Car Insurance

covers your car against risks like theft, accident, explosion etc.

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Things You Can do to Reduce the Cost of Car Insurance Premium

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Growing Inflation and a recessionary economy has pushed many people to cut costs wherever they can. As car insurance premium is an important part of your overall annual costs, it is important that you do some research to find out techniques that can help you save on the Premium costs.

The amount of motor car insurance premium that you have to pay essentially depends on the Insurer Declared Value (IDV) of your car, past claims made, your place of residence, the Deductible portion and the value of the add on insurance benefits that you would choose to include in your basic car plan.

As a buyer you cannot influence either the insurance declared value of the car or the place of your residence, but what you can certainly choose is the amount of deductible and the type of add-ons to be included in your car policy.

Consider Choosing a Higher Deductible to Lower your Premium Costs

Deductible, in case of car insurance, is the amount of money that you would have to spare from your pocket before the insurance provider would pay for the repairs done on your car. If you have car insurance with a deductible of Rs 1500 and your car insurance claims stands at Rs 8000, then the insurance provider would pay Rs 6500 towards the car repair, while you would pay Rs 1500.

Thus, if you have a good driving track record, it may be advisable for you to go for a higher deductible, which will help to notably lower your premium amount.

Avoid Add-ons to the Extent Possibles

The cost of an insurance Policy goes up as you include add on Coverage in addition to the basic coverage. The important add on coverage features provided by insurance companies include lost key replacement, personal Accident cover, roadside assistance, hospital cash cover, Return to invoice and several others. While choosing add-ons, it is wise to be selective. So, prudently avoid add-ons which you believe do not make sense from your point of view.

Discount and Safety Devices

Insurance companies offer discounts on premium to professionals like chartered accountants, doctors, government employee, so if you are one of them, be sure that this is known to the insurance provider. Besides, having safety devices like anti burglary alarm in your car can help you bring down the premium costs even further.

Do Not Forget to Make a Competitive Assessment

Apart from these technical parameters that influence the cost of premium, it is important that you do a competitive assessment for the best deal. Since the insurance market is competitive, there are many players who offer car insurance and you can choose to compare car insurance to buy online car insurance from a player who offers the most competitive rates.