Tips to Get Discounts on Car Insurance

Read to know some important tips that can help you to reduce the premium amount that you need to pay to keep the insurance policy valid
By : HT Correspondent
| Updated on: 16 Mar 2022, 13:39 PM
Before you buy car insurance, you need to undertake thorough research to ensure that you are selecting the insurance policy that suits all your needs perfectly.
Before you buy car insurance, you need to undertake thorough research to ensure that you are selecting the insurance policy that suits all your needs perfectly.
Before you buy car insurance, you need to undertake thorough research to ensure that you are selecting the insurance policy that suits all your needs perfectly.
Before you buy car insurance, you need to undertake thorough research to ensure that you are selecting the insurance policy that suits all your needs perfectly.

Buying car insurance for your new car is an important decision you need to make. Why is this so? A car insurance policy provides you and your car protection from expenses arising from damages caused. Repairing such damages can be heavy on your pockets. When you equip yourself with a valid car insurance policy, the burden of settling such costs shifts to the insurance provider. 

Before you buy car insurance, you need to undertake thorough research to ensure that you are selecting the insurance policy that suits all your needs perfectly. You should educate yourself about the different types of car insurance for new cars that are available along with the add-ons that can satisfy your needs. This is a necessary step so that you can purchase the most efficient policy for your needs and also understand the contributing factors that determine the premium you have to pay. Here are some tips that you can follow to reduce the premium amount that you need to pay to keep the insurance policy valid- 

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Tip 1 - Undertake extensive research

There are so many car insurances for new cars available for you to choose from. It is important that you undertake extensive research to ensure that the policy features and clauses work for you. You should compare insurance policies and choose the one that suits you the best. This is important to do so that you don’t regret your decision later.

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Tip 2 - Renew your car insurance on time

Once you get a car insurance policy, you should ensure that you renew it on time when it comes close to its expiry date. If you fail to renew your car insurance policy, the amount you are liable to pay as a premium increases the next time you renew your car insurance policy and there may also be other conditions you need to fulfill in order to get the policy reinstated. It is advised that you renew your car insurance policy at least 7 days before its expiry date. 

 

Tip 3 - Don’t make small claims

Every year that you don’t file an insurance claim, you get a No Claim Bonus (NCB). This amount increases with every non-claim year and you can use this bonus amount to reduce the premium amount payable. In case you experience any damage and if the cost of that damage is small enough such that you can bear the cost, it is advised that you settle that expense from your pocket instead of filing a claim to the insurance company. 

 

Tip 4 - Install Anti-Theft Device

The premium amount of the insurance policy is basically the monetary amount for the risk that is adopted by the insurance company. If you install an anti-theft device in your car or other such modifications where the risk factor is reduced- the amount of premium payable also reduces. 

You should keep in mind that there are some modifications such as to the engines, that can increase the premium amount

These are some tips that you can adopt to reduce the amount of premium that you are liable to pay. It is important that you make the premium payment on time. If there is a delay in payment, you might be subjected to late fees and in extreme cases, your car insurance can be revoked as well. With the backing of your valid car insurance, you can drive safely and be confident of motoring on the busy roads!

First Published Date: 28 Feb 2022, 18:46 PM IST
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