Saving money on car insurance

Most of us own a car, and if we don’t own one today, we might need one tomorrow, with the Indian economy opening up. Needless to say, when you have a car, you need car insurance as well. But how do you find the best deal? Luckily, there are a lot of ways to save money on your car insurance.

Strange but true: prices of car insurances really differ, so take some time to visit the websites of different insurance companies, like the ones of Bharti Axa, ICICI Bank or TATA AIG Insurance. The industry of car insurances is a competitive one, so put some effort in comparing the prices. Also, keep your eyes open for discounts. Many Indian insurance companies offer seasonal, periodical or holiday discounts. The right timing could therefore save you a lot of money on your car insurance.

Did you also know that many insurers offer package discounts? This means that if you choose to have your car insurance with the same company as where you have your health insurance, you could get an attractive discount. But make sure to check your policy with every renewal, to see if all of your discounts still apply. A renewed policy is also a good opportunity to review for yourself if the price you pay is still based on the same situation as a year ago. If you have recently installed a car alarm, chances are that this could have a positive influence on your rates.

Last but not least: a good way to save on your car insurance is to check if you don’t carry excess coverage. Be aware of the market value of the car. When your vehicle is getting older, you could consider dropping collision coverage, as the value of your car is no longer what it used to be. Do the math each year to see if your coverage is up to date and if you are getting all the discounts possible, to make owning a car an affordable lifestyle.

Nasheed Khatri

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