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Hello and welcome to FundooMoney, your 24X7 buddy for all your money matters. All of us need to buy car insurance by law and of course we need to renew our auto insurance coverage every year. Many of us keep hearing of possibilities of paying lower premiums. But how does one do that? Well, wait is going to be soon over. We will give you 6 tips on how to save on your car insurance premium. That’s coming up shortly.
Here are 6 tips on how you can save on car insurance premiums.
Renew before your policy lapses
You need to pay much higher insurer premium if you go for renewal after the expiry of car insurance coverage. Therefore, ensure that you renew your auto insurance policy well before its expiry.
Make sure you get No Claims Bonus
If you are renewing your car insurance and haven’t made any insurance claim during last one year, you could be eligible for No Claim Bonus (NCB). This is typically a 20% discount on basic insurance premium. To keep receiving this benefit, avoid making claim for small value repairs.
Instal an ARAI approved anti theft device
If you have good safety feature in your car which reduces the chances of its theft, insurance companies will give you a discount on the annual premium of your car insurance. Instal ARAI (Automotive Research Association of India) approved safety features to get this discount.
Decide the right value for your car
Your auto insurance premium primarily depends upon the IDV (Insured Declared Value) you select. Higher the IDV, higher the car insurance premium you pay. IDV is the amount which you would get in case of an irrepairable damage to your car, its theft or loss. A correct IDV ensures that you don’t pay a higher premium. Your financial advisor, insurance advisor or insurance broker, could be great help to you in this matter in providing guidance.
Get a discount on your occupation
There is discount based on your occupation which is offered by insurance companies for various profiles like teachers, government employees, doctors, chartered accountants, military personnel, among others. Check if your profile is eligible for this discount and avail it if available.
Compare all options
Rather than just going ahead with premium payment after getting a quote from your existing insurance company it would be better to look for car insurance quotes from other auto insurance providers. With online insurance aggregators, it’s much easier to get car insurance quotes online from different car insurance companies and go for the one with the lowest premium.
We hope you found this useful. Do share with us and others on the channel your tips of saving money on car insurance premiums. For more such actionable personal finance information and regular uploads, subscribe to our channel. Also, visit our website, download our mobile app and stay connected with us on Instagram, Pinterest and Slideshare.
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