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Do you want to reduce your car premium?

Do you want to reduce your car premium?

We are all concerned about paying premiums even before the salary arrives, be it the child's school fees, house rent, house loan, and insurance premium. Everyone wants to lower their premium. But you cannot reduce the premium, but by following some of the facts given below, you can reduce your premium. 

Exclude coverage that you don't need.

When you want some extra space in your home, what might be the most effective option for you? You will choose the things you do not need. Removing the stuff, you don't need not only makes your home tidy but also makes room for the fitting things you need.

Similarly, you can do this to reduce the insurance premium, exclude coverage from your policy that you do not need. Your car benefits from add-on covers, but you should beware of that coverage you need and leave others. 

Do not make Minor claims

It is an excellent idea to appoint a doctor for a significant illness, but is it necessary to appoint a Physician for minor cough and cold?

Certainly not! The body has its immune system to resist the disease, and it is necessary to allow it to work before the doctor prescribes the medicines.
On a comparable basis, you are not using your car insurance policy to make minor claims. It will help you maintain the NCB on your policy and get a lower premium on policy renewal.

Claiming a policy for minor repairs to your car is not advisable. You can get it corrected by your nearest mechanic and maintain the NCB. By doing this, you can save up to 50% of your premium. 

Install safety equipment in your car

While we will certainly look for your vehicle in case of an unfortunate event, it only helps to prevent you from getting into such a situation if you, too, do everything in your power.

Safety devices such as anti-theft alarms, steering wheel locks and airbags not only protect your car from theft and other malfunctions but also keep you as a responsible owner who takes care of the vehicle. By installing these safety features in your vehicle, you have a high chance of reducing your auto insurance premium.

Stay Away from Making Car Modification

Modifications such as alloy wheels and spoiler will enhance the look of your car by several notches, yes, but they do the same for a premium. You can quickly add a few thousand rupees to your car insurance premium by inserting devices such as ultrasonic sensors and automotive night vision.

This is because repairing such type of equipment is a costly affair in the event of an accident or mishap. For these situations, when the insurer is covering more risk, the premium amount increases.
To prevent your claim from becoming invalid, it is crucial to inform your insurer of any such modification/installation. 

Choose a deductible that you can quickly pay 

The deductible applies to the amount you need to pay out of your pocket before your insurance kick-in benefits. It is a double-edged sword that requires carefulness.

The higher you choose the deductible, the lower the premium. Sounds good? Not because of the whole purpose of having an auto insurance policy in the first place is to qualify for a higher deduction, and it is best to take an amount that you can comfortably pay.