Car insurance is an insurance policy which helps you cover the damages caused to your vehicle that are defined under the insurance policy. The insurer pays the premium to the insurance company according to the decided car insurance policy, and in return, the car insurance company offers coverage for the expenses of vehicle damage provided those damages are listed in the policy. Third party car insurance has been made mandatory in India under the Motor vehicles Act, 1988.
Factors affecting the rates of car insurance premium
Many times the four wheeler insurance premium hikes up unimaginably at the time of renewal although you have purchased it at lower premiums. There are several reasons which affect the 4 wheeler insurance policy premiums resulting in increasing rates. Following are the reasons which can impact the increase:
Often it happens that despite no change from your side or though no internal factors are affecting from your side, there is a notable increase in car insurance. This happens due to external factors. There are these external factors which can hugely impact the increase in your car insurance like the change in the locality of your living. This can happen because the location that you have shifted to may have higher prices for car insurance. The traffic can be also higher due to which there are more chances of accidents, or the area may be congested. These factors contribute to the increasing car insurance rates.
How to control increasing premium rates?
It becomes vital to control the increasing rates, or it might leave you with a huge financial void. You can always check if any of the factors mentioned above are affecting the rates and they can work on it accordingly with the help of your insurance provider. If your insurance providing company has charges which you cannot afford, you always have an option of looking around for market rates. You can change the insurance provider if need be. Maintaining a driving record which is clean will also help you to save the rates from increasing. Ensuring multiple cars and drivers has always worked for getting good discounts at the time of insuring. The insurance premiums also depend on the type and model of the car, more significant and expensive the model costlier the insurance premium. Avoid unnecessary coverage or add-ons for your car insurance which may result into higher premium rates.
Bajaj Finserv Car Insurance
Bajaj Finserv’s car insurance known as the motor insurance policy covers almost every vehicle under its insurance. It covers the physical damage, natural or human-made calamities that have damaged your vehicle. The Bajaj Finserv car insurance is very beneficial and easy to access with insubstantial premium rates. Moreover, with the availability of online car insurance policy, you can renew your policy through the online portal with just a few clicks.
Below mentioned are some of the features offered by Bajaj Finserv: