5 Tricks to save on car insurance premium - Make Money Online

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5 Tricks to save on car insurance premium

Car insurance premium cost greatly affects the income cycle of an individual. Everyone tries to reduce their daily expenses to fight the increasing cost of living. High insurance premium cost, affects the yearly savings of an individual.

The cost of car insurance premium has increased, especially after the Indian Government has made third party liability insurance mandatory. But there are some points which might help you toget a cheap car insurance.

Have a look at the points to reduce the premium of your car insurance.

Compare Car Insurance

The first thing to be carried out is to check car insurance policiesof different car insurance companies. Insurance premium differs with different policies and the extent of the cover. No frills insurance policy is the cheapest one. By the addition of any features and covers, the cost of the premium goes up. Make sure to read the policy norms carefully before purchasing it.

Raise your Deductible

The deductible is the amount you agree to pay towards your car claims before your policy covers the rest. The higher the amount of deductible, the lower is the cost of the premium. However, it is necessary to raise the deductible only as much as you can afford.

Make no claim for small expenses

If you don’t make any claim for an entire policy term, you are eligible to receive the no-claim-bonus. This allows your premium to get reducedby up to 50%. Such a reduction on your premium is a huge saving. If the amount of repair is less than that of the NCB, then get the repair done through local garages and pay for these small repairs from your own pocket. By doing this you can ensure to enjoy the benefits of the No Claim Bonus.

Transfer the No Claim Bonus

While taking a new car by selling the old one, don’t forget to transfer your No Claim Bonus. It is a wise decision to retain the insurance in your name. This can help you to transfer the NCB and utilize it for your new vehicle’s car insurance.

Drive responsibly

Exercise caution when you drive as car insurance is already an expensive ordeal. Having any violations or involvement in mishaps can cause a negative influence on your premium. Ensuring that you engage in safe driving practices will certainly prove to be of assistance when it comes to evaluating your premium rates.

To get cheap car insurance, you can also get the help of the car insurance premium calculator. Car insurance premium calculator is an online tool to compare the quotes from different insurance companies. The premium charges depend upon the IDV amount of your car, age of the car, NCB and cubic capacity.
5 Tricks to save on car insurance premium 5 Tricks to save on car insurance premium Reviewed by RAWAT on 10:33 PM Rating: 5