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Things that can shoot up your Car Insurance premiums


Has your car insurance policy premium gone up, despite getting the best car insurance? This can happen due to a host of factors. Chances are one out of the following risk factors could be the culprit behind the sudden surge in the premium of your car insurance plan.

  • Purchasing a policy without comparing it with other policies
    Car insurance plans vary from one company to the other. They may differ in terms of coverage benefits, coverage features, and premium rates. It is not easy to choose the right insurance policy at the outset. The best way to do it is to compare plans from different providers for specific policies. Going by the conventional rule, you should choose a policy first and set it aside for a purchase decision later in the future.
    The more time you spend in comparing the prices and features of different plans, the easier it would be for you to decide on the right plan. Getting a plan in line with your requirements should be your topmost priority while deciding on an insurance plan. You should avoid buying a car insurance policy straight away as it is more likely to consist of items that may not be relevant to you.
  • Including unwanted items in the policy
    Every insurance plan comes with certain add-ons. Insurance companies generally leave it on customers to decide the items which they would like to choose. It is recommended that one should make one’s choices carefully in this regard. The idea should be to only include those things that are relevant to your needs.
    While choosing an add-on helps widen the scope of an insurance plan, it also adds up to the expenses. Adding too many add-ons to your checklist will only serve to increase the premium amount. If you wish to keep it down, decide on the add-ons that you need the most. Next, find out if you can afford the resulting premium after adding up the charges for add-ons. Consider dropping a few items if it pushes the overall cost beyond your budget.
  • Choosing a policy which is not tailored to your requirements
    One of the biggest mistakes which most buyers of car insurance in India make is to choose a plan which is not suitable for them. Generally, buyers of car insurance policy have two options at their disposal - the comprehensive policy and the liability policy. The former provides comprehensive coverage, whereas the latter offers limited coverage. Ideally, one should decide which one to choose by considering the likelihood of using one’s car. Those who use their car too often should select a comprehensive coverage policy. Otherwise, one would be better off with a liability policy.
  • Not considering the discounts options that you could avail
    Discount options constitute one of the smart ways to minimize the expenses relating to car policy in general. Normally, most buyers of car insurance policy tend to skip these options to save time. If you wish not to miss out on these options, read your insurance plan carefully.
  • Choosing an IDV of a higher value
    Insured Declared Value (IDV) is an important element in a car insurance policy, regardless of whether you get your car insurance online or by visiting a company in person. It leads to a higher settlement claim. But it also hikes up the premium cost, thereby making it more expensive. One should proceed with caution and decide in this regard carefully.
  • Driving record in red
    If you get into the bad books of traffic police due to rash driving, speeding up or violation of other traffic rules, it can shoot up your car insurance premium. Due to multiple claims relating to a bad driving record, an insurance policy is more likely to increase the monthly premium at the time of renewal.

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