Buy Affordable Car Insurance Policy Online

A complete guide on how to buy affordable and cheap car insurance policies online.
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Buy Affordable Car Insurance Policy Online
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3 mins
28-August-2023

Purchasing car insurance is crucial for car owners in India. Apart from complying with the law, car insurance policies provide financial protection against any unforeseen events, accidents, or damages that may occur to the vehicle. However, the cost of premium can be a significant expense, especially for first-time car owners or those on a tight budget. In this article, we will discuss some tips to help you buy affordable and cheap car insurance policy.

How can I buy an affordable and cheap car insurance policy?

Here are some helpful tips to buy affordable and cheap car insurance policy.

· Compare various car insurance providers

The first step to saving money on car insurance is to do your research. Look for various car insurance providers and compare their premium rates and coverage benefits. This will give you an idea of the average premium and help you choose the most affordable and cheap car insurance policy.

· Compare coverage and premiums

When comparing car insurance policies, do not just focus on the premium alone. Compare the coverage provided by different providers as well. This includes third-party liability coverage, comprehensive coverage, and add-ons. Choose a policy that offers adequate coverage as per your requirements and fits within your budget.

· Look for Pay-as-You-Drive car insurance

Pay-as-you-drive car insurance is a relatively new concept in India, but it is gaining popularity. This type of car insurance allows you to pay the insurance premium based on the distance you drive. If you use your car for personal use only or not so frequently, this can be a cost-effective and affordable option.

· Install car safety gadgets

Most car insurance providers offer discounts on the premium if you install safety features in your car. Gadgets such as anti-theft devices and parking sensors can reduce the risk of theft and accidents, making your car a safer choice. This helps you to save on the premium.

· Choose only required add-on covers

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Most insurance providers offer add-on covers that provide additional benefits at an extra premium. Choose only the add-ons that you require and is necessary to get adequate coverage for your car. This will help you reduce the overall premium and buy a cheap car insurance for your four-wheeler.

 

Top factors you should check to buy cheap and affordable car insurance

Here is a list of factors to keep in mind to buy cheap car insurance in India. Consider these pointers to get the best coverage at affordable premiums.

· Driving history

The most important factor that determines the premium is your driving history. Car owners who have made no claims in the past year are eligible for a No Claim Bonus. Upon accumulating a good percentage of No Claim Bonus can lead to a significant reduction in premiums.

· Age of the car

The age of your car is another important factor as older cars have lower premiums than newer cars.

· Mileage

The number of miles driven per year affects the premium. Cars driven more often have a higher premium than those driven less.

· Car usage

The usage of your car, for example, whether used for personal or commercial purposes, determines the car insurance premium. Cars used for commercial purposes usually attract a higher premium because they are at a higher risk of having accidents.

· Coverage chosen

The type of coverage that you choose affects the premium. Third-party coverage is less expensive than comprehensive coverage.

· Deductibles

The deductible is the amount that you pay out of pocket before insurance coverage kicks in. A higher deductible reduces the premium.

· Location

The location where you have registered your car also affects the premium. Cars registered in areas with high theft or accident rates have higher premiums.

· Add-on benefits

If you wish to add some add-on covers to your comprehensive car insurance policy, you have to pay additional premiums. You get add-on covers like personal accident cover, roadside assistance, zero depreciation cover, and more that provide additional coverage to you.

How to calculate car insurance premium?

Car insurance premium is calculated based on various factors. Some of these factors are:

  • The age, make and model of the car
  • The cubic capacity of the engine of the car
  • The location where the car is registered
  • The fuel type of the car
  • The IDV (Insured's Declared Value) of the car

The IDV is the maximum sum assured by the insurer against any loss or damage to the car. Insurance companies use a well-defined formula to calculate the IDV, taking into account the car's age, depreciation, and market value. Additionally, car owners can also opt for additional coverage such as zero depreciation, personal accident cover, and engine cover, which can increase the premium amount.

Buying affordable and cheap car insurance requires some research and due diligence. Comparing policies, choosing the right coverage, and opting for the necessary add-ons can keep your premium affordable. Calculate your premium using an online calculator to know your expense and choose a policy that is cost-effective while providing adequate coverage.

It is highly recommended to compare car insurance premium quotes on various insurance company websites before making a purchase to get the best policy at the lowest possible price. It is essential to choose the right plan that suits your requirements and provides adequate coverage for your car.

Bajaj Finance partnered with leading car insurance companies in India offers a range of affordable and cheap car insurance in India. You can look for various plans to compare and buy car insurance without any paperwork and hassle.

How to apply for car insurance on Bajaj Finance Insurance Mall?

Here’s a step-by-step guide to buy car insurance at a low price on Bajaj Finance Insurance Mall.

Step 1: Visit Bajaj Finance Insurance Mall and view the car insurance plans offered by leading motor insurance companies.

Step 2: Click on 'Get Quote’ to open the online application form.

Step 3: Enter the vehicle type, two-wheeler registration number, mobile number, and residential PIN code. Check the terms and conditions and click on the ‘Get Quote’ button below.

Step 4: Choose the IDV, NCB value, add-on covers, and plan type to get a list of relevant policies. You need to update your current policy expiry date here.

Step 5: Click on the ‘Buy Now’ button. You will need to add owner-driver personal accident cover mandated by the RTO. Click on ‘Next’ to proceed.

Step 6: Confirm the vehicle registration date and the previous policy type (comprehensive/third-party). Click on ‘Proceed’.

Step 7: Enter vehicle owner’s name, date of birth, residential address, and contact number. Also, enter vehicle engine and chassis number (as per the RC) and previous policy details.

Step 8: Review your previously filled details and make the payment through your preferred online payment mode. You can use net banking, UPI, credit/debit card to buy the policy.

Frequently asked questions

How can I buy affordable and cheap car insurance?

Cheap car insurance policies provide affordable coverage for your car and ensure protection from any financial loss in case of accidents, theft, or damage to your vehicle. You can find cheap car insurance from various insurance providers in India who offer policies with lower premiums, discounts, and customised coverage options.

What is the lowest car insurance price, and how can I get it?

The lowest car insurance price depends on various factors like the type of car, driving history, age, location, and coverage options. However, you can compare and choose the best policy with the lowest premium rates by visiting the official websites of insurance companies or at Bajaj Finance Insurance Mall.

Who has the cheapest car insurance in India?

There are several insurance companies in India that offer cheap car insurance policies with competitive prices and benefits. However, some of the top providers with low premium rates and high claim settlements are Tata AIG General Insurance, Bajaj Allianz General Insurance, HDFC ERGO General Insurance, and ACKO Insurance.

Which company gives the cheapest car insurance, and how can I get it?

The cheapest car insurance usually depends on multiple factors, including the type of policy, coverage options, discounts, and your driving history. However, you can compare the premium rates and benefits of different insurance companies and choose the one that suits your requirements and budget. You can apply for cheap car insurance online by visiting the company's official website or comparing policies at Bajaj Finance Insurance Mall.

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*T&C Apply. Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Life Insurance Limited (Formerly known as Bajaj Allianz Life Insurance Company Limited), HDFC Life Insurance Company Limited, Life Insurance Corporation of India (LIC), Bajaj General Insurance Limited(Formerly known as Bajaj Allianz General Insurance Company Limited), SBI General Insurance Company Limited, ACKO General Insurance Company Limited, HDFC ERGO General Insurance Company, TATA AIG General Insurance Company Limited, ICICI Lombard General Insurance Company Limited, New India Assurance Limited, Chola MS General Insurance Company Limited, Zurich Kotak General Insurance Company Limited, Star Health & Allied Insurance Company Limited, Care Health Insurance Company Limited, Niva Bupa Health Insurance Company Limited, Aditya Birla Health Insurance Company Limited and Manipal Cigna Health Insurance Company Limited under the IRDAI composite registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure & policy wordings carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also distributor of other third party products from Assistance service providers such as CPP Assistance Services Private Limited, Bajaj Finance Health Limited. etc. All product information such as premium, benefits, exclusions, value added services etc. are authentic and solely based on the information received from the respective Insurance company or the respective Assistance provider company.

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