Motor insurance is must for any vehicle in order save your pocket when something happens. With growing losses, insurance companies have decided to increase the premiums. Third party premiums have already risen. Keeping this mind, what are the ways to lower your premium..
Take it online…
Most of us go online to buy anything nowadays as this provides comparison of different products, uses and prices, etc.. This is the same for motor insurance also. Taking insurance policy online saves money as well as time. Insurance companies provide additional benefits for those take policy online. You can always take the policy of your choice by comparing all the policies available online.
In case of no compensation…
If you don’t claim for 1 year, insurance companies give no claim bonus for the next year. This is anywhere between 10 to 50%. When you are selling your old car and buying a new one, inform the insurance company about this. this may result in lowering of your insurance premium a bit. As the new car has higher premium than the older one, even 10% deduction is a good amount.
Through protective measures….
You can always fix some protection appliances to your car. If you inform the insurance company about this, they will think of decreasing the premium amount. Try to follow this principle when you are buying a new car. If you are a member of Automobile Association of India, Western India Automobile Association, you get a special discount.
Track the value…
Every vehicle has a insurance derived value (IDV). The maximum insurance depends on this. But if the IDA is more than the required, the premium may rise and this is of no use. So, see that the IDV is appropriate before taking a policy.
There are some mandatory exemptions in policy and we can always add some more. For example, you can say that you will claim insurance only after certain amount of damage and can exempt some spares from insurance, this gives some additional subsidy in premium but always think well before making a decision here.