Experts believe buying car insurance online rather than in the showroom itself would go easier on your pocket.
Read More: Honda Elevate SUV Makes Global Debut In India: Check Design, Features
Buying a brand-new car is often a major milestone in the lives of those belonging to the middle class. You must be aware that it is now mandatory to have car insurance, as a major add-on along with the car itself. In most cases, the insurance is sold in the showroom itself. Did you know that car insurance bought at the showroom is way more expensive than what you can buy online? Most people do not want to go through extra hassle. They do not mind spending a few thousand on insurance, while the car itself costs some lakhs; hence, they buy insurance at the showroom. But for middle-class people, who value every penny they spend, an eye-opener is needed. Manoj Jain, an insurance specialist, stated in an interview that purchasing insurance from a dealership is always pricey. The showroom employees charge between Rs 10,000 and 40,000 more when selling insurance along with the vehicle. Customers are typically informed that they cannot use the cashless garage if they do not purchase insurance from them. It is sometimes claimed that the cost of insurance is built into the price of the vehicle. Both these points are false in reality.
Read More: Renault attracts discounts of up to Rs. 65,000 in June 2023
Car insurance laws have been made transparent by the Insurance Regulatory and Development Authority (IRDA). It has been made quite clear that no showroom may refuse the cashless garage option. The car’s warranty is independent of the dealership owner. Its insurance provider issues the warranty. The showroom’s owner genuinely receives a commission for selling insurance, which increases the amount. You are also pressured to buy add-ons that you do not generally need.
An estimate states that the insurance for a sedan with a 1.6-litre engine will run you about Rs 35,000 at the showroom. This insurance might cost up to just Rs 26,000 if you seek it yourself online. The insurance for a 2.2-litre SUV will cost between Rs 60 and Rs 70 thousand in the store. The price, if you purchase it on your own, will be between Rs 40,000-45000.
Read More: PPF Account: Check Features, Tax Benefits, Interest Rates Comparison With Bank FD
Nowadays, many insurance companies sell motor insurance online. There are also many aggregator apps and websites that can show you the insurance details of various companies. You can compare the insurance products of many companies by entering the details of the car. Choose the cheapest one out of these and you will get car insurance in no time.
