How to Compare Motor Insurance Policy Effectively?
Jul 23, 2020

3 Ways To Compare Motor Insurance And Save On Your Premium

After purchasing a vehicle, what’s the first thing every car owner should do? Whether it’s a two-wheeler or a four-wheeler, everyone should opt for motor insurance immediately after the purchase. According to the Motor Vehicles Act, 1988, motor insurance is a mandate before your vehicle hits the road. In case you’re caught driving your vehicle without an insurance policy, then you’re charged with hefty penalties.

Before purchasing motor insurance, it is essential to understand the details like the features, benefits, inclusions, and exclusions of the policy. Once you know the key benefits of the policy, you’ll know what is the best choice for you. For that, compare motor insurance policies as it helps you to find out the difference between what you’re looking for in a policy and what each insurance company is offering. Therefore, go through these tips mentioned below in order to compare motor insurance policies:

3 ways to compare vehicle insurance policies:

  1. Make online quotes

A majority of insurance companies consider various factors in order to assess the cost of the coverage of a policy. This enables the customers to save up without changing the levels of the coverage. Therefore, while filing your proposal form, see to it that you don’t mess up the name of the driver.

  1. Review the policy

Usually, a lot of people are in the wrong notion that vehicle insurance  policies are expensive. While the covers for burglary, theft, and accidents are expensive, the comprehensive coverage is a lot cheaper. When you purchase a policy, review the policy and keep a look at the inclusions and exclusions, closely. Reviewing the policy carefully will help you in figuring out the costs, its eligibility, and the locality covered under the policy.

  1. Compare vehicle insurance online

Certain insurance companies allow the options of comparison of numerous policies on their online portals. Online comparison of motor insurances allows the policyholder to compare various factors like the premium rates, features, and benefits of the policy. Additionally, it helps you to find out which is an affordable solution with maximum benefits. Therefore, opt for only that policy which provides extensive coverage at a lower rate of premium. Utilize tools such as the motor insurance calculator to derive & evaluate policy premium.

Conclusion

Motor insurance is a necessity for every vehicle owner as it not only provides financial support but also helps him in times of road mishaps. Due to the high growth rate of road accidents, a majority of insurance companies provides extensive coverage for its customers. Motor insurance not only provides financial support but also allows additional benefits for the third party liability in the form of add-on covers.

Now that you know how to compare vehicle insurance online and save up on premiums, what are you waiting for? Invest in bike or car insurance policy only after you have made a comparison in order to land up with the best one. If you’re still worried about the affordability, try other ways like purchasing the policy online, raising the deductibles, securing your vehicles with alarms, and so forth. However, the question of affordability doesn’t lie since we, at Bajaj Allianz General Insurance, provide an affordable solution with extra benefits.

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