A proper comparison of car insurance premiums can help you manage the yearly expenses without sacrificing on essential coverages. Premiums might vary across insurers, details of vehicle, chosen add-ons and eligible discounts. Reviewing insurance quotes can also help every car owner choose appropriate coverage at an affordable price.
The TATA AIG official website includes premium estimation tools that let policyholders calculate premiums with ease. Read on to learn how you can save on car insurance premiums.
How to Save on Car Insurance Premiums?
Here are some factors to consider to save on car insurance premiums:
Compare Different Car Insurance Plans
Compare the car insurance quotes from different insurers while buying or renewing the policy. Make sure to review the policy coverage, premium, deductibles and claim support. Compare the available plans offering similar coverage options. This will help you to find a suitable policy at a competitive price.
Choose the Right Insured Declared Value (IDV)
The Insured Declared Value (IDV) represents the insured value of your car and determines the own damage premium. A higher IDV increases the premium, while a lower IDV reduces the amount payable in case of theft or total loss. Do not blindly accept the IDV suggested by the insurer, rather, select a reasonable IDV value based on your car’s current market value.
Choose Only the Add-ons You Need
Add-on coverage provides additional protection, but also raises the premium amount. Consider the vehicle’s age and potential risks, and your driving habits before selecting the necessary add-ons. For instance, zero depreciation is a good option for a vehicle owner who wants to reduce depreciation deductions on eligible claims. Consider add-ons offering true benefits for your car.
Make the Most of Your No Claim Bonus (NCB)
To reward eligible policyholders for claim-free years, NCB offers a discount on the own damage premium at renewal. The discount might increase with consecutive claim-free years, subject to the terms and conditions of the policy. Make sure to review your accumulated NCB before policy renewal.
Buy Car Insurance Online
Online car insurance purchase helps you compare plans, assess coverage and obtain insurance quotes instantly. You can explore the eligible discounts as offered by insurers. For example, TATA AIG offers discounts up to 95% on car insurance, depending on the applicable terms, conditions and eligibility. Read the terms carefully before calculating car insurance premium.
Select a Higher Voluntary Deductible
A voluntary deductible is the amount payable towards an admissible claim, along with the compulsory deductibles. Opting for a higher deductible may reduce your premium. However, since it will affect your claim payout, choose an amount that aligns with what you can pay at the time of claim filing.
Maintain a Good Driving Record
Drive responsibly and obey traffic laws to reduce the risks of accidents. By avoiding claims, you can retain your NCB. Safe driving can help reduce any unexpected costs of repair. A good driving record and a low claim history may get you a lower premium from the insurer.
Renew your Policy On Time
Before the policy expires, renew your car insurance and maintain continuous coverage. On-time renewal also helps avoid policy lapse in the future. Go through the premium, IDV, NCB and add-ons during policy renewal. This gives you an opportunity to compare options and choose the right coverage.
Save on Car Insurance Premiums with TATA AIG
TATA AIG offers various car insurance coverage options to suit your needs and budget. You can use their online car insurance premium calculator to estimate your premium based on your vehicle details and coverage requirements. Use their calculator tool to check the premium for different combinations of plan options and add-ons for your car.
If you need help understanding the premiums, policy features, benefits, or other queries, you can contact TATA AIG’s 24×7 customer support at 022-6489-8282. Since they offer multiple discounts on premiums, check with their customer support team and ensure you get the ones applicable to your policy.
