Ways To Reduce Vehicle Insurance Premiums

Before buying a car insurance policy, it is important to understand how you can get more comprehensive coverage at a most affordable price. Here are few tips that can help you to reduce your car insurance premium rates:-

Precise information: You can save up to 10-30% on your car insurance premiums by just providing precise and proper information to your company.

NCB: Insurance companies provides no-claim bonus (NCB) on motor insurance policies. You can avail for this discount if you haven’t made any claim under your vehicle insurance policy in the previous year. NCB is provided in the form of reduction of certain percentage in your premium. NCB increases with every claim-free year and can go up to 50% on own-damage cover.

Voluntary deductible: If you go for higher voluntary deductible, you will have to pay lower premium. Voluntary deductible is the amount that you need to pay towards the claim before insurer pays the rest, discount on this feature range between 20% and 35% of the premium.

IDV: One of the factor on which car insurance premium is decided is vehicle’s Insured Declared Value (IDV). IDV is arrived at by taking into account ex-showroom price of the vehicle and scheduled price of any electrical and non-electrical accessories after subtracting the depreciation for each year. So, if you install electrical and non-electrical accessories, you need to pay higher premium.

Anti-theft devices: If you have anti-theft devices installed in your vehicle, you can avail discounts on car insurance premiums.

Cut down on features: First understand what features are being offered by insurance companies and cut down features that are not required by you. This can help you to save lot of money.

Buy online: You can avail discount on car insurance premium by buying them online. Insurance companies usually offer better car insurance premium rates to people who buy or renew car insurance policies online.

Compare: It is always advisable to first compare policies offered by all insurance companies and than buy as it can help you to save lot of money on premium.

Source from:https://www.policymantra.com/blog/ways-to-reduce-car-insurance-premiums/