How to Avail Car Insurance Concessions?

Car insurance is a necessary expense for any car owner in India. It protects you financially in the event of an accident, and it can also help you to get your car repaired if it is damaged. However, car insurance can be expensive, especially if you have a bad driving record or an expensive car. There are several ways to save money on car insurance, and one of the best ways is to take advantage of concessions. In this article, we will discuss the different types of car insurance concessions that are available in India. We will also provide tips on how to get the most out of these concessions. By following the tips in this article, you can save money when you buy car insurance and protect yourself financially in case of an accident.

Concessions Available On Car Insurance

There are a variety of ways that concessions can be available to car insurance policyholders in India. Some of them include:

- No-claim bonus

This is the most common concession available, and it is given to policyholders who have not made a claim on their insurance policy in the past year. The amount of the concession increases the longer you go without making a claim. However, it is important to know that the concession is calculated only on the own-damage premium and not third-party premiums when you car insurance renewal. Claims are subject to terms and conditions set forth under car insurance policy. ##

- Pay-as-you-drive insurance

This type of insurance is ideal for those who do not drive much, and it uses a device to track your driving habits. This can be a good option if you have a good driving record, and you drive safely. ## While these may be the more well-known types of concessions available for policyholders, they are not the only ones that exist. Hence, it is very important for a policy buyer to be aware of the latest benefits being offered by insurance providers. Moreover, you should also compare the concessions offered by your insurance company and other providers in the industry. If required, you can switch to a new provider if they offer better coverage for a competitive price.

How to Avail Car Insurance Concessions?

There are several ways to avail of car insurance concessions in India. Here are a few tips:

1. Shop around

One of the most effective ways to get a better deal on car insurance is to look around and compare quotes from multiple insurers. Prices can vary significantly between companies, so it pays to do your research and get quotes from several different insurers. Don't simply approve the first quote you get. Take the time to compare multiple options to see which one offers the best coverage at an affordable price. *

2. Consider raising your voluntary deductible

Another way to lower your insurance premiums is to raise your voluntary deductible. A voluntary deductible is an amount that you agree to pay out of pocket before your insurance company covers the rest of a claim. By raising your voluntary deductible, you take on more financial responsibility in case of an accident, which leads to lower premiums. Just make sure you have the savings available to cover a higher deductible in the event of a claim. Alternatively, make sure that you do not raise your voluntary deductible more than you are willing to pay. *

3. Select your IDV right

An IDV is a maximum amount your insurance provider will pay you in the case of a total loss of the vehicle. This includes if the car is stolen or damaged beyond repair. The IDV is the approximate market value of the car at the time of the policy purchase. You can pick a different IDV, but you would have to also deal with a change in premium. The higher the IDV, the more premium you will be charged. At the same time, if you opt for a lower IDV, you might have to pay a lower premium. However, you should be careful when you lower your IDV as it means you will receive less money in the case of a total loss. You can use an IDV calculator for car insurance to determine the right IDV for you. *

4. Watch out for special concessions

Many insurance companies offer special concessions to drivers who meet certain criteria, such as having a good driving record or driving a car with safety features. If you qualify for any of these concessions, make sure to ask your insurance company about them and take advantage of them to lower your premiums. *

5. Evaluate your coverage

Your coverage is one of the primary factors that decide your premiums. Hence, modifying your coverage to save on your premium is something worth exploring. If you have an older car or one that is not worth much, you may be able to save money by removing some add-ons that do not add much value. Each add-on alone does not cost much. However, if you buy a lot of them, the total cost you pay might go up. In such a situation, it can make financial sense to remove unnecessary add-ons at the time you renew car insurance.*

Conclusion

Car insurance might be necessary expense, but that does not mean it has to be expensive. By taking advantage of concessions, you can save money on your car insurance policy. Be sure to shop around and compare quotes from multiple insurance companies before you buy a policy. And don't forget to ask about all of the concessions that are available to you. ## In addition to the concessions mentioned in the article, there are a number of other concessions that may be available to you. Some of these concessions are based on your age, occupation, or membership in a certain group. To find out what concessions are available to you, contact your insurance company. It is also important to note that car insurance discounts can change from time to time. So, it is important to check with your insurance company regularly to see if you are eligible for any new concessions. By following the tips in this article, you can save money on your car insurance policy and protect yourself financially in case of an accident. However, you should also keep in mind that having the right coverage outweighs most other factors when buying car insurance. Hence, it is really important to know your coverage needs. Based on these needs, you can then create a balance between having adequate coverage and paying an affordable premium, calculate car insurance premium using Bajaj Allianz car insurance premium calculator online. Claims are subject to terms and conditions set forth under car insurance policy. ## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.