First of all, you can save a lot on premiums by taking a 3-year insurance policy. In this policy, policyholders get up to 10% discount on premiums.
Car Insurance : Not only is the price of a car increasing, but the cost of car insurance premiums is also increasing rapidly. If you are also worried about the rising premiums of car insurance, today we are telling you a great trick. By following this, you can reduce the cost of your car insurance.
Also, you can get rid of the hassle of renewing the insurance every year. Now how will this happen? Let us tell you that many insurance companies are now offering cover for 3 years at a time. Through this, you can not only avail insurance at a low cost, but also get other benefits. Let us know about the 3-year policy.
How does this policy work?
A 3-year car insurance policy offers a combination of both Own Damage (OD) and Third-Party (TP) cover for a full three years. Essentially, it replaces the previous structure where TP insurance was valid for three years but OD cover had to be renewed every year, with the three-year OD cover being combined with the three-year TP cover that was already mandatory for new cars. This means that the policy will no longer need to be renewed every year.
Big savings on premiums
First of all, you can save a lot on premiums by taking a 3-year insurance policy. In this policy, policyholders get up to 10% discount on premiums. For example, if the annual OD renewal increases by 5-10% every year. Then in a three-year plan, the cost remains constant and there is also a discount of up to 10%. Thus, you can save a good amount. This is beneficial for people who want to save on motor insurance and want to protect their vehicles for a long time. Not only this, even if you claim, the premium remains locked for 3 years, whereas in a 1-year OD policy, the further premium may increase after a claim.
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