If the time has come to renew your car insurance, then we are going to tell you 5 such tips that will help you save a lot of money on car insurance premium. Also, know which type of car insurance would be better for you…
Why it is necessary to have car insurance
Under the Motor Vehicles Act, it is mandatory to take third party insurance of the car. But here we are talking about the insurance of your car. Make it a habit of taking it as well because it gives protection against the increased expenses due to any kind of damage.
On the other hand, if you are also renewing your car insurance, then you can save a lot of money by following the things mentioned below. (Photo : Getty)
Do research before taking insurance
if you are buying new car insurance, or you want to switch to a new insurance company while renewing. So according to your need, first of all, you should research about insurance well. Nowadays it has become very easy, you can compare or research for it by visiting many online portals. This helps you save a lot of money on your car insurance premium. (Photo : Getty)
Renew on time Car insurance
If you renew your car insurance, then you should not be late, because if you do not renew car insurance on time, you may have to pay an increased premium. Not only this, if you are late, you may have to follow the new conditions related to insurance. Therefore, it is better that you get your car insurance renewed about 7 days before the expiry.
Avoid making petty claims
If you have to deduct premiums at the time of renewal of your car insurance, then you should avoid making petty claims for your vehicle. If there is any damage to your vehicle and the cost of its repair is very less, then you should not claim it. You get the benefit of this in the form of No Claim Bonus.
Take advantage of No Claim Bonus
If you claim No Claim every year while renewing your car insurance on time, then you get its bonus on premium. In the first year, the benefit of No Claim Bonus can be availed in the form of a discount of up to 20% on the premium. That is, if your car insurance installment is Rs 10,000, then you can save up to Rs 2,000 as No Claim Bonus. The benefit of No Claim Bonus increases every year.
Get an Anti-Theft Device Installed in the car
Generally the installment of car insurance is fixed in proportion to the value of your car. This includes the depreciation cost, risk factor of the car. In such a situation, if you install such devices in your car such as Anti-Theft device, then it reduces the risk of the insurance company regarding your car.
You get the benefit of this in the premium of the installment of car insurance. But keep in mind that any change made in the engine of the car can increase the premium of your insurance. Know which insurance is best for the car… (Photo : Getty)
Take Bumper to Bumper Insurance
If you are insuring your car, then you should think about taking bumper to bumper insurance. The biggest advantage of bumper to bumper insurance is 100% damage cover. This keeps the customer at ease.
At the same time, the customer gets full coverage at the time of claim settlement. Above all, the customer does not have to bear the loss of depreciation cost for getting service after the damage. However, you should choose car insurance according to your pocket and need. (Photo : Getty)
