10 min read
Updated on Oct 15, 2023
Below is the list of low costing car insurance policies in India:
When Mani decided to buy a new insurance plan for his car, he wasn’t aware of the options available in the market. On the suggestion of his colleagues he browsed online and came to know that some companies were offering car insurance policy at a very competitive price. So, he compared the plans and bought an insurance plan from amongst them which gave him the best benefits and he also ended up saving some money.
Buying a new car insurance plan involves evaluating various parameters. Not only that, it provides methods to ensure maximum protection from potential risks that will help reduce stress and anxiety. Although purchasing cheap car insurance lowers the expenses, it is wise to consult with insurance experts to know the pitfalls.
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Below are some key benefits of a car insurance policy:
Insurer Company~ HDFC Ergo General Insurance Company
HDFC Ergo offers a wide range of cheap car insurance plans for customers with different coverage needs. The company provides annual, long-term, and bundled insurance plans for car owners which cater to their needs and budget. It offers overnight car repair services for customers in 13 main cities of India. Moreover, HDFC Ergo has a network of more than 6800 garages in various parts of India.
Insurer Company~ ICICI Lombard General Insurance Company
ICICI Lombard is one of the reputed insurance companies in India allowing customers to pick a plan depending on their needs. Some of the features covered by the plans include a cashless garage network, zero depreciation, personal accidental cover, no claim bonus, third-party insurance, towing facility, etc. Anyone who is looking for the lowest car insurance rates in India can select the company for meeting the exact needs. Not only that, the company provides roadside assistance coverage in car insurance plans.
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Insurer Company~ Royal Sundaram General Insurance Company
Royal Sundaram car shield plan is ideal for those who want to buy a policy at cheaper price. It offers exclusive discounts for car owners thereby showing methods to save more money. The company provides low car insurance policies for customers and they can reduce their expenses while buying them. Apart from that, it has tie-ups with 4600+ garages across India enabling car owners to get easy cashless claim settlements.
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Insurer Company~ Bharti AXA General Insurance
Bharti AXA is the cheapest car insurance company in India that offers car insurance plans at lower prices. Some of the features covered by the plans include 24/7 claim assistance, add-ons, quick settlements, hassle-free renewal, third party car insurance coverage, and discounts. The company allows car owners to repair their vehicles in any of the 3000+ listed garages in India. Zero depreciation, hydrostatic cover, no claim bonus, roadside assistance, co-passenger cover, engine cover, and gearbox cover are some features available under add-ons.
Insurer Company~ Reliance General Insurance Company
Reliance General is a leading insurance company in India that offers a wide range of car insurance plans at the best prices. The company provides ways to find cheap auto insurance plans that will help save more money. Some of the features covered by them include third-party coverage, no-claim bonus, incurred claim ratio, personal accident cover, network garages, and so on. Reliance car insurance provides huge discounts after installing anti-theft devices in vehicles and upon usage at a specific location. It provides comprehensive car insurance coverage and third-party cover for customers to safeguard their interests.
Insurer Company~ IFFCO Tokio General Insurance Company
IFFIC Tokio is one of the reputed insurance companies in India which offers a variety of plans for customers at cheaper rates. The company provides different types of car insurance at affordable rates. It allows customers to buy cheap car insurance online enabling customers to save more money. Moreover, the company has a network of more than 4300+ garages in India for cashless claims.
Insurer Company~ United India General Insurance
United India is a public limited company that provides a wide range of car insurance policies at low prices. It offers package policy and liability only policy in the markets allowing people to choose the right one according to needs. The company makes feasible methods to find low price car insurance plans based on the choices. Furthermore, it gives ways to select a plan at affordable rates. Some of the features offered by the plans include quick settlement, third-party coverage, NCB, etc.
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While buying a car insurance plan, one should keep certain things in mind that will help make the right decision.
If you are looking at affordable car insurance policies in India, you have to compare plans to find the best policy that meets your needs of price and features. To make the task of comparing plans easy, you can take the help of the online car insurance premium calculator. There are certain details that you need to fill in the online premium calculator to get the premium rates of different policies. Here are the details:
Once you submit the required details, you will see quotes for different car insurance plans on your screen. Compare the quotes in terms of features and other details and choose the one that is apt for you.
Cheap or economical car insurance might offer low premiums, but they have certain drawbacks to look out for. The pitfalls to consider in cheap insurance plans are mentioned below:
You buy car insurance coverage to ensure that your vehicle is covered well and that you don’t have to incur any expenses in repairing major damages to your vehicle in case of an untoward situation. However, with cheap car insurance policies, the coverage may not be sufficient to protect your car against damages. The limited coverage will not suffice your needs while raising claims.
Add-ons are acquired by policyholders as added benefits for comprehensive coverage of vehicles. A policyholder can pay an extra amount to get added coverage in the form of add-ons or riders such as Roadside Assistance, Zero Depreciation, Engine Protection, and more. However, your cheap car insurance policy may not offer the benefits of add-on covers. This is a major hindrance to buying a cheap car insurance plan.
Opting for cheap car insurance plans has another pitfall. If you buy cheap car insurance, the chances are that you will have to pay a high deductible amount. In car insurance, a deductible is a part of a claim amount that the customer has to bear. When you raise a claim, a considerable amount of the sum is charged from your pocket as deductible. So, with cheap car insurance, you may pay a low premium but end up paying a high deductible.
As you have seen there are both pros and cons of buying a cheap car insurance policy. So, it is better to go for a regular car insurance plan rather than looking for a cheap policy, which does not suffice your needs.
Below are some guidelines that you may take note of for reducing your car insurance premium:
You know how much protection you want for your car. Accordingly, you can pick a vehicle insurance plan that fulfills the need for mandatory third-party coverage along with offering protection for your car. The premium of third-party car insurance is less as compared to comprehensive insurance plans. However, the coverage of comprehensive insurance plans is all-encompassing, which makes it more cost-effective. Choosing the correct insured declared value (IDV) of your car further helps in making your comprehensive premium reasonable. So, you may go for an extensive car insurance plan rather than opting for an insufficient cheap car policy.
There are various attractive add-ons offered by car insurance providers. It is likely to fall into the trap of these features while buying a plan and get carried away. Try to stick to the necessary add-on you require and avoid buying the rest. As such, you have to pay an additional price for each add-on you choose.
NCB or No claim bonus is an important benefit of car insurance plans, where insurance providers offer 50 to 100 % NCB points to policyholders for a claim-free year. These points help the insured to get a discount on premiums in the next renewal. Now, if you raise a claim for minor damages to your car, you will not be able to receive any NCB points and hence will not get any option to reduce your car insurance premium price in the next renewal. So, raise claims consciously and try to avoid the minor ones to accumulate NCB points and lower your premium rate.
If you install certain safety devices like anti-theft and airbags in your car, it also helps in reducing the premium amount of your car insurance policy to some extent. Since these devices offer prevention against theft and major accidents, it lowers the risk of certain damages/issues, thereby reducing car insurance price.
Opting for car modifications enhances the appeal of your car as well as the premium amounts of your insurance. Things like modified alloy wheels, which are expensive, enhance the coverage amount. Therefore, it is better to stay away from such additions.
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The bottom line
Buying a new car insurance policy is not an easy one because it should meet certain parameters. Car owners who want to buy cheap auto insurance can compare quotes online to get the best deal. PayBima’s team assists customers in purchasing an effective insurance plan that caters to their needs, gets them high protection from potential risks caused by third-party liability and more.
Browse Mahindra PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit Mahindra PayBima to Buy Insurance Online.
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