Car insurance gives you a financial shield against potential expenses arising from accidental damage. It is a prudent risk protection for all car owners. It is of course a known fact that there are a variety of coverage levels that one can opt for based on how much coverage you want and the premium you’re willing to pay as long as the mandated legally required coverage for third party risk is obtained. Even so, most people find that a comprehensive four wheeler insurance policy is the one that gives them the best peace of mind. However, you don’t have to break the bank to secure the right coverage. Here are some tips to help you reduce your four wheeler insurance premiums without compromising on protection, based on the offerings from CHOLA MS General Insurance.
1. Choose the Right Plan
AT first glance, you will realise there is a variety of four wheeler insurance plans available. Worry not, you can identify the best one for you with a little thought and planning. CHOLA MS General Insurance offers several car insurance plans, allowing you to customize your coverage by picking the plan and your add-ons. Whether you need basic third-party liability or a comprehensive package, choosing the right plan ensures you’re not overpaying for benefits you don’t need. To do however, you must invest the effort to understand what the various options are and how the coverage benefits vary. Only then can you decide which ones are relevant to you. Do not make a rushed decision and repent later !
2. Opt for Higher Voluntary Deductibles
A voluntary deductible is an amount you agree to pay out-of-pocket before the insurance kicks in. You can reduce your premiums remarkably, by selecting higher deductibles. CHOLA MS’s four wheeler insurance allows flexibility in setting this deductible, ensuring you only pay more when necessary.
3. Install Anti-Theft Devices
Security devices not only protect your car but also make you eligible for discounts on your four wheeler insurance premiums. CHOLA MS recognizes the installation of ARAI (Automotive Research Association of India) approved anti-theft devices, as such added protection indicates potentially lower risk of theft.
4. No Claim Bonus (NCB)
One of the easiest ways to save is by maintaining a claim-free record. The No Claim Bonus (NCB) offered by CHOLA MS rewards you with discounts on premiums for each year without a claim, going as high as 50% after a few years. If you’re a careful driver, this could lead to significant savings over time.
5. Bundle Policies
If you already have an insurance policy with CHOLA MS, such as health or home insurance, consider bundling it with your four wheeler insurance. Bundling policies is useful, giving you savings across multiple insurance plans.
6. Renew Your Policy on Time
Timely renewal of your car insurance plans is crucial to avoid lapses. An expired policy might result in higher premiums when you renew your insurance plan. CHOLA MS makes it easy to set reminders and renew policies online, ensuring your coverage remains intact and affordable.
7. Customize Your Add-ons
CHOLA MS offers several add-ons like zero depreciation cover, engine protection, and roadside assistance. While these can enhance your coverage, not all add-ons are necessary for every vehicle. Carefully choose the ones that match your needs to avoid unnecessary ones. That way, any additional premium amount you pay is only going towards add-ons that are absolutely essential for your needs.
Conclusion
With these simple strategies, you can save significantly on your four wheeler insurance premiums without compromising on coverage. CHOLA MS General Insurance offers flexible plans, helpful offers, and customization options, making it easier to secure comprehensive car insurance plans that fit your budget and vehicle type and needs.
Also Read: 5 Benefits of Buying Four Wheeler Insurance
