Renew your motor insurance in time
In case you fail to renew your motor insurance plan within the stipulated date you will have to face a lot of consequences. Failure in motor insurance renewal in time might trigger premium increase in the following year. Moreover, when you try to renew the policy after the deadline you might have to face inconveniences like vehicle inspection.
Don't make claims for minor issues
Your car insurance plan is designed to save you financially in time of a major issue such as accidents, theft or damage to car due to natural perils. In the event of a major mishap you are entitled to make claims. But if you make claims for minor issues like small scratches you will lose NCB and have to pay increased premium in the subsequent year.
Avail discount on car insurance premium by incorporating security features
If you install various security features in your car like immobilizers and anti-theft alarms you will be eligible for 2.5% discounts on your car insurance premium. However, these security devices have to be approved by Automotive Research Association of India.
Assess Voluntary Deductions
Voluntary deduction is the sum of the total claim amount that you have to pay when your claim is settled after mishaps like theft or accident. If you don't choose any voluntary deduction amount, you are eligible for the total claim amount. But, in case you choose an amount as voluntary deduction, you need to pay that particular amount at the time of a claim and your car insurer will pay rest of the sum insured. Another advantage of opting for a voluntary deduction is it helps reduce car insurance premium. The higher is your chosen amount; the lower will be your car insurance premium amount.
Costly gadgets trigger higher premium
If you love gadgets and install some expensive ones in your vehicle, chances are high that you have to pay higher car insurance premium in the following year. Apart from the gadgets if you modify your vehicle, you need to brace yourself for an increased car insurance premium as well. Because, your car insurer will re-assess our driving habit on the basis of the modifications you made and gadgets you incorporated. The evaluation will reflect in hiked car insurance premium.
Join Road Safety Organizations
You can become member of various organizations that promote safety on road like Automobile Association of India. Aside from availing different benefits you can also be able to get concession on your auto insurance premiums.
Compare car insurance premiums
Instead of making a deal with a particular car insurer in India in a hurry, you should take time. You should compare motor insurance premiums online determined by various motor vehicles insurance companies. Car insurance premiums vary from one type of motor insurance online policies to another. The premiums further depend on the cover extent. The features of the motor insurance policy also raise the premium amount. When you compare car insurance policies, it is crucial that you go through the motor insurance policy fine print minutely to trace out hidden car insurance costs.
Save money by buying car insurance online
If you choose to buy motor insurance online you will be able to save good amount of money. Traditional method of buying a car insurance policy will make you pay more than you should as car insurance costs come with distribution and processing charges in case you deal with a brick and mortar car insurance outlet.