9 Essential Tips to Decrease the Bill of Your Motor Insurance
Similarly to choosing the best deal for your car loan, it is equally important that you select the ideal motor insurance for your car. The motor insurance can play a great role to serve your legal requirements.
Here are some tips to help you decrease the premium.
# Provide the right information: If you are presenting the right information to the insurer, you are actually decreasing the premiums by 10 to 30 percent.
# Profession and gender of the driver: The considerations of the premiums depending on the profession and the gender are mainly followed in the western countries and are yet to be implemented in India. Sometimes, the female drivers are offered with more discount compared to their male counterparts. If the person using the car is working in an office, the communication will remain between the office and home. But, if he or she is a salesperson, he or she may require travelling to various cities by car.
# Model and manufacturer of the car: The premium decisions may depend on the model and the manufacturer of the car. If the model of the car is prone to accidents in the records of the insurer, you are actually entitled to obtain more discounts than the cars that are less prone to accidents.
# Locality of the usage of vehicle: You are required to mention the locality where the vehicle will mostly be used. Besides, the place where the car is registered or piled can also be taken into consideration. The claims are calculated by the insurance companies depending upon the location. While buying the motor insurance online, you are required to provide the information about the location. The claims for the dents or the scratches are more in the congested cities.
# Safety features: For attracting 2 to 5% discount on your premiums, it is required to install the safety features, such as the anti-theft from an approved agent of your insurer. So, sharing the exact details of your vehicle with the safety measures is important for availing the discounts.
# No claim bonus: It is the percentage, which is allowed as the discount on the premium for damage. The percentage can be increased every year towards the next slab, if the facilities are not availed. The discount may increase up to 50% and the insured can decide whether he wants to transfer it to another vehicle or not.
# Concession for vehicle: If your car is staying in the garage for a minimum of 2 months without any use, you can avail concession after notifying the insurance company. The concession can be availed during the renewal or while extending the credit or the expiry period.
# Voluntary deductibles: The premium discounts can go up to 35% while offering the voluntary deductibles. If the insured can opt out of claims for the minor damages, he or she is eligible in obtaining the huge amount of discounts.
#Automobile association member: If you are involved as a member of the automobile association, you can obtain discounts for the damage premium, which is applicable for both two-wheeler and private car policies. For the own damage premium, 5% discount can be availed.
As the parameters for concessions and discounts are changing continuously, you are required to be updated with the latest information of the insurance company. This will help you in understanding the latest benefits available for you.