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Why should you buy/renew car insurance before 31st March 2019?

Don’t be in a last minute rush; you may end up paying more for your car insurance premium. Financial year is about to end. Historically, there have been substantial hike in premium for several make-models of car. The only way to save some expenses on car insurance’s third party premium is to secure your car before 31st March 2019.  Though we agree to the fact that every year due to inflation, owning a car and paying for its premium has been an expensive deal, but the best way to tackle it would be by securing it before 31st March 2019.

What are the various types of car insurance and how does it function?

Broadly, car insurance comprises of mandatory third party insurance and comprehensive insurance. Comprehensive Car Insurance is highly recommended as it insures your vehicle's own damage in addition to any third party liability and accidental cover, on the other hand third party liability policy secures you only from any loss or damage caused to any third party person or property. Therefore, we highly recommended comprehensive cover which would cover Own Damage (OD) i.e damages to car due to theft, natural calamities, accidents or fire, Personal Accident and Third Party cover. You also get to buy add on covers for added protection with comprehensive insurance cover.

Why does my car insurance premium for Third Party tentatively hike?

Insurance Regulatory and Development Authority of India (IRDAI) sends directive to each insurance company for the revised rates. Every year there has been a tentative hike of 15% on car insurance premium.

How does this work?

The premium rate changes depend on the cubic capacity of your vehicle. At the end of every financial year, IRDAI revises the third party premium leading to premium push for all those who secure their car post 1st April 2019.

What should be your next step?

  • Renew your policy before 31st march 2019 to save premium hike

Unlike traditional methods, nowadays within a flip of minutes you can secure your car insurance online and save on premium hike before 31st March 2019. In case your car insurance has expired, you can instantly do an inspection via our Self Inspection mobile app and secure your car without any hassle. With HDFC ERGO always Take it easy! Still waiting for the last moment deals? Caution! You may end up paying more premium.

To buy/renew Car Insurance click here

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

 


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