CAR INSURANCE
Tips to reduce costs on your car insurance Whether you own a set of shiny new car or rust box at your garage, insurance is mandatory by law if you wish to drive your car on road. We all know the importance of car insurance. It offers financial back-up in case of third party damage, loss of life, health injury as well as damage done to your own vehicle. While purchasing motor insurance, if you don’t have a sound knowledge on the subject you end up paying more. It might prove an irrelevant for your car as well. There are several ways in which you can cut down the unnecessary costs on Insurance premium. Some of the ways to reduce your car insurance premium would shop around for insurance using an online quote, Bundle your vehicle cover with other policies, Raise your deductible, Drive a low-risk car, Change your driving habits, Ask about discounts and Maintain good credit.
Here are some tips that will help you reduce insurance costs: Voluntary deductibles Deductibles would be the portion of money payable by you in case of an accidental damage. If you have a good financial background and willing to settle down the petty claims on dents or scratches from your pocket, voluntarily, then the cost of the premium for vehicle insurance could be reduced by 20 to 30 percent. No Claim Bonus Every time you finish the year without a single claim you’re rewarded with No Claim Bonus points. You can redeem them against the claim amount or premium reduction. So, check and see if you can avail of this benefit. If yes, then the discount will be deducted from your insurance premium and you will have to pay less for the current year.
Security features Few cars come with enhanced security systems which are built-in such as an immobilizer, anti-theft alarms, telematics dongles, speed governors that will help you boost the car safety as well as incur lesser premium costs. But you will have to ensure that these devices are approved by Automotive Research Association of India so that you avail some discount on your premium.
Shop Around Prices always vary from car insurance company to company, so its pays off well when you shop around. Get at least three to four price quotes. You can call companies directly or compare them under one single platform online. In fact, an online comparison will help you sort the best deals of minimum premium costs. You can also compare features & benefits, discounts, claim settlement ratio, and then go for purchase.
Good Credit Record Maintaining a good credit history can cut your car insurance costs. Most insurers use credit information to decide the insurance policies costs. To maintain the credit records, make bill payments on time, don’t get higher credit unnecessarily and land in credit default, keep your credit balance as low as possible. Check credit record on a regular basis. In order to buy car insurance policy with a lower premium payout, often people reduce the IDV of the car. But in case of an accident, the benefits will not be adequate. So, always try and choose a policy that offers you maximum IDV, even if it means a slightly higher premium costs.
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