If you are thinking that you can easily control your expenses when it comes to taking care of a car, but think again. Auto owners will no more avail this facility as per the Insurance Regulatory and Development Authority. The Third Party auto insurance premium has been increased in line. Consider the Ways to Reduce Auto Insurance Costs.
Some insurance companies in India are planning to revise their ‘own damage’ rates. The third party premium will be increased up to a definite extent based on the engine capacity of two-wheeler and cars. Third Party auto insurance coverage is mandatory and it is available with complete motor insurance.
It includes damage to the person’s property or injury or death caused to a third person. The own damage premium hike is still to be determined. But, there are still chances to keep the total premium on comprehensive auto insurance under control.
According to current law, auto owners need to hold at least minimum coverage to pay compensation to the third party for any property damage. In fact, you have a choice to own a higher coverage that may prove worthwhile in case there is an enormous payout.
But, remember that auto insurance premium will also rise with the coverage. So, those who want to keep the premium low should confirm the limited liability needs. Nowadays, many insurance companies in India endorse much better rates to buyers who give accurate information such as gender, age, occupation, marital status, driving track record and claim history.
Customers get various benefits, in the long run, depends on their disclosures and responses. The list of benefits is based on insurance service providers. Be careful while buying car insurance add-on covers because some agents may push unnecessary add-ons to clients. Therefore, it is essential to figure out the insurance features with customer’s requirements before purchasing the add-ons.