Thinking of buying cheap car insurance? Think again
Ask anyone and the most common answer would be a Car Insurance Policy that demands lower premiums. Dig a little deeper and you would realise that Cheap Car Insurance is a little more than that or well, a little less.
While a Cheap Car Insurance Policy can save you a few bucks upfront on premiums, it’s only going to make you shell out money from your own pocket later on in case of a mishap. That’s because a Cheap Car Insurance Policy fails to provide adequate coverage.
Let us ask you this: If your car isn’t ‘cheap’, then should you be compromising on your car insurance ?
Your car is probably one of your most prized assets that you’ve bought with your hard-earned money. You don’t want to compromise on its safety just to save some money. So, if you are scouting for a Cheap Car Insurance Policy to bring down the premium amount, it’s time to apply the brakes immediately.
When you started driving, you must have received a lot of advice; one of the most common being to be careful and to look out for the obstacles on the road.
Now, as you look out to buy a Cheap Car Insurance Policy, here are the common pitfalls you may encounter and must avoid.
Inadequate Coverage
While packing for a vacation, what’s the first thing you do? Look up a packing essential list online for that location, right? But we bet you don’t stop at that. You pack along things that may not be on the list but are essential to you personally. Whether that’s your medication or a book you’re currently reading.
With the internet providing solutions for any query almost instantly, all it takes is a few clicks and a little research to get a generalized solution. However, that might not be the best for your specific needs.
While buying a Cheap Online Car Insurance Policy that’s light on your pocket momentarily might seem like a good solution that is confirmed by various blogs on the internet, in the long run it’s only going to cost you more.
Buying a Cheap Car Insurance Policy doesn’t provide you the actual coverage your car needs. Realising this at the time of making a claim is too late and you are left with no option but to pay from your own pocket for the damages suffered.
Lack of Add-on Covers
What’s the basic purpose of a mobile phone? To communicate, of course! And while even a basic phone, costing a little over Rs 1,000 provides this facility, you will not necessarily opt for it, will you?
That’s because a mobile phone serves a lot more purposes than communication like entertainment, work and navigation. However, buying a phone with these premium features will cost more.
The same stands true for Car Insurance. While a Cheap Car Insurance Policy may provide your car basic coverage, it will lack add-on covers. These add-on covers come in handy in various situations like when you need road side assistance and to make up for depreciation.
Add-on covers like engine cover, No Claim Bonus (NCB) retention and fuel assistance equip your car with comprehensive coverage.
High Deductible
A common feature of Cheap Car Insurance is a high deductible. A widely used term in Health Insurance, deductible refers to the amount you need to pay from your own pocket before the benefits of the policy zoom in.
In case you and your prized asset suffer major damages in an accident, a high deductible can be a double whammy. In such a scenario, you have to bear large a large chunk of the expenses from your own pocket. So, opting for a high deductible to save money on Car Insurance premium is almost like a trap.
Poor Customer Service and Claims Process
When it comes to insurance, the moment of truth is always at the time of making a claim. A Cheap Car Insurance Policy won’t just make you shell out money from your own pocket but will also fail to meet your expectations when it comes to customer service and the claims process.
The emotional setback due to damages suffered by your car will only further compound with poor customer service and claims process.
It’s essential that your insurer provides assistance 24x7, even on holidays, whether it’s claims assistance or any other. The claim settlement process should be quick, seamless and hassle-free. After all, that’s why you get Car Insurance in the first place, right? To get the required support in times of need.
We, at Bajaj Allianz, believe that your car deserves a comprehensive Car Insurance Policy, which while affordable, doesn’t compromise on the needed coverage. We have therefore designed our policy with care to provide a host of benefits while being cost-effective.
Cashless Claims Settlement
When the entire country is working towards being cashless, why should Car Insurance claim settlement be left behind? Keeping you in sync with the modern trend of going cashless in every aspect of life, our Car Insurance Policy allows cashless claims settlement in over 4000 preferred garages across India.
Is cashless facility not available in the garage you personally prefer? That’s alright. You can, in this case, choose to make the payment and getting it reimbursed later.
Transfer of NCB
You get a NCB for your responsible on-road behaviour year after year and losing on its benefits while changing your insurer is unfair. We believe that losing out on NCB on changing insurer is denying you the perks of being a responsible driver and we’re against that.
With our Car Insurance Policy, you can transfer up to 50% of your present NCB from your existing insurance provider. This lowers the premium amount to some extent, easing the burden on your pocket.
24x7 Claims Support
We believe that some services should be available round the clock, 365 days a year, and claims support is one of them. Our customer service executives work round the clock, even on holidays to provide you support for claims and queries.
To raise a claim over phone, all you need to do is to dial our Toll-free number 1800-209-5858 and our executives will guide you through the process. Quick, convenient and hassle-free, our round the clock telephonic service for claims support ensures that we are with you whenever you need us.
Towing Facility
One of the biggest annoyances during a car breakdown is the task of having it towed to a garage. Not anymore!
When you buy our Car Insurance Policy, we provide towing facility to the nearest garage in case of a breakdown. No more headache of taking your vehicle for servicing all by yourself.
Instant Claims Assistance and SMS Updates
When you’ve paid premiums diligently, why wait for even a few minutes in case of a claim assistance? We believe it’s your right to receive instant claims assistance when required and we provide just that. You can either make a claim online or call our Toll-free number 1800-209-5858. Our executives leave no stone unturned to settle your claims at the earliest.
At the same time, we provide you constant updates on your claim status through SMS, thus keeping you updated about every development.
We even have the Motor On-The-Spot (OTS) feature, which allows you to file a claim via our app Insurance Wallet, and get this, get the claim (up to INR 20,000) settled within minutes!
Easy Renewal Process
When it comes to financially protecting something as important as your car, not only buying but also renewing your Insurance Policy should be hassle-free.
We’ve ensured that the Car Insurance renewal process is easy and quick, not taking up much of your time and providing your car continuous coverage. You can renew your Car Insurance Policy online by simply logging onto our website, filling in the required details and paying the applicable premium. And voila! You’re done.
Losses Suffered Due to Natural Calamities
While nature’s fury is difficult to control, financial losses suffered by your car can definitely be tamed.
While nature’s fury is difficult to control, financial losses suffered by your car can definitely be tamed. Our Car Insurance Policy gives you coverage against losses suffered due to natural calamities such as fire, explosion, earthquake, flood, typhoon, lightning or self-ignition, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide and rockslide.
Losses Suffered Due to Man Made Calamities
Sometimes, man-made calamities tend to be more cruel than natural ones, purely because they are intentional. Read more
Sometimes, man-made calamities tend to be more cruel than natural ones, purely because they are intentional. We understand that and with the help of our policy protect you financially from the damages suffered due manmade disasters.
With our policy you get coverage for losses suffered due to burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity and any damage in transit by road, rail, inland waterway, lift, elevator or air.
Personal Accident
While your Car Insurance gives you financial security against the damages suffered by your vehicle in an accident, the losses aren’t just restricted to that. Read more
While your Car Insurance gives you financial security against the damages suffered by your vehicle in an accident, the losses aren’t just restricted to that. When your vehicle meets with an accident, you can suffer injuries too, which is not just terrifying but the treatment of which can also be an expensive affair.
Giving you the financial muscle to bear the treatment cost suffered due to an accident, our Car Insurance Policy gives you a personal accident cover of Rs 1 lakh. We also care about your co-passengers and hence offer an optional personal accident cover for them as well.
Third-party Legal Liability
If it was just you and your car on the road, driving would have not just been a lot smoother but also safer. Read more
If it was just you and your car on the road, driving would have not just been a lot smoother but also safer. However, we all know, that’s far from the chaotic reality. Accidents and mishaps involving your vehicle can not only affect you but also a third-party. Legal nitty-gritties involving a third-party can be a costly affair.
Our Car Insurance Policy covers you against third-party legal liabilities arising due to injury, death or damage caused to a third-party.
How easy would life be if we had a GPS to help us navigate through all life's problems? While that may still be the work of science fiction for now, the list we have compiled below will help you navigate the basics of lowering Car Insurance premiums that will help you get a good deal on a Car Insurance Policy.
When you want to eke out some extra space in your house, what's the most effective option? Of course, it's de-cluttering. Removing things that you don't need not only makes your house tidy, but also makes room for fitting things which you need.
Similarly, opting out for coverages which you don't need may lower the insurance premium. Add-on covers obviously benefit your car but you need to be aware of the ones you really need and ignore the rest.
While visiting a physician in case of a major ailment is a wise decision, is it essential to book an appointment for minor cough and cold? Certainly not! The body has its own immune system to resist against illness and it's essential to allow it to work before popping up medicines prescribed by the physician.
On similar grounds, it's important not to use your Car Insurance Policy for making minor claims. This will help you retain the NCB on your policy and lower premiums on policy renewals.
On some occasions, such as repairing of a broken tail light, the charges of getting your car repaired are miniscule. In such a scenario, it pays dividends to approach a local mechanic and avoid making a claim and preserve the NCB. Preserving the NCB can lower own damage premiums as much as 50%.
While we will certainly lookout for your car in case of an unfortunate incident, it only helps if you too do everything in your power to prevent it from landing in such a situation.
Safety systems such as anti-theft alarms, locks for steering wheel and air bags not only protect your car from thefts and other mishaps but also position you as a responsible owner who cares for their vehicle. You stand a great chance of lowering your Car Insurance premiums on installing these devices in your vehicle.
Modifications such as alloy wheels and spoilers can uplift the look of your car by several notches, yes, but they do the same for the premium as well. Installing gadgets such as ultrasonic sensors and automotive night vision can easily add a few thousand rupees to your Car Insurance premium.
This is because replacing these kinds of gadgets in case of an accident or mishap is a costly affair. As the Insurer covers more risk in such cases, the same pushes up the premium amount.
It's vital to inform your Insurer about any such modifications / installations, to avoid your claim from being invalidated.
Deductible refers to the amount that you need to pay from your own pocket before the benefits of your policy kick in. It's a double-edged sword that requires treading with caution.
The higher the deductible you choose, the lower will be your premium. Sounds great, right? Not really, because opting for a high deductible defeats the very purpose of getting a Car Insurance Policy in the first place. It's therefore advisable to choose an amount that you can pay comfortably.
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