Buying a good insurance policy ensures a financial backup in case of any mishap. However, there are a few insurance secrets that the policy owner may not always know about. These secrets can help you save money on your next motor insurance premium.
The model and make of your vehicle has a great impact
The model of your car directly affects your insurance policy. It is because, insuring a high-end car is expensive as compared to insuring a normal one. They calculate and determine the current market value of the vehicle. And, this is something that they don't tell you, which is why you feel that the motor insurance premium charges is nothing inordinate yet normal. So, DO ASK your car insurer before deciding on the type of vehicle you want to buy.
Evaluate your voluntary deductions
Voluntary Deductions is the sum that the policy holder have to pay out of own pocket in case of any mishap. If you have the voluntary deduction of a specific amount, then your policy provider will pay the remaining amount. Briefly, the higher your voluntary deductions are, the lower your premium will be and vice versa.
Installing safety devices can decrease premium
Security devices like airbags, security cameras, and accident prevention sensors, try to protect your vehicle and prevent theft. These features are known to normally increase your premium. But, your insurance company would be happy to tell you that it helps to decrease your insurance premium too.
Skip filling claims for minor expenses
If a policyholder doesn't claim for minor expenses, he/she will not get a No Claim Bonus for a claim free year. This may go up to a whopping 20% of the insurance policy.
If you claim for minor expenses, then you won't be entitled to any NCB. If you find repair expenses higher than the NCB, we recommend you to claim for it. Motor insurer won't tell you this secret as this definitely compromise with your premium.
Also, if you claim for minor expenses, your NCB can be reset to 0 and you end up paying huge amount.
Keep your policy in an active state
It is very important to keep your policy in an active state. Otherwise, you are not eligible for getting No Claim Bonus. Hence, renew your policy on time, 90 days to be precise.
Road Safety Organisational Membership lowers your policy
Having a Road Safety Organisational Membership from the Automobile Association of India is very beneficial. It will lower your premium. You also get to enjoy exclusive discounts on your motor insurance policy and more.
Expensive gadgets leads to high premium
If you have installed expensive or fancy gadgets in your vehicle for the sole purpose of entertainment will affect your motor insurance premium. It results to a higher premium. No insurance company will tell you the reason for increased insurance premium.
Hope above points will help you to buy good and cheaper policies. Own a policy that suits your needs and never hesitate to ask queries when in doubt.