cheap car insurance

7 Reasons for buying cheap car insurance in 2020

Finance

Last Updated on 17/10/2020 by NM Staff

A lot of people believe in the famous saying that goes like “the more the better”. However, this might not always be true and applicable in the practical world. Just like in the case of buying car insurance policies. There are plenty of insurance plans in the market that offer a world of benefits. Every insurer claims to provide the best product at the most reasonable price in the market.

“You will not get a better deal than this one” is a very commonly preached tagline used by the sellers. Most of the people tend to fall into this trap and end up making the investment without even analyzing the other available plans thoroughly. Well, there are many valuable and cheap car insurance plans available in the market. Yes, there is the option of buying a plan that is both pocket-friendly and safe. All one needs to do is not get carried away by public opinions and assumptions.

The need for a cheap car insurance policy can be felt more in 2020 than at any other time. The COVID-19 pandemic has drastically impacted the world economy. During a time like this, every person is trying to crunch out their expenses as much as possible.

Reasons to Buy Cheap Car Insurance In 2020

There are many good companies that provide consumer-friendly insurance plans at reasonable rates.

Pocket-friendly Options

A cheap car insurance premium does not affect one’s monthly budget heavily. The affordable rates are easy on the pocket and one does not need to bear any extra headache of high amount premiums. Most of the people are suffering from financial instability this year. Since there is no option to avoid car insurance plans as it is mandatory by law to have one, atleast a third party cover, it is better to choose a cheaper one. However, this does not necessarily mean that the insurance would be any less beneficial. There are dozens of companies that offer almost the same benefits at a comparatively lower price.

Car Is Less Prone To Damage

The pandemic has inclined most of the world governments to enforce nationwide lockdown in their respective countries. This means that neither any of us is allowed to go out nor we need to because offices and businesses are closed down. Consequently, one would not use his car as much so the chances of external damage become very less. Thus, this is the right time to save money and choose a cheap car insurance plan to abide by the insurance laws.

Availability Of Offers

If one analyses the available insurance plans of different companies thoroughly, it would come to his notice that many of them are offering discounts on premiums during this time. A cheap car insurance plan would suit the best during the time when there are so many offers available in the market.

Save Money For Add-on Covers

It is a very famous saying that quotes, “knowledge is power”. Well, this might just be the right time to justify it. The best way to get a cheap car insurance policy that is worth the money is to club the base plan with appropriate add-on covers. The basic comprehensive plan can be enhanced with add-on coverages like engine protection cover, zero depreciation cover, accessories cover, etc. For instance, an engine protection cover might be the best option in 2020 because a long parked car is prone to get its engine jammed. Thus save money on car insurance policy by ticking off the right options might be a good choice.

Voluntary Deductibles

Every insurance company provides an option of the voluntary deductible under which an insured individual can take the part of the car insurance claim that he can cover himself. This reduces the price of premiums considerably. Like if one has enough confidence in his driving skills, he can choose to cover the expenses of external damage on his own. This would save money and car insurance would be cheaper.

Less Chances of Claim

There are many people who do not have to make a claim any time during their car insurance tenure. This chance increases this year because of the fact that most of the people are confined to homes and holiday destinations are closed down. So, no road trips and family outings mean less risk which reduces the chances of a claim . Thus, this is the right reason and time to buy a cheap car insurance policy via Turtlemint.

Advantage of Online Platform

The online platforms are no less than a blessing, especially during this time when people are inclined to stay at homes. These platforms allow the buyers to compare all the existing plans of insurance companies and then choose the right one. Thus, finding out the most valuable and cheapest car insurance is no big deal. It can be easily done and one can also buy it using the online portal of the preferred company.

Therefore, utilise the funds efficiently and make the right investment by buying cheap car insurance that is valuable and useful too.