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Some procedures to save on car insurance premium
Posted on: 12/Jul/2018 11:10:41 AM
Are you planning to buy an auto insurance policy for your vehicle? Please note that it is possible to make considerable savings on the car insurance premium by properly considering one important factors. Further, it may be of interest to note that this saving can be achieved without losing any of the benefits that can be availed as per the insurance plan was taken by you. Here are a few points which can be effective to make a substantial saving on your car insurance premium:
Always select the higher voluntary deductible. This is an integral part of the car insurance premium amount that you need to pay. Note that the policy becomes effective only after you pay the deductible so that you can claim the amount in case it is required. You have the option to choose the deductible when the policy inception commences. Note that if the voluntary deductible is higher, your premium will be lower. As you are about the budget and your current financial status, you may have to choose the right voluntary deductible based on this.
It is better to decrease the coverage for the older cars. When you have to renew your policy, please review the coverage and confirm that the features of your auto insurance are in alignment as per your preferences. As an example, if your premium is 10 times the worth of the car, it wont be a cost-effective option. It is obvious that it is better to reduce the extent of coverage.
Better ignore claiming for small damages If no claims are made during the 1st year period, you will be awarded reward by the insurance company no claim bonus. This can bring down the premium payment for the next year. Note that the No Claim Bonus increases with continuous claim-free years. This can facilitate a 50% discount in 5 years. So, check the extent of damage to the vehicle every time if it is affordable, take care yourself. Do not claim.
Opt to buy multiple insurance policies from the same company Note that there discounts on offer when taking multiple coverages from the same company. So, it is better for you to different coverage with the same company.
Apply for NCB and transfer In case you decide to change your insurance company, there is the facility to transfer all the NCBs (No Claim Bonuses) as well. So, do insist and get all related documents. Remember there is time stipulation, maybe 3 months to carry this out.
Do thorough cost comparison and preferably buy online obtaining offers and comparing them always lends light to select. Also, this would facilitate you to select the one that ideally fits your budget.
Enroll for memberships in automobile associations Enrolling as a member in Automobile Association (AAI Automobile Association of India) entitles you to a discount on the subscription.
Take care to install security services Fit your vehicle with an anti-theft device and other safety gear/gadgets this may enable you to get a good discount on the premium.
Ensure to renew the vehicle insurance policy on time It is better to be watchful and to renew the insurance coverage as soon as the current one expires. Note that some insurance companies refuse to renew if the time had expired.
Confirm that you prprocure just the required coverage Remember that each add-on selected with your premium makes it higher. So, be careful and choose what add-ons you need.
Be sure that the details given by you are prιcis Details like age, profession, the driving history, and the usage of the car must be quite accurate and precise.
