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10 Tips To Avail Lower Car Insurance Premium


Written by Sumit Arora

Updated Oct 17, 2023

Know about some tips that can help you avail a lower car insurance premium.

Is there any family these days that does not own a car? Hardly. It's a good thing we're all required to ensure our automobiles in this nation with lousy roads and arguably difficult traffic conditions. Our annual policy renewal is prompted by the government's need for us to have automobile insurance. But, let's be honest, this is a tough situation to be in. To be honest, if we had the choice, wouldn't many of us choose not to spend this money every year, even if it didn't make a major difference in our overall spending?

10 Tips To Avail Lower Car Insurance Premium

Tips for Getting Cheaper Car Insurance

When it comes to choosing auto insurance coverage, we don't put much thought into it. If you have insurance on your automobile, your policy will cover you in the event of a disaster, such as a car accident or third-party property damage. As a result, it's critical to purchase four-wheeler insurance coverage at a cost that suits your budget. Here are some suggestions to help you save money on vehicle insurance:

  • Rates of Insurance Comparison

In India, there are a plethora of vehicle insurance providers that provide competitive prices. However, not all of them offer adequate coverage for your vehicle or are affordable. As a result, a previous study is required to determine the optimal policy.

  • Reduce Comprehensive Coverage for Older Automobiles

Increasing your optional deductibles is another way to negotiate lower insurance premiums. The amount that a car owner voluntarily agrees to pay for car repairs and other expenditures in the event of a claim is referred to as a car insurance deductible.

  • Additional Alterations should be Avoided

You must also evaluate the condition of your vehicle when purchasing automobile insurance. If your automobile is older, you may be able to save money by purchasing only third-party insurance rather than comprehensive coverage.

  • Save on Add-Ons to Lower your Premium

Every new change you make to your automobile increases its worth, which raises your insurance premiums. As the insurer's responsibility grows, a greater automobile value results in a higher premium amount.

  • Maintain a Spotless Driving Record

You may lower your price even further by not acquiring any needless add-ons to your four-wheeler insurance coverage. When you get automobile insurance, you also have the option of purchasing add-ons or supplementary coverage that can help you acquire more coverage.

  • Allowing your Policy to Lapse is not an option

Your driving history is another element that influences your auto insurance premium. Nobody wants to insure someone who has a history of accidents or breaching traffic laws.

  • Use NCB to your Advantage

Taking advantage of your insurance policy's No Claim Bonus is another way to haggle on your car's insurance cost. If you do not submit a claim in the preceding policy year, you will get a No Claim Bonus on your renewal payment.

  • Installing Safety Devices

Anti-theft devices, for example, are fitted in automobiles to safeguard them from theft or robbery. By putting an anti-theft device in your vehicle, you may lessen the likelihood of your vehicle being stolen, as well as the likelihood of filing an insurance claim.

  • Switch to Pay-As-You-Go Automobile Insurance

If you are a low-mileage driver who only drives once in a while, pay-as-you-go coverage may be the ideal option for you. The premium for pay-as-you-go insurance is calculated based on the total number of kilometers driven by the vehicle throughout the course of the policy period.

  • Keep your Credit Score in Good Shape

Some insurance firms evaluate a driver's credit score/ratings in addition to their driving record when deciding the insurance price. You may have to pay a higher premium on your vehicle insurance coverage if your credit score is poor.

Take Away

Purchasing low-cost insurance coverage is the most cost-effective way to safeguard your automobile against unforeseeable occurrences like accidents, damages, and costly repairs. You should also be aware of the aforementioned strategies for negotiating your insurance rates so that you do not wind up paying a higher insurance premium for your vehicle.

You may also like to read - Documents Required For Car Insurance Claim Process

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.


Written by Sumit Arora

Sumit is an insurance industry veteran with more than 20 years in the industry. Sumit is a frequenRead More


This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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