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Online Car Insurance Leads The Way In Reducing Ownership Costs In India
Ask a car owner in India on the costs they associate with the ownership experience and one is sure to get some interesting insights
. Fuel costs, cost of preventive maintenance (oil changes, tune-ups, and generic services), accessories and embellishments are some of the response types that one is sure to get. Sadly however, few voices respond with a reply that mentions car insurance.Insurance is generally underused amongst car owners in India. Few are aware of the benefits of being adequately insured, getting the right car insurance quotes and other such nuances. Few of the things that have a bearing on the insurance calculation are:
1.Insured Declared Value (IDV): Simply put, the Insured Declared Value or IDV reflects the market value of the vehicle. Thus, higher the market value, higher is the insurance premium charged by service protectors to any damage to it. Some people, in a sense of misplaced sensibilities, tend to undervalue their IDV in exchange for a lower premium outgo. Many among this set then go on to regret their decision when their repair bills go beyond what is covered under insurance
2.Theft Deterrent Measures: Insurance companies often tend to offer discounts to owners that adopt certain theft deterrent steps to protect their vehicles. Etching of vehicle registration number on all the window panes of the car, steering disablers and gear locks are but some of the few steps through which one can dissuade vehicle theft and get a discount from the insurer. However, do bear in mind that each insurer may evaluate such measures differently, so tread wisely
3.Owners Associations: Some insurers tend to recognize affiliations from certain automobile
associations. The members of these automobile clubs and associations are then eligible for
discounts on their insurance premium. Thus, if one is indeed a member of such an association, there would be no harm in asking for an affiliation discount
4.No Claim Bonus (NCB): Insurers tend to reward owners during the initial years of ownership, if they have treated their vehicles with care and not claimed for insurance. These usually are calculated in the form of a No Claims Bonus or NCB as it is called in industry parlance. The calculation of NCB is cumulative by nature and some owners have been reported to have received hefty discounts at the time of insurance renewals. Few owners know that even when they sell off their existing car, they can transfer their NCB benefits to the insurance purchase of a brand new car. The true impact of this can be gauged when one takes into consideration that insurance premiums for new cars can go up to 50/60 Thousand Rupees. Now imagine a 40% reduction on this amount and chances are, youll drive more carefully than earlier
Negotiate: Insurance for new cars is usually taken care of by the dealer. However, dealers often include their own commission on top of the actual policy rates and include it in the final quote, But, most owners are ignorant of the fact that they can get their cars insured by themselves. This can be done by individually contacting the insurers or through other, personal contacts. This is not just helpful during a new car purchase but also during renewals. Always negotiate with existing as well as new service providers to get car insurance rates that theyd be happy with.
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