There are a few simple things you can do that will not only save money on your insurance premium but also save the time involved to insure your car.
- Buy online : Today’s tech-savvy generation prefers going online to buy books, clothes and even jewellery – so why not car insurance? This is the easiest and cheapest method which gives the opportunity to explore and choose the right package for your vehicle.
- Reduce vehicle value : Many companies selling car insurance online provide the option to adjust your vehicle’s value (called IDV - Insured Declared Value) at the time of purchasing the policy. By decreasing the IDV of your vehicle you can also reduce the premium to certain extent.
- Ask for your NCB : NCB is a reward for the owner-driver of the car for being a good driver. It can be accumulated over a period of time if there are no claims under the policy. The good thing about no claim bonus is that it can reduce your premium up to 50% over the years.
- Choose high voluntary deductible : Voluntary deductible is the amount of money you choose to pay from your pocket at the time of claim before your car insurance coverage kicks in. In essence, by sharing a part of the claim, you receive a discount on the premium. Simply put, higher the deductible, lower is the premium.
- Avail of discounts : Companies that sell insurance online now have a wide range of offers for the customer.
- Renew on time : Always remember to renew your insurance before the due date to avoid inspection and other inconvenience, not to mention a potential increase in premium cost.
Finally, before you make the final payment online, do compare insurance quotes from multiple insurance providers and choose the deal that suits your pocket best.
