance scheme if we claim a discount before the tenure. It applies only to the damage premium and not to third-party premiums.
Steps to get your NCB approved in your new car
- Contact Your Current Insurer: Contact your current car insurance provider. Inform them about your intention to transfer the NCB to your new car. They will guide you through the process and provide the necessary details.
- Provide Vehicle Information: Share details about your new car, including the make, model, variant, and registration number. This information is crucial for updating your policy.
- Submit Documents: Your insurer may require certain documents, such as the new car’s registration certificate (RC), a copy of the old policy with the NCB mentioned, and your identity proof. Ensure you have these documents ready for submission.
- Policy Adjustment: Your insurer will make the necessary adjustments to your existing policy and issue a new one for the new car, reflecting the transferred NCB. The premium for the new car insurance will be calculated with the NCB discount.
- Pay the Premium: Pay the premium for the updated policy. The amount will depend on various factors, including the type of coverage, the new car’s specifications, and any additional coverage you choose.
3. High Insurance rate: When we buy our dream brand car from any company say Maruti Tata BMW or Jaguar, the dealer always tries to provide you the costliest insurance quota of any bank like Axis ICICI or HDFC and much more. We then need to check the website of that particular bank and what rate they are asking for that car model. Most of the time a huge difference is being created in the premium. In this way, we can save 60% cost on our insurance.
(one of my friends did this research and saved 30000 Rs on his insurance of 1 lakh which was supposed to be 1.3lakh from the company)HDFC bank axis bank insurance
4. Correct IDV: Car’s IDV = (Car’s selling price – depreciation) + (cost of Accessories not included in listed selling price – depreciation) excluding registration.
-> Things to keep in mind while calculating your Car’s IDV
- Do not reduce the IDV so that the premium is lower. It will reduce your claim amount in case of any losses incurred.
- Do not overstate the IDV since it will increase the premium.
- Do not provide an inaccurate IDV, as it could lead to a possible decline of your claim.
5. Discount on Anti-theft: An anti-theft discount is a potential cost-saving opportunity on your car insurance premium that insurers offer as an incentive for taking measures to protect your vehicle from theft.
Here are some anti-theft devices that could make you eligible for this discount
- Car Alarms: Installing a car alarm designed to alert you or others when unauthorized entry is detected can qualify you for an anti-theft discount.
- Steering Wheel Locks: These physical locks make it difficult for thieves to steer the vehicle, acting as a visible deterrent.
- Immobilizers: Immobilizers prevent the engine from starting without the proper key or electronic signal, making it harder for thieves to hotwire the vehicle.
<<KEY TAKEWAYS>>
( Shop around and get quotes from multiple insurance providers. Compare coverage, deductibles, and premiums to find the best value for your needs.)
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