Team AckoJul 22, 2021
Everyone needs a car insurance plan. Due to some recent alterations to the law, car insurance costs more now. This has made the plans a little bit more expensive to own. But you still need to buy insurance. Therefore you need to find ways in which you can deal with the premium hike. Take a look at this article to know how you can tackle this issue and handle the car insurance prices effectively.
Let us begin by understanding what the change in the law entails. Some of the main points to note include:
The minimum personal accident cover now stands at Rs 15 lakh. It was previously Rs 2 lakhs on car insurance.
This is true for third-party liability as well as comprehensive car insurance.
The premium for this will be a minimum of Rs 750.
These are the major highlights of the new rules. Keep them in mind when you look to calculate car insurance premium.
As we know, the car insurance prices can’t be the reason for not buying car insurance. This is mainly because car insurance is compulsory and it helps you in various ways. It is rather unwise to drive a vehicle without a valid insurance plan in place. So what can be done to manage the expenses? Well, there are many solutions to this issue. Take a look:
Choose the right type of cover: You need to decide whether you want a third party or a comprehensive cover. Car insurance has other components, apart from the personal accident add-on. You, therefore, need to access the scope of coverage you want, as your overall cost will depend on that.
Adjust the add-on covers: These are extremely helpful, but they increase your car insurance price. So see which add-ons are essential and drop the ones you can do without. This will help you to manage the car insurance expenses more efficiently.
Look for discounts: You can get discounts when you buy a motor insurance policy. For example, discounts are available for members of automobile associations. You also get the plan at a discounted rate when you install some safety gadgets in your vehicle. Look for all the discounts that you may be eligible for and try to reduce your motor insurance liabilities.
Making claims: If you make no claims, you will be able to use the no claim bonus at the time of car insurance renewal. This will help reduce your premium. If you have not made any claims in a long time, use car insurance premium calculator. You will know the discount you are eligible for and can pay accordingly.
Compare: You need to run online comparisons between the available car policies before you buy a cover. This will help you to find the best plan at the best rate. Unless you compare, it would be difficult for you to find the good deals. So never make the mistake of buying a car plan without running a comparison first, especially now when the costs are soaring.
The bottom line
Car insurance price hikes are not in our control. You, therefore, need to find ways in which you can deal with such challenges. The tips mentioned above are logical and fool-proof. Give them a try the next time you look to buy or renew an insurance cover for your vehicle. You will surely end up with many savings. You will also find the perfect car insurance cover within your budget.
We try to price the insurance policy as economically as possible so that you can get the best benefits at the most competitive rate. All you need to do is to choose your vehicle from the list and then proceed with the details to purchase it online.
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ACKO General Insurance Limited
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