X Lesser Known Facts About Buying Motor Insurance in India

Unfortunate events of road accidents and gruesome deaths resulting due to road rages often make it to the breaking news. The world is an unpredictable place and you can’t say much about the future. Money cannot balance out the mental agony associated with injuries/loss of life in accidents. However, the availability of adequate funds when needed is highly beneficial. That’s why it is advisable to buy motor insurance that provides financial stability and protects your family from losses.

Being a vehicle owner, you may know about various benefits of buying a bike or car insurance online. Still, chances are high that you do not know everything. Given below are some facts related to motor insurance in India that you might not know:

 

NCB Can Reduce Your Premium

A No Claim Bonus (NCB) is an additional benefit your insurer gives you for driving well and making no claim during the policy period. As a reward, you may get a 10-50% discount on motor insurance premiums. 

If your motor insurance policy is not renewed within 90 days from the date of termination of the policy, your NCB may expire. To prevent losing NCB, renew your plan timely and avail a discount on renewal premium. This will help you save some extra bucks while also providing insurance benefits.

 

Add-on Covers Comes with Significant Benefits

When you buy a car insurance policy online, you get covered against unpredicted circumstances that could make you incur significant expenses. While your comprehensive motor insurance policy offers several insurance benefits, you can add more features to your policy with additional riders.

Opting for riders or add-ons, such as Roadside assistance cover and Zero depreciation cover enhances the level of protection you get. 

 

Inform the Insurer of Customizations

In case you have modified an electrical/mechanical part in your vehicle or have added anti-theft features, inform your insurer about the same. Doing this may reduce your premium to some extent.

For instance, an additional rear-view camera in your car reduces the risk of road accidents by making you aware of the traffic behind. This can reduce the risk of loss in the eyes of your insurer and ultimately lower the premium to be paid.

 

Buying Motor Insurance Online Brings Peace of Mind

Unlike buying motor insurance offline, buying it online is much easier. You can buy it from the comfort of your home and need not deal with multiple agents. Also, you can compare various bike or car insurance policies online and choose the most suitable plan for your vehicle. Not just that, online purchase or renewal of motor insurance is less costly as it does not involve agents’ commissions.

Reputable insurance providers such as TATA AIG have made it easier to buy and renew vehicle insurance online through the seamless process. Knowing that it won’t take much time to buy an insurance policy brings peace of mind.

 

Higher Deductible Can Lower Your Premium

A deductible is an amount that you choose to pay at the time of claim settlement while your insurer pays the rest. When you’re willing to pay a higher deductible, you save on premiums and vice-versa. 

Choosing a very high deductible is generally not recommended. Make sure you select a deductible, which would be easier for you to pay for at the time of claim. 

Buying motor insurance wisely after thoroughly researching the related facts will help you save money. So, keep these facts in mind to find and buy the best motor insurance policy suitable for your specific needs. 

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