December 9, 2023

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Effect Of Anti-Theft Device And Its Impact On Car Insurance Premium

All About Anti-Theft Device and Its Impact on Car Insurance

A tool that aids in maintaining the security of your car is an anti-theft device. It can accomplish its goal by utilising a variety of technologies. Locks and alarms are just two examples of the many different kinds of anti-theft systems. Car insurance premiums and anti-theft gadgets are closely related. A car insurance policy is a guarantee if you look closely; according to the terms and conditions, the insurer will assist the policyholder financially if something unfortunate occurs to the vehicle.

The advantages of installing an anti-theft device in your car are listed below. These devices are often known as ATDs and are installed in Indian automobiles.

  • Stop Theft:

ATDs can lessen the likelihood of Theft by deterring potential criminals from trying to take the vehicle. For instance, if the criminals choose between two cars to take, one has a tyre lock and an alarm and the other without. Which one do you suppose the burglars will choose?

  • Preventing Theft

ATDs provide the essential time cushion that allows the Theft to be stopped. For instance, the robbers attempt to break in even if they are unaware of the car’s alarm system. The alarm sounds, which makes the thieves fled. When nearby neighbours or security personnel are alerted, the likelihood that the burglars will abandon their plot and stop the steal rises. They may also be caught red-handed. 

  • Concession For Auto Insurance

You may be eligible for a concession when purchasing or renewing a comprehensive auto insurance policy by installing certified ATDs and informing your insurance provider of them. You must be proactive and notify the business of your security measure by calling or emailing if you have installed the ATD and want to take advantage of the corresponding concession. ##

  • Quick Claim Resolution:

Installing an ATD demonstrates your commitment to protecting your car. In the event of a theft claim, such an act may indicate that you actively took precautions to protect your vehicle but that it was nevertheless stolen.

  • Avoiding Inconvenience:

Facing the trauma of car theft, visiting the police station to file the First Information Report (FIR) and coordinating with the insurance company can be inconvenient. As there is a high chance that ATDs can prevent all this, then why not install one? ATDs can be beneficial in preventing such kinds of inconveniences.

  • Financial Safety:

A loss is a loss. Even if you claim insurance for the stolen car, you shall receive the Insured Declared Value (IDV), not the price you paid to purchase it, unless you have an Invoice Protection Add-on. ATDs can avoid such a loss by stopping Theft.

Installing an anti-theft device in your vehicle can have a significant positive impact on your car insurance premium. These devices are designed to reduce the risk of theft or vandalism, making your car a lower insurance risk. As a result, insurance companies often offer discounts or reduced premiums to policyholders who have anti-theft devices installed. While the exact savings may vary depending on the type of device and your insurer, it’s generally a wise investment that not only enhances the security of your vehicle but also helps you save on insurance costs in the long run. Therefore, considering the potential benefits, it’s a smart choice for car owners looking to protect both their vehicle and their wallet.

A car insurance premium calculator is a tool you may use online to find out the amount of coverage needed based on your requirements.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.