Due to the increasing prices of vehicles, the car insurance premium is becoming costly. One more reason is the mandatory imposition by the Indian government to have a thirty-party insurance cover. There is no way where we can expect rates to come down but there are things you can do to minimize the burden on your wallet.

• Increase Your deductibles

If you increase your deductible, you will lower your premium which you pay each month/quarter/year. It is only advisable to increase your deductibles only if you are sure about your driving skills as during claim chances are that you might have to pay from your pocket.

 Driving Record

Maintaining a good driving record will help you to get lower rates

OD Car Insurance:-

Do you know you can save a lot of money using a standalone OD policy? An insurance policy where you can protect your own car from damages. You do not have to wait to buy OD Car Insurance; You can upgrade your plan anytime.

• Be a Loyal Customer

Always try to get car insurance from the same company where your other insurance policies are maintained or you can try to apply for others policies at the same time. As being a loyal customer you can fetch a good discount.

• Installing Anti-Theft Devices in your Car

By installing Anti-Theft Devices in your Car; you are reducing the risk and therefore the insurance agents can provide you with great deals.

• Forgoing small claims

Yes, forgoing small claims can help you get an NCB discount for consecutive years (1 to 5 years) which can sometimes add up to  (25 to 50%)

• Do not let your policy lapse

            Make sure to add a reminder a few days before so that you can take quick action as due to lapse policy you won’t be able to claim an NCB discount.

• Get Correct IDV

Insured Declared Value is the maximum sum assured for your car (Market price – Deprecation). Insurance premium calculation depends on IDV. IF IDV is higher, then your car premium will be higher but the correct IDV will not only give you the right premium but will also help you get the right claim in case of an unforeseen event.

 Negotiate during Renewal

If your policy is due for renewal, obtain quotes from many top companies there are chances of getting better rates also you can save on the NCB.

• Choose Budget Car:-

Buying a huge SUV is exciting, but getting insurance on the same is more expensive than insuring a lower budget car.  Always know the rates of insuring the different vehicles so that you can make a wise decision while purchasing a car.

• Good Credit Card Track Record:-

Maintain a good credit card track record as many insurers use credit scores to decide on premiums rates.

• Contact Agents:-

Talk to your insurance company’s agent as they sometimes might help you to know other cost savings methods. Approach other agents and get quotes, as many businesses cut their prices in order to attract new customers. This might be the best offer when compared to your current company.

• Research:-

The auto insurance market is a more competitive market so there are new offers always; you just have to be updated with the latest offers in the market or you can ask agents to update you about the latest offers. Also, you can research and investigate from time to time.

Make sure to go for top insurance companies as there chances of no dispute later in future. Sometimes it happens that to get a lower premium we end up buying the wrong policy which leads to claim disputes. Run a check on the particular insurance company to know the financial strength before buying any policy.

If you are planning to buy a new car or used car or already have a car that is less than 5 year then do not forget to add zero depreciation car insurance cover in your comprehensive car insurance policy as it will devoid general depreciation during car insurance claims.