How to reduce Motor Insurance Premiums - Indian Money Review

Car insurance premiums for new cars have become expensive,

The first step to reducing your motor insurance premium is to determine the type and amount of each coverage that you have, and the amount that you are paying for each coverage. You can then make a judgment as to whether it is appropriate (or even possible) to obtain those same coverages from another insurer at a lower cost and/or whether it is acceptable to scale back the kind or quantity of 1 or additional coverages so as to scale back value. Indian money assists you in making this assessment.

IndianMoney Company Reviews on Car insurance premiums

               The amount of the premium depends on the saleroom value of the vehicle at the commencement of the insurance amount, make of the vehicle and the place of registration of the vehicle. The motor insurance generally includes:

1. ·        Loss or damage by accident, fire, lightning, self-ignition, external explosion, burglary, housebreaking or theft, malicious act

2. ·        Liability for third party injury/death, third party property, and liability to paid driver

3. ·      On payment of appropriate additional premium, loss/damage to electrical/electronic accessories

Below are some of the smart tips to reduce your motor premiums, from IndianMoney Company Reviews

Transfer NCB

NCB is No Claim Bonus,  the benefit for not claiming. If want to sell your old car and buy a new one you can transfer this NCB to the newly bought car and this will help you in reducing your premium. Retain the insurance in your name even once commerce your vehicle and raise the insurance company to administer you the no-claim certificate.

Go for deductibles

When you are the professional driver without any violations or accidents for a pre-determined period of time while insured and if you have not claimed insurance for a few consecutive years. then you can go for the voluntary deductible to lower your premium. A deductible is the large amount (out of the box) paid by you while making the claim.

Choose your insurer wisely

Choosing your insurer wisely is a vital aspect. Before buying check all the details about claims, process, paying ability which gives ease and convenience for you and the Insurer is the authorizes provider or not.

Renew on time

Once your insurance policy lapses, you will not qualify for NCB that you simply would otherwise are eligible for. While buying your policy, ask your insurance provider to send a reminder on the expiry date before the policy expires, so you renew your car insurance policy without fail.

Discounts

The policyholder can avail car insurance premium discounts based on multi-vehicle discounts (when you insure more than one vehicle with the insurer); protective device discounts (anti-theft, antilock brakes, airbags); discounts depending on the make and model of your vehicle; affinity group discounts (if, for example, you are a member of an alumni group, buying club or other organization); and longevity discounts (for those insured by an insurer for a certain period of time) and various other criteria specified by the insurance company.

Don’t make the mistake of leaving car loan EMIs for family members to repay. Indian Money review shows that you should avail term motor insurance to protect the vehicle and repay loans. Availing motor insurance is useless if the coverage is not enough to repay or give a family the living standards they currently enjoy.

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