5 Ways to Curb Your Auto Insurance Cost
Bangalore: If you thought you can regulate your expenses when it comes to maintaining your car, think again. You will no more enjoy this benefit according to Insurance Regulatory and Development Authority (IRDA). The third-party motor insurance premium has been hiked in line with its decision last year to review the rates annually.
Moreover, some insurers are planning to amend their 'Own Damage' rates. Depending on the engine capacity of your cars and two wheelers, the third-party premium increase will be in the range of 4-8 percent. Third-party insurance cover is compulsory and it comes with complete motor policy. It covers death or injury caused to a third person or damage to the person's property. The extent of the hike in 'Own Damage' premiums is yet to be determined.
But there is still some ray of hope left to keep the total premium on comprehensive motor policy under control. Have a look.
STICK TO MANDATED PART OF THE COVER
As per the existing laws, you have to buy a minimum cover of 6, 000 to pay compensation to third-parties for any property damage. You got the option to acquire a higher cover which may come handy if there is a massive payout, but keep in mind that your premium will also go up with the cover. So if you are eager on keeping the premium low, decide on for the fixed, limited liability requirement.
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