< Affordable Car Insurance: Save More with Low-Cost Plans & NCB Benefits
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Health insurance just got 18% cheaper – no GST applicable!
  • Protection at a low cost
  • Save more with NCB
  • Easy and hassle-free claim settlement
 

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Understand your vehicle registration number

Your vehicle registration number is the unique vehicle identification number issued by Regional Transport Office (RTO) and mentioned in your vehicle RC book. The vehicle registration number is printed on license plate and affixed to your vehicle.

Kindly note: While entering your vehicle registration number, please be careful about similar looking characters and number, like alphabet ‘O’ being used in place of number 0 or vice-versa.

  • 1 The first two letters together indicates the state in India where the vehicle is registered.
  • 2 The second group comprises two numbers, which represents RTO district code.
  • 3 The last group is usually a unique combination of a character(s) and four digits. If it’s 0001, please enter all the four digits and not just 1.

What is affordable car insurance?

Affordable car insurance or low-cost car insurance means having a car insurance policy that offers you the desired coverage at lower premiums. With the right approach, you can find an affordable car insurance policy that safeguards you financially if your vehicle gets damaged due to natural or man-made calamities. These include fire, explosion, theft, riot, etc. By comparing several plans and adopting responsible driving habits, you can get a low-cost car insurance plan.

Advantages of an affordable car insurance policy

Here are some advantages you get with an affordable car insurance policy:

Saves you money

Affordable car insurance helps reduce your overall annual expenses. You get the necessary protection for your car without straining your budget. This means you can spend on other important things without worrying about high premiums. It makes owning a car more financially manageable.

Keeps you compliant

Having third-party car insurance is a legal requirement. It saves you from fines, penalties and other legal troubles. Staying insured also keeps your driving record clean.

Lower renewal cost

Low-cost car insurance means lower renewal costs. You don’t have to worry about steep premiums during renewal. Also, the process is often straightforward and hassle-free. This makes it convenient for all car owners.

Factors that determine car insurance premium

Low-cost car insurance has a lot to do with premiums. Here are some essential factors determining it.

Type of car

The kind of car you drive plays a vital role in deciding your insurance cost. Cars with higher safety ratings or advanced features may be viewed differently by insurers. Some cars are costlier to repair while others may be cost less to maintain. The brand, model, engine size, etc., can influence the premium.

Add-ons chosen

Add-ons are extras you choose on top of your basic insurance policy. Affordable car insurance policies offer various add-on covers such as zero depreciation, return to invoice, roadside assistance, engine protection and so on. The number of add-ons chosen can affect the premium you need to pay towards your insurance.

Claim history

Your past claim history also determines the premium amount. Having a clean record tells insurers that you’re likely a cautious driver. This helps them understand your overall approach to road safety and responsibility.

Coverage chosen

Premium also depends on the coverage opted for. While a comprehensive car insurance policy has own damage and third-party cover, a third-party insurance plan covers only third-party legal liabilities. Premiums depend on the type of cover you choose.

Tips to get affordable car insurance premium

Buying low-cost car insurance is not difficult. You can use these tips to get one:

1

Compare different plans

Don’t settle for the first policy you come across. Spend some time comparing different insurers online. Look for what each policy offers. Don’t just look at the price but also at the services and claim process. A bit of research can help you choose a plan that suits your needs better.

2

Maintain car well

Taking good care of your car is as important as having insurance. Simple things like timely servicing and fixing small issues can prevent bigger problems later. It also helps avoid surprise breakdowns. A well-maintained car is less likely to need frequent repairs or claims.

3

Install safety features

Basic safety tools like anti-theft alarms or steering locks are useful. They help protect your car from thefts. Many modern cars come with built-in security. However, adding a few extras can help you keep premiums on the lower side.

4

Avoid small claims

It’s sometimes better to pay for tiny repairs out of your own pocket. This helps preserve the no claims bonus (NCB). Having NCB can help you lower premiums during renewals. It’s wise to use your policy for bigger or unexpected problems.

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Frequently asked questions

Does affordable car insurance offer enough coverage?

Affordable car insurance or low-cost car insurance means keeping the premium low. If planned right, it offers decent coverage.

Can I reduce my premium without compromising on coverage?

Yes, you can do so. Yes. By increasing your voluntary deductible, maintaining a no-claim bonus, avoiding unnecessary add-ons and installing anti-theft devices can help you lower premiums without compromising on coverage.

Will choosing affordable insurance affect claim settlement?

No, the premium doesn't influence claim settlement. Claim settlement doesn’t depend on premium but the promptness with which you report the incident and following the insurer’s protocols.

Does NCB help lower premiums?

No, the premium doesn't influence claim settlement. Claim settlement doesn't depend on premium but on the promptness with which you report the incident and follow the insurer's protocols.

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Disclaimers:

The information provided in this blog is for educational and informational purposes only. It is advised to verify the currency and relevance of the data and information before taking any major steps. Please read the sales brochure / policy wordings carefully for detailed information about on risk factors, terms, conditions and exclusions. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.

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