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Motor Insurance

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Lower Car Insurance Premium- It’s up to you!

A person who buys a vehicle should also have it mandatorily insured, as per the Indian Motor Vehicle Act. While most of us go quote hunting whenever an existing policy is due for renewal or while buying a new car, most of us probably miss out on those crucial factors, within our control, which go a long way in reducing car insurance premium.​

  1. Know where you are visiting: While traveling in your own car is f​un and comfortable, it is a smart move to really find out in advance what sort of place you will be visiting. More often than not, over the weekends, we tend to visit areas which are typically crowded with all sorts of vehicles and in extreme cases, have very little distance between them. This increases the chances of exterior damage to the car which in turn results in a car insurance claim.
  2. Public transport is useful: Today almost every big city is grappling with the problem of available road infrastructure. The result is more driving time on the road, higher stress for the driver & increased chances of a mistake by the driver. If not every day, at least a few days of the week can be spent commuting on public transport thereby avoiding those precious minutes & avoiding chances of possible damage to your car. If not by you, then by someone else. This is also true in case you are travelling cross country and are unsure about the condition of roads. While it’s fun to go on long drives, an unknown territory is best avoided if not researched well.
  3. Choose your car sensibly: The prospect of buying a sedan is exciting, but insuring a big top-of-the-line sedan can be much more expensive than insuring a compact small car or a hatchback. In fact, it’s a good choice to look at a good second hand car which would attract a much lesser insurance premium. In addition to this, a good car choice is also determined by the city you live in. People living in congested metros often end up getting frustrated with a big car or SUV due to lesser available road space. A small car can be much zippy and help you navigate difficult traffic with lesser chances of accident.
  4. Start believing in NCB: NCB stands for No Claims Bonus and is accumulated on your policy for every claim free year. It is one of the most powerful tools which can help reduce payable car insurance premium. Always remember, that you can transfer your hard earned premium to a new policy if you are switching to a new car. So the next time you think about accumulating loyalty points on your credit card or hotel membership, do remember that an NCB goes a long in saving you precious money.
  5. Choose to increase your deductibles: A Voluntary Deductible (VD) is made for you to volunteer. In simple words, a deductible is the amount of covered loss you pay before the policy benefits kick in incase of a claim. A high voluntary deductible simply means a lower car insurance premium. Ask your insurer about the money saved when you opt for a higher VD, while in some cases it may be substantial, in other cases it may be minimal. But be rest assured, it will save you precious money.