- A history of one or more traffic accidents
If you have been found responsible for having caused traffic accident, your Premium
value is quite likely to accelerate. The more rash your record of driving is, the higher premium you would end up paying. So it is always wise to maintain a good road sense and minimize chances of any major or minor accidents on the road.
Individuals with a lower credit score pay more money as motor insurance premium. You will, under most circumstances, be asked for your credit score while applying for car insurance. If it is not good enough, the car insurance quotes are expected to be higher than average. So try to improve your credit scores before you apply for car insurance in India.
Taking a logical consideration, most insurance companies vary their proposed car insurance quotes by the locality where the buyer resides or works. This is one premium increasing clause in motor insurance that you can’t really avoid. Areas that are perceived to be more vulnerable to road accidents generally result in very high car insurance premium.
- The cost of your car determines the vehicle insurance premium you’d be liable to pay
Regular cars in a low to medium price range are the safest bet for fetching low premium value vehicle insurance. On the other hand, expensive sports cars and grand luxury sedans are at a disadvantage when buying motor insurance as the Risk
cover involved has to cover more expensive auto parts.
- Records of drunken driving in the past
Drunken driving is considered a serious of-fence that is not only detrimental to the driver but also the rest of the people on the road. Therefore, a record in the same evokes a negative influence on insurance companies and they would charge higher premiums from you as you would be placed higher on the risky driving scale. The cost of mixing drinking with driving can in fact be far more harmful than just paying high premiums; your Policy
may be nullified on the whole.
- Frequency of paying premium
Annual payments of motor insurance premium are better off as the total amount of premium is relatively more when you pay on a monthly basis. So it is more monetarily judicious to pay premium for the entire year at once.
A previous record of speeding naturally puts you in the category of rash drivers, therefore invoking higher premium values to pay for your vehicle’s insurance. Refrain from any unlawful activities like crossing speed limits if you want the best insurance at the lowest rates of premium.
If you choose to have a lower deductible, you pay more premium as part of the car insurance policy. In this case, choose whatever you feel would benefit you in the long term. Maintaining a balance is usually good.
If you don’t make a claim on your insurance for minor repairs in case of a small accident, you are likely to save money, as the premium amount won’t go up. Drivers with no claim discount pay less car insurance
premium as they don’t claim for the manageable loss/damage.
Crux of the matter is that you must exercise caution while driving if you want to save on the premium cost of vehicle insurance. It is also advisable to compare car insurance quotes online to buy the cheapest and most appropriate vehicle insurance.