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Tips to Shrink Car Insurance Premium

20 July, 2015


The very first thing that will beset you once you zero down on the perfect car deal is buying an insurance policy. Car insurance is required to provide financial security against any kind of damages on your vehicle during unfortunate events such as accidents, natural calamities, or man-made disasters.

Car insurance is a legal mandate, so you have to purchase it for safeguarding your ride. Most of the times, the insurance premium remains a bothersome factor that make several car owners think twice before choosing a policy. To address the issues related to high car insurance premiums, we have shortlisted a few suggestions to consider before you purchase that policy:

Choose the plan wisely:
There are two major types of car insurance policies available in the market—Third Party Liability Cover and Comprehensive Cover. A third-party liability cover will only offer reimbursement for damages caused to life and property after an accident. A comprehensive cover policy will take care of damages sustained by your car as well as any other third-party losses. The former plan is cheap, as compared to the latter one, so choose wisely.

Shop Around:
If you aim to get the best deal on the insurance premium, then it is necessary to shop around. Generate the auto insurance quotes online from different insurers and compare them for premium amount, extent of cover, benefits, and exclusions. 
 
Install safety devices:
Car insurers are known to reduce the premium if they find that the risk associated with your vehicle is low. By installation of safety devices such as ABS, theft alarm, traction control system, and ESP, you can avail discounts in the premium amount to be paid.
 
Choose the riders wisely:
A standard car insurance policy is devoid of additional benefits. To enhance the cover, several riders such as engine coverage rider, zero-depreciation cover, personal accident rider, and comprehensive cover for electrical and electronic fittings are available for add-on premium. Choose them wisely to keep the premium amount in check.
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