Before the advent of the digital era, car insurance was a passive subject. Most people purchased car insurance with the car itself from the dealer. And sought an agent’s help to renew policies. This traditional approach can be attributed to the complexity of the product and the purchase process. Today, the insurance industry has gone digital and it has become extremely easy to understand and purchase insurance products.
Here are 5 lesser known facts about car insurance that will help you understand it better.
- You have a choice
- Appropriate insurance coverage is not expensive
- You can reduce your insurance premium
- You are eligible for a bonus
- Insurance is easily available
You have a choice
The insurance industry has come a long way from an ‘intermediary driven’ approach to an almost ‘no human involvement’ approach. Do not let agents and other intermediaries dictate terms to you. People often just go with the flow without making an informed choice.
Car insurance can be classified into two types, Third-party Liability Insurance and Comprehensive Car Insurance. And the choice regarding which type of insurance to go for, lies with you and not with the car dealer, agent, or any other intermediary.
Appropriate insurance coverage is not expensive
The internet is a treasure trove for information seekers. Just a few clicks will provide you with a lot of information regarding various car insurance providers and the features of their policies. Thus, the key to purchase the best policy is to ensure that you get appropriate insurance coverage for the right price. Go for only those Add-ons that are suitable for you. This way, your Comprehensive Car Insurance policy will not be expensive and you will get the required coverage as well.
You can reduce your insurance premium
By doing certain things, you can reduce your car insurance premium. This way, you can get better coverage for a lesser price. Installing anti-theft devices in your car, becoming a member of the India Automobile Association, opting for Voluntary Deductibles, claiming judiciously, and timely renewal of your policy will help you to reduce your car insurance premium in the long run.
You are eligible for a bonus
Did you know that you are rewarded for not claiming insurance? Yes, you read it right. Insurance providers offer a No Claim Bonus (NCB) in car insurance if you don’t raise a claim during the policy period. It is a discount on the premium amount that acts as a reward for better driving and discourages people from claiming small amounts.
Insurance is easily available
Purchasing car insurance is as simple as ordering a book from an online e-commerce site. You can buy insurance from a mobile app as well. Insurance is easily available and can be purchased in a hassle-free manner. Can it get more convenient than this?
Making the Purchase Decision
Select your insurance provider after conducting due diligence. Visiting the insurer’s website, going through the social media handles, and checking user reviews will give you insights about the brand. Make the most of these lesser-known facts while purchasing your car insurance policy to save money and get adequate coverage.