To get Motor Insurance for safety of own vehicle from a trusted insurer is definitely a complex task, but if taken carefully, it will give other additional benefits. 

Policy buyer should approach a duly licensed agent/broker/An Insurance company registered with IRDA for buying Insurance Policy or for any other essential information. Here are some tips that you must follow while buying Car or Two Wheeler Insurance:

Guideline That Can Help You Save Money on Car and Two Wheeler Insurance


1)  Compare Policy among Top Insurers


Now-a-days, there are various website available, which enables comparison among Top Insurers to get competitive quote and buying insurance easily and hassle free. 

Customers should get to know top brand insurers such as Apollo Munich, Bajaj Allianz, Chola MS, Future Generali, L & T insurance, Liberty Videocon, Oriental Insurance, New India Assurance, Religare, Universal Sompo, Reliance, Bharti AXA, HDFC ERGO, IFFCO-TOKIO, MAX, STAR, TATA AIG Insurance etc. Insurance policies from these insurers are trusted and satisfactory.

2)  Read the fine prints


Policy plan on a particular website may seem to be a great deal with different discounts, but you have to be careful. Read the fine prints and understand the hidden policies to avoid hassles in the future. 

Many insurance service providers offer 24X7 swift, detailed and transparent assistance. Customers can get full assistance from these insurance service providers and get their best-suit insurance policy.

3)  Analyse Your Vehicle’s Price


If you want to renew your Auto Insurance, a little bit mathematics calculation can save from buying insurance at large premium. This is important to analyse your car’s market value before buying or renew your car insurance. 

Consider if the market value of your vehicle was Rs. 6 lakhs and after three years it is of Rs. 3 lakhs. It means your car values has depreciated by 50%. So while renewing insurance, take policy on the depreciated value i.e. Rs. 3 lakhs instead of Rs. 6 lakhs.

4)  No Claim Bonus


This bonus is rewarded by Insurer for not making any claims under current policy. After the policy matures, the premium amount can reduce by up to 50% over the years. You should be aware of this No Claim Bonus to get this benefit.

Click here to know more IRDA guideline about Motor Insurance