Find a Great Car Insurance Policy – How To Get The Best One?

How to get the best car insurance policy? This is the question that every car purchaser has in mind or the ones who are looking for a car insurance renewal want to switch their insurer.  Well, this is a skill that is developed with practice. Well, we are not telling you to keep on buying car insurance policies repeatedly. What all we’re talking about is do exactly what you’re doing right now. Keep on reading different articles like these and eventually, you’ll feel confident enough about buying the right car insurance policy.

know about these things before you shop for a policy

Before we start off this section, we would like you guys to answer a simple question; Do you really think that you can understand the trick of finding the right car insurance policy without knowing about the basics of a vehicle insurance policy? Probably not, Right? So, wouldn’t it be better if we discussed a bit about these basics and then move on to the moot point of this article? if you agree with us, then stick around and learn about the basics of a car insurance policy.

•    No Claim Bonus

So, the first thing in the list of basics is a No Claim Bonus. NCB is a privilege through you can avail discount at the time of car insurance renewal. An NCB can be earned if you don’t make any claims from our insurer for a minimum period of 1 year. now, this time period of no claim making can be only up to five years. details about the discounts that you can avail via an NCB are given below:

Time Period Discount Offered
One Year 20%
Two Year 25%
Three Year 35%
Four Year 45%
Five Year 50%

One more thing that you should know about a No Claim Bonus is that third-party insurance policies do not come with the No Claim Bonus benefits upon car insurance renewal.

•    Insurance Declared Value of your vehicle

IDV of your vehicle also affects the cost of a car insurance policy. Before we proceed further, IDV refers to the figure that you as a policyholder get when your car gets stolen or if it is the case of total loss. IDV of a vehicle is set through a mutual agreement between the policy buyer and insurer. if you keep the IDV of your car low, then your premiums will be lower as compared to the case when you keep the IDV of your vehicle higher. the table given below lists out the details regarding the depreciation that comes in the value of your car as it gets older.

Age of
the Vehicle
Depreciation Percentage in the Value
Less than 6 months 5%
More than 6 months
but less than 1 years
More than 1 years
but less than 2 years
More than 2 years
but less than 3 years
More than 3 years
but less than 4 years
More than 4 years
but less than 5 years

•    Zero-Dep Cover

How many of you guys thought that throughout the term of your policy you will be getting complete damage repair cost of your car from your car insurance company? Let’s face it, a lot of you thought that, we know. See, what happens, in reality, is that as your vehicle ages, lesser is the contribution you get from your insurer. but there is a way via which you get complete reimbursement for the entire term of your insurance policy. this is exactly what a Zero-Dep cover offers. but there are some caveats too. you cannot buy a zero-dep cover for a second-hand vehicle. along with this, you cannot extend the coverage period of a zero-dep policy for more than five years.

car and calculator. rising costs for car purchase, lease, service, refueling and insurance

Now that we have learned a bit about the basics of a car insurance policy, we can now move to the next part of this article. the latter part of this article will be completely composed of information that can help you get nothing but the best car insurance policy. 

Shop around for maximum options

The first most important step that you have to take in order to grab the best insurance policy for your car is that you have to explore all the options available for your car policy. This way you will get to know about the difference between the plans of companies like Bajaj Allianz, ICICI Lombard, and Bajaj Allianz car insurance. it will help you identify which company offers the policies that satisfy most if not all of your requirements. the difficult part of this step has to be making a choice between offline hunting for the policy and online hunting. Don’t worry, even this choice will be made easier for you when you’ll be complete reading the next section.

Should you go for Online car insurance or choose the traditional method

Actually, the truth is that you can go with either of this choice as both online car insurance purchase and offline insurance purchase have their pros and cons. the decision, in the end, boils down to the fact that whether you are comfortable with online purchase or you still prefer traditional method getting the stuff directly from the market. Now, we’re not saying that there is anything bad with it, you get to make the payments directly to the insurer and if you have no idea about the know-how of insurance world, then your insurance agent can prove to be of great help to you. He can help you out in selecting the right car insurance policy for your car. Now, don’t get excited just yet. Take all these pros with a grain of salt, especially the last one. See, the insurance agent might take advantage of your unawareness and sell you a policy which gets him more profit but is not the right policy for you. And this is what we meant when we said that both online and offline mode of policy purchase has their pros and cons.

If we consider the cost of a car insurance policy, car insurance plans available online tend to be cheaper than their offline counterparts due to some legit reasons. When you purchase a car insurance policy from the market or go for a car insurance renewal, then there are multiple intermediaries involved the process of selling you the plan and each of them earns a profit from the cost you pay for the policy. But online there are no intermediaries involved and therefore, the cost of the car insurance policy comes out to be lower.

Use Vehicle insurance calculators

Now that we’ve covered a major part of this article, we would like to ask another question from you guys. How much did you understand all the content you read yet? Do you think that now you can start hunting for a car insurance policy and be sure that you will definitely select the right one for you? Let’s face it, it’s not that easy and therefore we’ve vehicle insurance calculators at our disposal. There are the lot of insurance companies that have these tools available on their websites like Bharti AXA car insurance, HDFC ERGO, and Bajaj Allianz car insurance. Basically, vehicle insurance calculators let you decide the right budget for your car insurance policy and even help you in finding the right policy for your car in your budget. Well, this is as easy as the process of hunting the right car insurance policy can get. You just have to type in a few numbers on your keyboard and boom, you just have a list of policies that suit your budget and requirements right in front of you on your screen. You can even use these insurance calculators to purchase a third party insurance online.

Follow these tips to save a few bucks on your car insurance policy

•    If the meters of your car show the mileage readings to be higher, then there are great chances that your insurer will keep your premiums a bit higher.  The reason being that a higher mileage means that you are on the road for a longer period which converts to a higher probability of you getting involved in an accident. Therefore, keep your mileage readings low until you purchase a car insurance policy.

•    Get your car fitted with anti-theft gadgets beforehand. This will be considered as a positive sign by your insurer and therefore, you might get a slightly lower rate of premium for your policy.

•    While making the payment for your policy, a higher excess can bring your premiums down significantly. Although, this is not exactly saving you money, instead, it is just making your premium payment easier in the future.

•    Maintaining a good driving record is necessary in order to get a good car insurance policy at the right price. 

So, we talked about everything. Now is the easy part (or difficult as you might like to call it), you get to hunt for the car insurance from companies like Bharti AXA car insurance and ICICI Lombard. We wish you luck for your search and do not forget to read all the documents properly in order to be safe from any kind of fraud.