Installing advanced safety features in vehicle and avoiding small claims are among the various ways in which auto owner can cut down on their annual premium. Below are few ways to reduce motor insurance premium:
Increase your Deductible
Auto owners can decrease their vehicle insurance premium by raising the deductible factor, which is what policyholders pay when they register claims. But, decide the amount which you can afford in the long run. In case insured mention to pay too much, the main purpose of policies is defeated.
- Don’t Register Small Claims
If a person buy online motor insurance and don’t register a claim, then he or she will be entitled to receive a no-claim bonus for all claim free years. Do not file claims for small issues such as broken tail light or minor scratch in accident. In fact, the local garage may reduce the repair costs.
- Transfer Your No-claim Bonus
Vehicle insurance is associated to the person who buy the policy and not to the care. In some cases, agents may hide this information from customers. As per this benefit, the accumulated bonus can be transferred to the new vehicle policyholder purchase. Therefore, keep the motor insurance policy in your name at the time of selling a car.
- Compare Auto Insurance Premiums Online
Now, insurance companies in India provide online motor insurance coverage. Sometimes, if auto owner modify the vehicle, then the policy will not cover it under a plan. Some car dealers offer insurance at zero cost or low price, but generally it is only for the first few years.
- Anti-theft Coverage a Must
Insurance experts suggest auto owners to install advanced safety features such as steering lock, an anti-theft alarm, gear lock etc in your vehicle. It helps to decrease motor insurance premiums at least by five percent.