Latest News
-
Top 5 Bank Savings Accounts With No Hidden Charges; Check Details? -
150% Gains In 12 Months: This Multibagger Telecom Stock Hits 52-Week High; IIFL Finance Recommends BUY! -
Singapore Orders Recall Of Everest Fish Curry Masala Over Pesticide -
China's Sinking Cities: Researchers Warn Of A Looming Threat, Say Half Of Major Cities Are Drowning -
Inox Wind Secures Repeat 210 MW Order From Hero Future Energies -
100 Grams Of 22K Gold Dearer By Rs 5000 In India: Check Yellow Metal Prices After Latest Rise -
Google Maps Likely To Let EV Drivers Locate Charging Stations Around Them; Here's How One Can Use It! -
Gold Prices In Dubai Shines Amid Middle East Tensions; But, What Will Happen If The Iran-Israel War Eases? -
India’s Macro Economic Outlook: A CFO's Viewpoint -
112% Returns In 1 Year: Bajaj Auto Shares Slump Despite Strong Q4 Earnings; Net Profit Surges 35%
How To Lower Your Motor Insurance Premium?
Here is a list of options you can try to reduce your premium considerably without having to make any major compromises on your policy.
These days there is no household without a vehicle. According to our traffic system and conditions of our roads, it is always preferred to insure our vehicles. The law makes vehicle insurance mandatory.
You would need to follow some tips and make an extra effort to reduce your insurance premium.
Here is a list of options you can try to reduce your premium:
Get NCB
NCB is a discount only available on the renewal of policy. It is the insurer's reward to the policyholder for not making a claim in the preceding years. Always try to not make small claims that you can pay out alone. After five claim free years, NCB will be up to 50%.
Becomes members of AAI or WIAA
AAI stands for Automobile Association of India and WIAA for Western India Automobile Association. These are bodies empowered by the Motor Vehicles Act and Rules. You will get discounts on premium if you are members of these associations.
Install anti-theft devices
It is always preferable to install anti-theft devices in your car. By showing these to your insurance company you can win trust over them. When you make efforts to safeguard your vehicle, that help the insurance companies to reduce claims.They will offer you a discount of minimum 5% on your premiums. Install a device approved by the Automobile Research Association of India (ARAI). Then you will get a good discount on your premium.
Decide good IDV
Insured Declared Value is the maximum Sum Assured fixed by the insurer which is provided on theft or total loss of your vehicle. IDV is the full market value of the car. The IDV affects your premium amount. If the calculated IDV is higher, you pay a higher premium. However, you can opt to lower your IDV to reduce your insurance premium.
Discount for profession
Insurance companies give different discounts to different people. For a student, the discounts will be less, but for government employees, doctors, army personnel etc the discounts will be high. You will get discounts on your premium according to the work you do.
Compare policies
If you are renewing your car insurance policy just compare the premiums and benefits offered by different companies. Now, you can compare the premiums online. Select a policy that can works best according to your needs. Get rid of features that you do not need.
Goodreturns.in
