Reduce premium cost on Vehicle Insurance - Fusion - WeRIndia

Tips to lower the premium cost on Motor Vehicle Insurance

Tips to lower the premium cost on Motor Vehicle Insurance

Those who own motor vehicles often find that the premiums for its insurance keep rising almost every year. However, there are several ways one can reduce the insurance premiums of their motor vehicles.

In order to do so, one must be alert for offers and freebies. One should also look for norms that could be cheaper.

Choose riders carefully

When you are choosing riders, choose them carefully and consider if you need it. Let’s say you have a personal accident cover, buying a cover at the time of the renewal of your motor insurance premium in this situation is not sensible.

More add-ons means more cost

If your vehicle has more add-ons like LPG kit, then the cover of insurance for co-passengers will cost you more. So consider your add-ons carefully.

Some professionals can get discounts

Professionals like doctors, teachers and Chartered Accountants generally receive discounts from many insurance companies. You must be alert and look for such discounts.

Being in some associations can get you discounts

You can get a discount sometimes if you belong to certain organizations like Western India Automobile Association, Automobile Association of Southern India and similar associations. When you are getting your insurance, always check with the provider if any such discounts are available.

Use internet for comparison

Always make sure you compare various providers before taking coverage. This is one of the most important things to do before getting insurance. For Indians, there are many websites which can be used to get a quick comparison of insurance policies. When you are comparing, an important thing to notice is the Insured Declared Value (IDV). This value is indicates the maximum amount you can get in case your car is destroyed or stolen.

No claims bonus

If you have not made any claims, then you can get your no claims bonus. Do not forget to do so.

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