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HCSPL: Car Insurance Benefits and Tips to Reduce the Insurance Premium

Vehicle owners usually get worried about their vehicle's safety after buying it with their hard-earned money. Timely checkups and repairs are required in order to keep your vehicle in its perfect state. The financial troubles are likely to increase when your vehicle is not insured and you meet with an accident. Thus, The Vehicles Act makes it compulsory for all the car-owners to insure their vehicles.

HCSPL: Car Insurance Benefits and Tips to Reduce the Insurance Premium

Wednesday November 01, 2017,

3 min Read

Car insurance policies keep your vehicle safe at all times and save your money. Today, there are many insurance companies both offline and online that offer best insurance policies. However, approaching an online insurance company can be highly beneficial, as it not only saves your time but your money too. With an offline company, you are required to visit the office, interact with the insurance agents about the policy, get the quotes and then compare it with other existing policies. The entire process can take hours and days.

On the other hand, online insurance companies have their policies listed on their website, which you can browse. They have a customer support team for solving the unending queries of the customers and guide them to the best insurance policy. Moreover, making any deposits, renewing the policy or paying premiums is very easy with online companies. Yes, an online insurance company gives you the facility of making payments via the internet.

In addition to this, they also offer discounts on the premium payable to entice more and more customers. Thus, you can compare a few insurance companies online and then choose the one that offers the finest insurance policies at the most affordable prices.

Car insurance policy offers various benefits to the insured. The biggest advantage is the property damage liability. It means that the insurance policy will cover up the cost of damage caused to the property of others through your vehicle. You must know that this cost will be limited to the amount specified by you in your policy. You can also get the benefit of bodily injury liability, which covers up the legal costs and claims made against you by the person who has been hit by your vehicle.

Moreover, the insured will also get the rebate from the insurance company if he/she has been personally injured in the accident. Right from those needles and pills, the insurance will cover it up all. You will not have to shoulder the burden of paying the scary digits of the hospital bills. With this, you will get the compensation for the damage caused to your own car too.

The car owners can also avail comprehensive coverage that covers up the damages caused by the natural calamities. Here, the insurance company will bear the cost of the repairs or the replacement of the damaged parts of the car.

How to reduce the insurance premium?

There are a few tips in which you can save your premium money. You must ensure to read the fine prints of the policy package. Sometimes, there can be hidden clauses that can prove to be a trouble at the time of claim. Moreover, you are advised to calculate the value of your vehicle. You can negotiate the premium amount after you have calculated your car's depreciated value. In fact, you can claim 'No Claim Bonus' if you have not made any claims during the existing policy. It can reduce your premium amount by a considerable percentage.

With this, claiming higher deductibles can also prove to be effective and profitable for you. Thus, you must do your own research about the popular insurance policies in the market before approaching and finalizing any particular insurance company. A thorough research can prevent you from falling into the trap of fake insurance companies.