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4 Essential Tips to Figure out the Best Car Insurance Coverage

>> Oct 29, 2016



Looking for cheap insurance coverage for your vehicle? Well, you need to study the market carefully before finalizing a deal. Millions of people are paying hefty sums for their car insurance policies. However, with annual premium policies, there are quite a few chances to make some substantial savings. 
image:pixabay.com
Here are 4 essential tips to make you figure out the best insurance coverage for your vehicle without making a hole in the pocket.

1.   Try to look around and collect necessary information
You must check the renewal premium and understand whether it’s competitive enough or not. A lot of drivers get their car insurance policy renewed automatically without checking the premium details. This can lead to serious financial burden at a later stage.  Insurers are always in search of those clients who don’t check the policy details and premium rates. Therefore, you need to be alert. You must seek information from different sources to witness different market scenarios. Visit proper insurance channels to figure out different deals from all the leading insurers available. 

2.   Monitoring the car mileage
If we talk in crude statistical terms, higher the miles you drive, greater the chances of accident you can face with the car. That policy is well-followed by the insurers. You can visit any insurer and he or she will ask you the estimated annual mileage of your vehicle. The higher your mileage, the greater will the premium be and the renewal charges they place. Whatever you do, always try to provide the exact mileage number to the insurer. There is nothing like approximate value. No, that can lead to disastrous results. You must provide the exact mileage figure and witness a perfect fall in premium valuation rate.

3.   The Telematics concept
For the Gen-X drivers, the concept of Telematics is a rage. This concept is doing great rounds in the commercial motor insurance market and gaining tremendous popularity. Using this policy, the insurer provides you a device (read, in-car), which monitors your different driving scenarios (how you drive, when you drive, which type of road you drive) and focuses on cornering, braking, and acceleration. This device is commonly known as Telematics. If you are intelligent enough, you can definitely figure out the benefits in terms of lower premium rates.

4.   Creating your No Claims Discount 
A lot of insurers (in fact, most of them) reward their clients for Non-Claim factors. If you are not claiming every year, you can get discounts on the premium policies. The discount gets higher with each year until it reaches 60% of the premium at the end of 5 Claims-free years. Also, there are some people who deter themselves from changing the insurer during renewal time. They are of the opinion that they might lose the NO Claims Discount they have built with the present insurer. But these are meaningless worrying factors.

These days, a lot of insurers take your word for such things when you apply for quotes while mentioning the total number of Claims-free driving years still left to withdraw. They shall check with their system and never have any hiccup in playing the cards straight. This will give you a higher and a better assurance on non-losing of the claims being made. 

As discussed earlier, you must consider the best options available before taking a decision. Consulting a reliable auto insurance guide can be beneficial. Also, you can refer to different auto-insurance blogs and magazines.

Author Bio: Richard Pratt is a content writer and automobile insurance consultant. He is a regular columnist for http://magma-hdi.co.in/.

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