When it comes to finding the cheapest car insurance in India, it is essential to consider various factors, such as the type of coverage, the IDV (Insured Declared Value) of the vehicle, and the deductibles. It is important to note that the cheapest car insurance may not always be the best option, as it may not provide adequate coverage or may have hidden costs. Car insurance is mandatory in India under the Motor Vehicles Act, and it covers the expenses incurred in case of any damage, loss or theft of a vehicle.
There are various insurance companies in India that offer car insurance policies with different benefits and prices. To find the cheapest car insurance in India, one can compare the policies offered by different insurance companies and choose the one that offers the lowest premium with adequate coverage. One can also avail discounts by installing safety devices in the car or by being a safe driver with no claim history.
The Motor Vehicles Act makes it mandatory for every car owner to insure their vehicle. The reason this is made compulsory is to provide you with financial help during unforeseen situations like accidental damages, theft, or any third party liability. If the car is insured, then the losses borne by you can be compensated by the insurance company. Since the Act makes it a legal requirement to insure your car, there is no way you can drive your car in public space without insurance. However, there are instances when you take up inappropriate car insurance and land up paying unnecessarily high premiums.
Factors Depend on Cheap Car Insurance Price:
Comprehensive car insurance prices depend on the following factors. There is no standard list of insurers who provide the lowest car insurance price in India for all types of cars.
1. IDV of Car
Insured Declared Value of the car is its manufacturer’s showroom listed price minus the cost of depreciation. IDV also equals the maximum insured sum.
2. Make and Model
Your car’s model and make also decide the premium price of the insurance policy.
3. Age of Car
The more the age of the car, the more will be the cheap car insurance premium price and vice versa.
4. Add-Ons Purchased
The cost of availing of add-on covers adds to the cheap car insurance premium cost. The more the add-ons purchased, the higher will be the cheap car insurance policy’s premium price but the more will be the insurance coverage.
5. Geographical Location
The cheap car insurance prices are also affected by the location of the RTO at which the car is registered. Two car insurance policies for the same car and from the same insurer will be different for cars registered in different cities or in different areas of the same city.
Here are the cheap car insurance premium quotes in Maharashtra for a Hyundai i20, 2017 manufactured, fuel used is petrol, 1200 cubic capacity, 5 seaters and registered under Maharashtra RTO. The rates for the other cities in Maharashtra would be slightly lower than that of other cities being classified under Zone B, while Mumbai comes under Zone A.
| Companies |
Lowest Premium |
| Future Generali |
3533 |
| SBI General |
3709 |
| United India |
3801 |
| IFFCO TOKIO |
3856 |
| Digit General |
3928 |
| TATA AIG |
4204 |
Best Cheap Car Insurance Online:
There are 10 useful tips given below that can help you obtain Cheap Car Insurance Online.
The law of the country and the sense of self-security make car insurance mandatory for each and every car owner and driver. However, with so many car insurance companies operating in the market and such myriad policies being offered by them, deciding which policy to be most suitable for your requirements and within your budget becomes a tough affair. Some might be giving you vast coverage but going beyond your budget and sometimes affordability factor may force you to compromise on the coverage.
Here, the internet definitely plays a major role where you can browse and shop around for cheap car insurance quotes from different carriers, compare them and make the best choice. You can also find out all information about extras and benefits that might help reduce your premium considerably.
- Provide correct and honest information: Providing correct information to your insurer on the proposal form can help you save up to 20-30 percent on your premium. Correct information from your end will help the insurer suggest you the correct plan and hence prevent you from unnecessary expenditures as well as ensure that your genuine claims will be paid.
- Claim Settlement Ratio: The claim settlement ratio tells the percentage of claims which an insurer has settled out of the total number of claims received in a financial year. It is an important benchmark while choosing a cheap car insurance plan. An insurer might be offering cheap car insurance at the lowest rate but may not feature a good claim settlement ratio and vice-versa.
- The make and model of your car: The make and model of your car often determine the amount of discount that you are eligible to get. If your car model is one that is less prone to accidents as per the insurer's book, it is quite possible that you may get a higher percentage of discounts.
- Commute of your vehicle: Your regular traverse and the area where your car is registered play an important role in deciding the coverage and premium. If the area is congested with traffic, claims process for dents and external damages are more while cars which mostly commute through highways carry huge claim amounts as they are more prone to major accidents.
- No Claim Bonus (NCB): Safe driving can help you save a lot of money. In case you do not commit any accident during the term of the current cheap car insurance and no claims have been made from your end, you become entitled to get a discount on the premium of the renewed policy. This percentage increases with every no-claim bonus term.
- Deliberate deductibles: This is possible if you want to opt-out claims for minor accidents and damages and take up coverage for only major issues. The insurer offers a voluntary deductible discount in such cases which can lower the premium to a great extent.
- Safety features: Slight discounts, like 2-5%, are offered on your cheap car insurance premium if you install anti-theft and other safety features, of brands approved by the insurer, into your car. Information about these features needs to be provided in the proposal form to avail of these discounts.
- Member of Automobile Association: A small percentage of discounts are provided on your cheap car insurance premium if you are a member of a designated automobile association.
- Concession on your vehicle: If your car was in the garage or not being used for a period of more than two months, you can get a concession on the premium during the cheapest car insurance renewal of the policy.
- Buying policies online: When you buy cheap car insurance online, some carriers offer more discounts than if you buy it from a broker. This is because the insurance company spends less on processing and distribution costs.
- Comparing before purchase: Comparing different cheap car insurance policies from various insurers through online aggregators, like www.policybachat.com, is a good way of reducing the premium to be paid. By comparing, you get a clear picture of which policy offers the maximum coverage as per your requirements, so that you do not land up paying an unnecessary premium.
However, the above give parameters keep on changing, and hence if you have any queries or need guidance on how to pick the best policy, contact PolicyBachat at1800 123 4003. Our executives are there for you 24x7 to help you.
Tips to Find the Best and Cheap Car Insurance Policy in India
When it comes to buying a cheap car insurance plan, these tips can help you find the best one:
- Compare Quotes: You should compare cheap car insurance features and quotes online before purchasing car insurance. It will help you pick the best and economical deal.
- Inclusions: There are some significant features that you should watch out for such as Insured Declared Value (IDV), No Claim Bonus (NCB), Voluntary Deductibles, etc., as these are some major factors that enhance the value of a policy.
- Cashless Service: Check the cashless service coverage provided by the insurance company. With this benefit, you can get your car repaired without paying anything after an accident. It brings huge relief for policyholders; hence, you should ensure its availability.
- Insurance Brokers: Always purchase a cheap car insurance policy from an authorized insurance broker and not insurance agents. The insurance agents are associated with a particular company, while insurance brokers can show you the plan for all the companies. On this note, the former can be biased and may push a particular product but the latter will show you products as per your choice or requirements.
- Personal Accident Cover: Opt for a personal accident cover with your standard car insurance plan to ensure your driver and passengers. You will have to pay an additional premium to choose this cover, but it is a great way to secure people who travel with you.
- Right Information: While filling up the proposal form of the cheap car insurance policy while purchasing it, ensure that all the entered data and details are right and accurate, otherwise, it may bring trouble for you during the time of claim settlement.
- Drive Safely: Always drive your car safely and responsibly. You should never drive a car under the influence of any toxic substance or violate traffic rules. Any accident might make you request a claim that can end up in the termination of the No Claim Bonus (NCB) after which your reduced premium will again raise up to the normal rate.
- Roadside Assistance:Roadside assistance is a service designed to provide timely and professional aid to motorists who experience unexpected vehicle breakdowns or emergencies while on the road. When a driver encounters problems such as a flat tire, dead battery, engine failure, or running out of fuel, they can contact their roadside assistance provider for help.
Simple Steps to get the Cheap Car Insurance Deals:
Provided below is a concise guide that needs to be followed while purchasing cheap car insurance. It makes the decision-making process easier and faster and the policy cheaper.
Find the right coverage: One of the major steps towards obtaining perfect insurance is by gathering information about all available policies and making a comparison among them. But to do this you need to first have a clear idea about your requirements. Also, you need to be aware of the minimum amount of insurance coverage that the law of the country demands. Once you are well aware of these facts, comparing policies across all carriers and picking the correct one will become an easier task.
Keep in mind that companies providing the greatest discounts need not provide the most affordable policies as their rates might be very high. Always select a policy seeing the final price after deducting the discounted amount.
Find the right provider: You can buy car insurance either through a broker or company agent or you can buy it online through an aggregator. The disadvantage of buying a policy from a broker or an agent is that they tend to look more at the benefit of the company they represent and that of their own rather than thinking about the benefit of the client. Also, they need to be paid a commission for their services. If you buy a policy online by gathering and comparing data through an aggregator, you get unbiased information, as well as no commission charges, are involved in the process.
Check licenses: You should always take care that you are buying insurance from a licensed company for your peace of mind.
Check financial stability and claim settlement ratio: Finding out the financial stability of an insurance company is an important step in deciding whether or not it will be able to settle your claims during an emergency. It is always advisable to choose a provider whose claim-settlement ratio is high.
How to Buy Cheap Car Insurance Online?
The best cheap car insurance can be purchased online from the PolicyBachat portal in two easy steps. In the first step, you need to enter the details of your car such as Make, Model, Date of registration, and RTO location, and click on submit to proceed to the next page. In the second step, you can adjust the IDV or add riders to increase the coverage. The third and final step would be the payment where you will be directed to the payment page of the insurance company to complete the payment process.
At PolicyBachat we cater to the unbiased comparison of quotes, and with a 24*7 customer assistance team your motive is to give our customers the right quotes with compare car insurance rates online.
- Go to compare car insurance quotes online at PolicyBachat.com
- Fill in the required details and select your Car Model & Variant, RTO Location, Registration date, and Email address.
- Click on “START SAVING MONEY”.
- Choose between a Third-Party Liability Only and a Standard Package (Comprehensive Insurance).
- Premiums with different insurance companies are displayed with low premiums
- Select required Add-ons/Riders and discounts, or you can Edit Policy Details as per your requirement
- After that fill in the ‘vehicle owner details and personal details’.
- Purchase the best Car Insurance Policy using online payment.
Conclusion:
In conclusion, finding the cheapest car insurance online in India requires careful consideration of various factors such as the coverage, IDV, deductibles, and discounts. While it is essential to save on premiums, it is equally important to ensure that the insurance policy provides adequate coverage and has a reliable claim settlement process. One should compare policies offered by different insurance companies and read the policy documents carefully before buying car insurance online. It is also advisable to go for a reputed insurance company that offers good customer service to ensure a hassle-free experience in case of any unforeseen circumstances. With a little research and due diligence, one can find the best car insurance policy that meets their requirements and fits their budget.
PolicyBachat is one such insurance aggregator that is certified by IRDA and provides unbiased car insurance quotes from some of the top insurance carriers in the Indian market. You can fill in a few details in the cheap car insurance calculator and get unbiased quotes from different car insurance companies and buy online. In case of queries and doubts, you can also contact our executives at our toll-free number.