Getting The Best Car Insurance Deal

January 13, 2017 · Posted in General Articles on Car Insurance 

Different people have different priorities while purchasing a new car. Some choose to buy a stylish and flashy looking car, while others go in for a practical and roomy sedan. The cost, fuel efficiency and comfort are other factors that play a role in decision-making. But how many people think about the insurance costs? Not many realize that the premium amount for car insurance is calculated based on the type of car.

The Car industry in India has seen a tremendous growth and seems to be the fastest growing sector in the world. This sector has responded with an exponential progress in the number of new models launched in the last few months. The craze for cars among people is growing day-by-day. Hence, all the car manufacturers are giving tough competition to each other by opting innovative and unique ideas to capture the market.

Before purchasing a car it is recommended that you collect some information on what cars are cheaper to insure. Of course it will not be wise to compromise on your requirements just for the sake of saving on insurance costs. So it is advisable to short-list a few cars that fulfill your basic needs, and then work out the car insurance costs. Maintain a balance between the two factors while taking the decision.

Similar to an insurance agent, you can take reference from the Highway Loss Data Institute (HLDI), to determine how much risky the model and make of your car is compared to other cars in the same category. The HLDI has statistical data covering almost every make and model available in the car market, and the institute can provide you with decisive information regarding whether the car that you intend to buy has losses that are valued to be lower than, equal to or higher than the average losses for that particular category of vehicles. The most significant point of this analysis is that lesser losses and expenditure on account of accidents and/or theft always translates into less costlier car insurance.

When you are shopping for a car, it’s important to spend time making sure it’s safe. The latest cars in the market today come equipped with advanced safety features. Excellent seat belts, airbags, all-wheel drive and anti-lock brake systems are some of them. These technologies not only ensure you and your family a safe drive, but also cut down the insurance cost of the car drastically. Even if it makes the car a little costlier it is worth the investment. You are sure to reap its benefits in the long run.

Every company has made significant technological advancements over time and knowing when they were applied to the models is important to the long-term value of a vehicle, and the price a shopper is considering paying.

Lower cost of car insurance may not be the most important factor when you go for a new car, however it shouldn’t be the least important factor also. Carry out a proper insurance related research before finalizing your car purchase deal and you’ll always get the best car insurance premium rates available.

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