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How to save money on your next Car Insurance purchase!

Sampurna Mitra|3 min read|20 October, 2021

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Just like protecting your health is important, it is also important to protect your car from all eventualities while travelling. For this reason, a car insurance policy plays a vital role in one’s journey with their car.

car insurance policy not only protects you from damage due to fire, accident, theft, etc but also covers third-party liabilities. Therefore, purchasing a comprehensive car insurance policy is always a good idea.

If you are planning to buy a car insurance policy, here are a few ways in which you can save money on your purchase:

  • Buy the required coverage

Calculate and get the coverage that is most suitable to you. Consider the coverage that will serve your purpose in the long run. Don’t buy all the available add-ons with your car insurance policy. Deliberate on what you need, then make an informed decision with your purchase.

  • Set higher IDV

An Insured Declared Value is the maximum sum assured fixed by your insurer in case of total loss or theft of your car. Make sure that your IDV equals the current market value of your vehicle. A higher IDV will however, increase your premium.

  • No Claim Bonus

If you do not have any claims during a particular year, your insurer will award you something known as a “No Claim Bonus” which can either be in the form of a discount granted on your premium, which makes your policy even more attractive. Be sure that your NCB (if applicable) is included while calculating the premium.

  • Install Safety Devices

Installing safety devices such as an anti-theft device will not only enhance the security of your car but will also lower your insurance premium. The safest way to go about this is to install a safety device that is approved by the Automobile Research Association of India (ARAI).

  • On-time policy renewal

With timely renewal of your car insurance policy, you can easily lower your premiums. Insurers put a lot of stock in people who are prompt with their policy renewals. Do not let your car insurance policy lapse and get it renewed on time.

Here are a few benefits of buying a Car Insurance policy

  • Third-party liabilities: If your car gets into an accident, any damage or loss that has been caused to a third party will be covered under your policy. Additionally, instances of death or any other bodily injury caused to a third party that warrants legal intervention will also be covered under your car insurance.
  • Personal Accident Cover: One major feature of a Car Insurance policy is that it offers a personal accident cover of a certain amount. Personal accident cover will protect you during instances of permanent total disability and death.
  • Cashless garage network: This will save you out-of-pocket expenses incurred towards your car. Some insurers have tie-ups with a network of automobile repair stores where you can get your car repaired. This saves you time and effort as your insurance provider will settle the bill with the shop directly.
  • Policy add-ons: A comprehensive car insurance plan should be flexible enough to have room for add-ons should you want them along with your policy. At an additional cost, you can get a rider or two added to your car insurance policy and get more coverage. Some more common riders include zero depreciation, roadside assistance, engine protection etc.

Why buy Car Insurance with us:

Apart from providing a super smooth buying experience, PhonePe will also provide you with the following benefits:

  • Choice of multiple plans: Get instant and cashless cover in just under 2 mins with PhonePe.
  • Comprehensive plans for complete protection: Get a policy that covers your own vehicle as well as third party damages.
  • Hassle-free cashless claims: With PhonePe, enjoy an extensive network of more than 4000 cashless garages.
  • Customised plans: Buy roadside assistance, Zero Depreciation and more.

Nothing like a well-rounded car insurance policy to protect your on-road companion.

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