Buying vehicle insurance is compulsory in India. There is no choice as it is mandated by the law, under the Motor Vehicles Act 1988. More than the mandate of the law, it is in the interest of the vehicle owner to have his vehicle insured. The list of benefits is long. Here are the two ways to make insurance buying more affordable and relevant. Buying motor insurance online can be much convenient way of buyin motor insurance according to the preferences of the people.
Proper upkeep of the vehicle
You may be surprised to read this. But actually proper upkeep of the vehicle helps in making your vehicle insurance transaction more affordable. Here is how. If you adopt safe driving techniques and maintain your vehicle, the chances of accidents go down. This way, you will not be coming across damages for which you may have to claim insurance. But how does it matter? If you do not claim insurance then what is the purpose of paying for the premium?
Here you have to take a different perspective. Vehicle insurance covers risk. This coverage you can use when there is a damage for which you are expected to pay a sizeable amount of money. But if in case do not come across any such incidents, then you become eligible for No Claim Bonus (NCB).
The amount of NCB is usually between 15-25 per cent of the total payable premium. The percentage of NCB increases with the number of years you did not claim any insurance.
For example, if you are expected to pay Rs 10,000 as insurance premium and eligible for 25 per cent NCB, then you will receive a discount of Rs 2500.
Many times, it is advisable to not claim insurance if the damage is too minor and the amount of recovery is lesser than the amount of NCB.
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Go for online insurance
The online insurance industry in India is growing by leaps and bounds. The concerns of security of transaction are taken care of by the authorised online payment gateways that are run by government approved banks and financial institutions.
You may think that how come online insurance buying is connected with affordability. It is. If you buy online insurance, there are many benefits that come at your disposal.
First, that you will be able to compare different proposals in a hassle free manner. You just need to visit a few credible websites which provide online comparison and quotes from different insurance service providers.
Second, that you save a lot of time. And time is money.
Third, that you are not just relying on information supplied to you by an insurance agent who may have his own vested interest in some specific products and companies. He may make you buy a wrong product which may not suit your requirements and may be financially draining.
Fourth, that through online transactions insurance companies save a lot of cost otherwise incurred in paper work, agent commission, communication, etc. The cost savings is passed on to you in some or the other way.
Most people tend to buy vehicle insurance without comparing, this is a highly discouraged practice. Before buying insurance , insurance seeker shoukd go ahaead and dissect the insurance terms and policies and save their money and time.Websites like policyx.com provide such detailed reports of various terms and policies.
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