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This way to save money while buying a new car for the festive season! Save in car insurance in these ways

Festive Season Car Insurance Tips: After the bad phase of the pandemic, car sales in India have finally picked up pace this festive season. Passenger vehicle sales across the country set a new monthly record of over 3.5 lakh units in September 2022 ahead of Diwali. In the Diwali season 2022, people prefer to buy cars and other vehicles due to discounts and great offers.

Along with buying a car, getting it insured is also very important. Elaborating on the importance of motor insurance, Ashwini Dubey, Head, Motor Car Renewal, Policybazaar.com, said, “Buying car insurance is a must if you want to protect both yourself and the safety of the vehicle. . Also, you should always prefer online shopping to evaluate prices and features before making a purchase. Apart from this, you can reduce the cost of your car insurance premium by opting for add-ons like family floater plan, page as you drive, pay-how-drive.

Choose this option for less driving-
If you are less driving, Ashwini Dubey has advised to take a special policy. This policy is ‘Pay As You Drive’ insurance policy. PAYD was initiated by IRDAI in 2020 as a regulatory sandbox policy during the pandemic. PAYD car insurance model is a usage-based insurance policy, in which the policyholder gets a binding third party liability insurance policy but the damage component of himself depends on the use of the car.

Recently, the model was launched in the market by the regulatory body as an add-on to help consumers save on premium. In this policy, through a tracking device or mobile app, it is tracked how many kilometers your vehicle has driven. Based on this, your premium is determined. In such a situation, you will not have to pay the premium for the day you do not drive. This policy is best for those working in a remote set-up or hybrid model and do not drive frequently.

Choose this option for safe driving-
IRDAI has recently launched a special car insurance policy called ‘Pay How you Dive On’ for safe driving. Giving information about this special policy, Ashwini Dubey said that driving habits and profile are tracked through this policy and people who drive safely get the benefit of discount on premium. People who follow traffic rules have to pay less premium than those who drive less safely. With this, those who drive at high speed have to pay a higher premium. This policy gives you the benefit of both protection and savings.

Owners of multiple cars at the same time choose these policies-
There are many such families in India where each member has a different car. Ashwini Dubey advises such people to choose a family-floater policy. Family-floater policies do not mean that they are all being used at once. Often, people reserve a bigger SUV for long distance journeys and use smaller cars for every day needs. So you don’t need to pay the standard premium throughout the year for all. You can opt for only one family floater plan, where all your vehicles will be insured under a single umbrella plan and the premium will be reduced automatically.

Keep track of deductibles
Ashwini Dubey advises people to pay special attention to deductibles (also known as voluntary deductions) while taking car insurance. These deductibles also depend on your vehicle’s claim amount. Always keep in mind that choose the deductibles carefully and according to your risk profile. For example, if you keep the deductibles as zero, you will receive the entire claim amount without paying out of pocket, but you will have to pay a higher premium. On the other hand, if you are a confident driver who is less likely to claim, you can opt for higher deductibles and save on premium. Keep in mind that you will have mandatory deductibles of Rs 1,000 even if you select Voluntary Deductibles as zero.

Take advantage of Maxis’ no-claim bonus
No-claim bonus or NCB premium is the best way to cut costs. This is a bonus that an insurance company gives to the policyholder for taking good care of their car. This means that for every no claim year, the insured can save money by availing attractive discounts or lower premiums on buying or renewing insurance. For example, if no claim has been filed after taking the policy, then there will be a deduction of up to 20% in the first year, 25% discount after two years, 35% discount after three years and 45% discount after four years. Available in premium.

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