Owning a car and having car insurance for the same have to coexist. It can be an irritating or frustrating process to choose the best car insurance, hence, people usually behave like, ‘buy it, forget it.’ People hold this misconception that a particular insurance plan has a fixed cost; neither its cost nor its premium can be lowered. Coming from this school of thoughts they never enquire about minimizing their premium or insurance cost. But yes! You can easily lower your premium or insurance cost by following below tips:

1) Choosing the right car: 

You need to choose a car as per your requirement but think before you sign the dotted line as it is surely going to affect your premium cost. Buying a large SUVs or high-performance vehicles, come with jacked-up insurance costs, in turn can increase your premium with rise in the coverage for your esteemed car. However, a less-expensive, safe & reliable sedan with fewer high-end options will make you save a bundle. This is one case where sensible wins hands down over sensational.

2) Wipe out certain coverage:

A car with anti-theft device and other in-built high end security solutions can make you drop down certain security coverage for your car.  This will in turn reduce the premium cost of your insurance plan.

3) High credit score equals low insurance premium:

As we all know that high credit score can lower the interest cost. Moreover, it can also reduce the cost of your premium. Get your credit report checked for free of cost on AnnualCreditReport.com. In fact, you are entitled to a free report annually from major credit reporting agencies. If your score is lacking, you can boost it by paying the bills on time this will count 35% of your score and shave off balances as steadily as you can. Concluding, by showing your personal accountability history you can easily get lower premium.

4) Raise those deductibles: 

This may seem like a no-brainer but you have to understand the long-term effects before making the move. If you raise your deductible from Rs.5000 to Rs.10,000 for certain coverage, you need to be sure you'll have this extra Rs.5000 on hand in case there's an accident or you need to file a claim. If not, your savings could be depleted. No longer would you go through insurance for the myriad door dings and bumper dents that would cost less than you'd need to shell out with a higher deductible. And do take into account your own safety record. If you're an accident-prone driver, you may not want to go this route.

5) Wisely choosing a plan:

As continuously advised in the previous articles, one should be enough brainy to wisely choose the best vehicle insurance plan. Search for different plans online as well as offline as this has been strongly observed that there is huge difference in the premiums of insurance plans provided by different insurers. One should be smart enough to choose the one with lower premiums.

 
When it comes to your auto insurance, it is all about knowledge and research. You will be better off if you choose the best plan and trim it accordingly.