Congratulations on buying your dream car! Big or small, fancy or functional, whatever it is, it is yours. Owning a car is often considered a privilege that not everyone in India can boast of. While that may be true, it is also a liability. It comes with several responsibilities, from buying car insurance to routine maintenance checks, and is expensive to maintain your car in top-notch condition throughout its lifetime.
As mentioned, a car insurance policy is a must to protect your precious vehicle against unforeseen damages. It is mandatory to have a third party car insurance policy, but it doesn’t necessarily give you the lion’s share of its benefits. Hence, if you want to ensure that the car has all-around insurance protection, it is best to get a comprehensive car insurance plan (as that of Bajaj Car Insurance).
While higher coverage also means higher premium rates, you can decrease the amount by keeping in check a few factors that affect it in the first place. Here’s how you can do it.
- Keep Your Credit Record in Good Condition.
Usually, the worry around credit scores occurs when applying for a loan or any other form of credit. However, your credit score and its impact are some things that most people do not completely understand. In simple words, the credit score is determined based on how efficient you are in repaying your debts, which can extend to other types of payments as well. In this case, your car insurance premium payment.
Since your credit score reflects how good you are at making timely payments, your insurer might use it as a reference when selling you the car insurance policy. A good credit score indicates that you are a trusted customer, allowing them to offer you a lower premium when buying or renewing the insurance plan.
- Anti-Theft Measures
A comprehensive car insurance policy covers you in case your vehicle is stolen. However, you should take safety measures to ensure your car is protected at all times. When you raise a claim request for theft, the insurer conducts an investigation of their own. Besides, if you reside in a theft-prone area, your insurer is bound to charge you with higher premium rates.
Hence, even if you have a comprehensive car insurance policy, it is better to invest in anti-theft devices. You can park your vehicle as close to your house as possible, preferably in a spot that is visible from your home. But keeping track of your car, irrespective of where it is parked, only shows your insurer that you intend to take the necessary safety measures when it comes to your vehicle.
As anti-theft devices improve the security of your car, chances are that the insurer will charge you affordable premiums at the time of buying/renewing the policy.
- Needless Coverage
A simple point to know when buying/renewing car insurance is, the same type of coverage that works for someone else may not work for you. Buying the policy as that of your friend’s could mean having inadequate or too much car insurance coverage. While, in one case, you might end up getting less than what you need, in the other, you might be paying for coverage you don’t even need.
Hence, it is imperative to evaluate your car insurance-related needs before buying the policy. Having a complete understanding of the same allows you to get the right car insurance plan for your vehicle at an affordable price.