Owning a car may be a luxury or necessity for families depending upon their financial statuses. Not all have the monetary power and resources to buy a vehicle of their choice. Car maintenance requires time, effort, and smartness. By being wise, you likely get the vehicle covered under insurance for long-term benefits and save up on unnecessary expenditure.
Car insurance requires smart ways of investment, making sure there are lesser expenses and more advantage. Working economically is the best approach, where insurance holders can reap benefits and save money simultaneously. Following are some tips on how to cut the insurance cost:
- Installation of the anti-theft device:
By installing gear and steering locks from reputed manufacturing companies, owners get up to 5 per cent discount on their premium amount.
- Membership with recognised bodies:
By registering or becoming a member of the Automobile Association of India, Western India Automobile Association, or any other automobile body could help owners get attractive discounts on the four-wheeler insurance premium. Membership in these automobile bodies guarantees the driver’s safety.
- Policy renewal:
Car insurance renewal should be activated before the expiry date of the insurance. It prevents the owner from paying a higher premium amount on the given value and saves the expense of company re-inspection on the vehicle.
- Higher deductibles:
Safe and experienced automobile drivers have the advantage of considering higher voluntary deductibles in the premium amount since they have succeeded in avoiding accidents in the past.
- Vehicle in the garage:
Owning a garage to park the vehicle and keeping it safe from other outside forces increases the chances of getting insurance at a lower cost.
- Group insurance:
They involve more than one person who gets the insurance cover from the same agent. It helps in providing high discounts on the premium, along with the profit of insurers.
It is believed that the premium amount goes hand in hand with the size of the vehicle. The bigger the car, the higher the Insured Value. Therefore, it makes the premium amount also raise its value.
- Online Insurance:
Nowadays, car policy companies offer a lower premium amount to online buyers as they are a cheaper channel compared to offline ones.
- Keeping vehicle simple:
Modifying the car with flashy lights and fancy accessories increases its motor premium. Avoid these gadgets to reduce the premium value of car insurance policy.