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Best 5 affordable cheap motor insurance online

There is no harm in looking out for a  cheap motor insurance policy or low-cost motor insurance because most salaried folk have a long list of expenses in a month. Moreover, insurance is a matter of security; it has very little capacity to give us any joy from our purchase. Given that we live in a world that is driven by instant gratification, you are not alone in seeking out low cost car insurance or affordable bike insurance. The biggest motivator for seeking out low-cost motor insurance is the fact that most insurance companies offer the exact same product; so most discerning insurance buyers can’t help but ask themselves,” why pay more for the same thing?”. 

That said, even while going about their search for low cost car insurance or affordable bike insurance most buyers are keen on a trustworthy company that they can actually rely on. As a result, low-cost cannot be your only search filter. There should be other criteria in place as well, to ensure that you get your money’s worth. 

Before we get into the specifics of the county’s top 5 insurance companies, let us find out what makes an insurer good, or better than their peers, or the very best. 

Key criteria for judging an insurance company 

Prior claim settlement track record:

Many vehicle owners who are new to insurance and are on the lookout for low cost car insurance or affordable bike insurance are often unaware of a concept known as claim settlement ratio. The claim settlement ratio of an insurance company is a representation of its propensity and track record with regards to claim settlement. The claim settlement ratio of an insurance company is represented as a percentage and should always be somewhere above 90%. This means that the insurance company settles its claims regularly and diligently while being discerning with regards to bogus claims. 

Premium amount

We hardly need to state this one to people seeking out low cost car insurance or affordable bike insurance. The amount of the premium should definitely guide your selection of an insurance company and when you shop on the IIFL platform you can allow the premium amount to guide your purchase because you can rest assured that IIFL has partnered only with the most ethical insurance companies with a good claim settlement ratio and therefore a proven track record. 

IDV

Again, if you are a first time insurance buyer you might not know to pay special attention to this component of your insurance policy. You should always find out the Insured’s Declared Value associated with your vehicle before making a payment and settling in on an insurance policy. The IDV is the maximum amount payable by the insurance company in case of total loss or theft of your vehicle. 

Add on buffet

While you might want cheap motor insurance, it should cover all your requirements. Most insurers will have a base rate and everything else is included as add ons (somewhat like how low cost airlines work, where your ticket price only includes your seat, but you pay for things like meals, snacks, beverages and blankets). In the case of insurance, you would get a choice between two base rates – one for third-party insurance and the other for comprehensive insurance. Over and above this, at least on the IIFL platform, you can opt for engine protection cover, key replacement, roadside assistance and other such add-ons from the buffet available. It is always good to check that the range of add ons includes what you need. 

Freebies 

Some insurers will throw in freebies such as one year free personal accident cover or free roadside assistance or one free servicing with your low-cost insurance. This of course, adds to their preferability. 

NCB 

When you go with the same insurer twice in a row and you have not made any claims the first time around, you become eligible for a No Claim Bonus. Consider the amount that you will pay along with the NCB deduction – for all you know, this might make your prior insurer preferable as a low-cost motor insurance option. 

Top 5 insurance companies 

IIFL has all the top insurance companies on its list of partners. Here are the top 5 insurance companies, all of whom are likely to send you offers via the IIFL platform once you enter your requirements. 

  1. Go Digit
  2. Bajaj Allianz
  3. Iffco Tokio 
  4. HDFC ERGO
  5. Royal Sundaram 

How to get affordable insurance from the best 5 insurance companies at an affordable rate?

The most important part of the process of zeroing on a truly low-cost motor insurance policy is to be willing to shop around and compare rates. You can do this with ease, convenience and speed when you use the IIFL platform. 

Step 1: visit www.iiflinsurance.com to start comparing insurance policies 

Step 2: choose the relevant product from the menu

Step 3: fill up the three step form with basic information such as the registration information linked to your vehicle and your personal details 

Step 4: once you have completed all three pages of the form, click on add ons and choose the ones relevant to you. You can also select third party insurance or comprehensive insurance at this stage. You might be tempted to select third party insurance because it is certainly more affordable. However, do consider the amount you would have to spend if your car requires repairs due to an accident or any man made or natural disaster. It is always more advisable to choose comprehensive insurance, listed as OD on the IIFL website, which stands for Own Damage and is another term for comprehensive insurance.

Step 5: Once you have completed the form including the add ons, check the box allowing IIFL’s insurance partners to send you offers. 

Step 6: go through the offers and select the cheapest motor insurance policy from the lot (but also check that all your requirements are being met) and then make the payment right then and there.
6 steps and 6 minutes later, you can close the window with a low-cost motor insurance policy in your pocket.

FAQs

Can I get IFFCO TOKIO motor insurance on the IIFL website?

Yes.

Is only comprehensive insurance available on the IIFL website or TP a insurance as well?

You can opt for either third party insurance or OD insurance as per your preference and requirements on the IIFL website.

I have chosen all the add ons and comprehensive insurance but now I cannot afford the premium amount. What can I do?

You can toggle the add ons (which each represent an additional cost) and eliminate those that are not absolutely essential. You most likely do not really require each and every one of the add ons.

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